Real estate had been going the way of globalization, but there places like Milan which had been famous as a fashion and finance capital. Mansion Global reported that Milan, finally, is becoming an international hotspot from international investors too. Italy's real estate market has been struggling to recover, actually, since 2008's financial crisis. Milan is leading the way into recovery, however.
Since 2008, this is the first time that a city in Italy has been rebounding, according to Knight Frank's Italian division. Amy Redfern-Woods, a senior negotiator for the branch of the company in Italy, said that Italy's struggles may be at an end, although it's been slow. Berlin and Frankfurt, in comparison, had been a little faster in getting back up.
Milan is also incidentally the economic and business hub of Italy, as well as a fashion and design center. It is only natural, the senior negotiator said, that Milan should be the first to charge right back in the global property market. Most businesses are looking to Milan as a 'new home base' as well.
Milan-based Casavo is one of the proofs needed to show that the market has already recovered. Casavo has managed to reach €7 million in funding after only 17 months since its launch. The round was spearheaded by firms like Boost Heroes, 360 Capital Partners, Kervis Asset Management, and Picus Capital. Marco Pescarmona and Rancilio Cube were also involved, according to EU Startups.
The way Casavo works is like this--the Instant Buyer (iBuyer) model works to tabulate 'valuations' of properties using '70 variables'. Potential sellers are provided with an approximation of their property along with a purchase offer. Once the offer is accepted, Casavo also takes care of the inspection of the property. If all goes well, the buyer receives the cash payment in full within 30 days.
Casavo, according to CEO and founder Giorgo Tinacci, has grown by leaps and bounds. It has also helped in creating an opening for investors to enter by opening the Italian market to a wider range of investors.
Milan has been known as an international hub, and it is fast becoming an internationally-recognized real estate hub as well. As more and more international investors step into the Italian city--British, American or Australian investors are usually the ones first to step in--things will only pick up some more.
