Joivy Invest closes first deal for short and medium term rental in Milan

Joivy Invest - the residential income investment platform, part of the Joivy ecosystem - announces the closing of its first Buy to Rent project in Via Savona in Milan. With the closing in just six months (between purchase, redevelopment and resale) of this first deal Joivy Invest officially inaugurates a new turnkey investment format.

The platform, which is aimed at both private and institutional customers, aims to simplify the residential investment market, which until now has been managed mainly 'do-it-yourself'. The process starts with the scouting of properties to be valorised and with greater difficulties of placement on the market, identifies the possible revenues (guaranteed or potential depending on the investors' needs), if necessary renovating and furnishing them, and finally concludes with the sale to future investors ready to generate income from the day of the deed.

The property in question, which was previously a gymnasium, was purchased, completely redeveloped and divided into flats. The layout of the new spaces was studied by Joivy Renew, a group company specialising in the design, renovation and supply of furnishings, in order to optimise the spaces and, consequently, the expected profitability. Different types of units (two-room/four-room flats) have been created for tourists or travelling managers for short/medium-term rentals and students who want to share accommodation. This strategy attracted many investors and allowed the successful redevelopment and sale of the flats.

The recently completed deal is located in Via Savona, within the Tortona District, a district renowned for its vibrant fashion and design scene and home to numerous companies and cultural centres with internationally renowned events. The area - served by the Sant'Agostino and Porta Genova metro stations and well connected to the city centre - is particularly attractive to tourists and business travellers.

According to Istat data, the influx of tourists to Milan during 2023 was significant, with more than 7.6 million tourist arrivals and more than 16 million presences at accommodation facilities. While the figure for total arrivals has not yet fully normalised compared to the pre-Covid period (2019), where a decrease of 6% in 2023 is still noted, the figure for presences in accommodation facilities has instead recorded a more optimistic recovery with +18% compared to 2022, highlighting the growth of Milan's attractiveness by national and international travellers (the latter accounting for 77% of the total)..