Will the second home market in Liguria profit as local infrastructure regenerates from Italy’s National recovery plan?
As part of the National Recovery Plan, the new project of the high-speed train line from Milan to Genoa, the Terzo Valico line, aims to boost regional development, promote sustainable transportation, and improve the overall efficiency of the existing rail network.
The goal is to rejuvenate its economy as well as support its effort toward long-term sustainable development.
This impressive project is designed to bridge the gap between Milan, Turin, and Genoa. This 53-kilometer stretch traveling at 250km/hr is part of a larger plan to improve the existing Milan-Genoa connection which currently has slow travel times and inadequate capacity with its inefficiency mainly due to the fact that the train has to cross the Appennines. The new train line will offer faster travel back from Milan to Genoa in an hour thus revolutionizing connectivity, and enhancing efficiency whilst promoting sustainable travel.
With the convenience of getting from Milan to Genoa in an hour, this opens the possibility of a boost in the Ligurian second home market for Milan residents because of the attractiveness and convenience of getting out of the city to a second home by the sea. The flexibility of work habits, post Covid, with the possibility to work from home has become a preferred way to work for many than prior to the pandemic.
Genova’s prime property market can also grow into a new terabit market of potential buyers for those who prefer to live in Genova and still work in Milan.
The Terzo Valico line coincides with the strategies announced in the EU Transport White Paper is to transfer 30% of freight traffic or over 300 kilometers – from road to rail by 2030 and 50% by 2050, with benefits for the environment, safety, and the economy.
Another project in the recovery plan is the Waterfront project in Genoa’s city center by Renzo Piano currently undergoing a massive regeneration. In addition to that, a new project of of a new 6000m long dig in the harbour allow newer and larger cargo ships which will also benefit from a strengthened connection of the Ligurian port system to the rest of northern Italy and Europe.
See video here about the dig: La Nuova Diga Foranea di Genova in 3D
By enabling professionals, tourists, and commuters to reach their destinations swiftly and comfortably the enhanced connectivity is expected to foster economic growth by facilitating business interactions, boosting tourism, and attracting investments. From the second home market point of view, this is quite promising because it can then profit from both domestic property investments as well as niched tourism and mixed-use development projects.
The Terzo Valico high-speed train line holds immense promise for Italy, revolutionizing connectivity, efficiency, and sustainability.
By seamlessly connecting Milan, Turin, and Genoa, this ambitious project will enhance economic growth, alleviate congestion, and foster a greener future. The activation of the Genoa junction is scheduled for 2026.
The Terzo Valico line reflects Italy’s commitment to progress and innovation in transportation infrastructure and reflects the alignment with their National Recovery Plan.
For the second home market in Liguria, it has only to gain with significant positive growth and future investment.