Next to LùBar, my boyfriend’s restaurant in central Milan, a once vacant building has been transformed into the marble-covered, five-story Casa Cipriani, a hotel, restaurant, and members’ club. Ferraris sit parked on the sidewalk out front, and security guards in dark suits stand by the entrance, while women in hijabs carrying Prada and Gucci shopping bags stop in for $10 cappuccinos.
The scene on Via Palestro has become a microcosm of the city as a whole, where foreigners—especially ones with cash to spare—are ubiquitous. And prices have followed suit. Finding a one-bedroom apartment to rent in the city center for less than $1,700 a month has become a challenge. The Loreto neighborhood, at one time considered shoddy, has now been nicknamed “Nolo” (North of Loreto) and is attracting pseudo-hipsters who buy lofts. Real-estate costs have risen by 40 percent since 2018, while average rent has increased by 20 percent in the last two years alone.
