Milan solidifies its status as an increasingly international destination, particularly highlighted by Time Out magazine's recognition of the Isola district among the top 10 'coolest' neighbourhoods in the world to live in. Isola secures the eighth position in the ranking, trailing seven equally notable areas in cities like Dublin, Hong Kong, and Shanghai.
How much does it cost to live in the world's coolest neighbourhoods?
How much does it cost to live in the world's coolest neighbourhoods, including in Milan's Isola district? Abitare Co. conducts an analysis to provide insights.According to Abitare Co., the cost per square metre of a house in Milan's Isola district is €6,300, but this is certainly not the highest among the neighbourhoods mentioned in the Time Out ranking. The most expensive neighbourhood is in fact Sheung Wan in Hong Kong: for an 80 square metre property the budget required is more than €2.6 million (€33,000 per square metre), while Tomigaya in Tokyo is no joke either, with its €11,500 per square metre price tag which translates into €920,000 to buy an 80 square metre property. Next comes the Havnen neighbourhood in Copenhagen, where 80 square metres cost €768,000 (€9,600 per square metre) and Amsterdam-West, with €632,000 euros for a house and €7,900 per square metre. By contrast, the neighbourhood ranked first in terms of coolness is also the cheapest: in Colombia, in the Laureles district (Medellin), has a price per square metre of €1,950.
The Isola district in Milan
Isola, the only Italian neighbourhood to appear in the international ranking, is a historic district of Milan that has been transformed over the past 15 years thanks to the regeneration of the nearby Porta Nuova area. The transformation of the area has pushed up house prices and thanks to post-Expo redevelopment lasting more than 7 years, the neighbourhood is now home to colourful street art and balances the new with the old, with architecture ranging from elegant 1920s buildings to renovated townhouses.
Characteristics of the coolest neighbourhoods in the world
The Colombian neighbourhood of Laureles ranked first as the 'coolest' neighbourhood in the world. Known for its lively nightlife, emerging culture and cosmopolitan atmosphere, it retains the character of a traditional Colombian neighbourhood.
Moving on to Dublin, and more specifically to the Smithfield district (second place for Time Out), the area is renowned for its mix of history, modernity, central location and lively arts scene. On the price front, the average value for buying a house is €6,800 per square metre, up almost ten percentage points from last year.
The Carabanchel district in Madrid is a vibrant and dynamic area to explore and immerse yourself in Madrid's culture. Today, those who want to live in such an exciting place should budget €2,600 per square metre, an average increase of +8.3%.
Havnen Copenhagen is famous for being a lively and cosmopolitan area with a variety of attractions for all tastes. At €9,600 per square metre, dwellings have a higher average price than many other neighbourhoods on the list.
For the fifth place we are in Greater China, namely in Sheung Wan, a district located in the north-west of Hong Kong Island. In recent years, Sheung Wan has experienced a new development, with the opening of art galleries, boutiques and trendy restaurants. Take note that it is one of the most expensive places in the world in terms of real estate.
Brunswick East, a suburb of Melbourne, Australia, ranked sixth. A charming area known for its bohemian atmosphere. Here, the cost of flats is €5,900 per square metre, down -7.3% in one year.
Moving on to New Orleans (seventh place), more precisely to the Mid-City district, we come to a place known for being cosy and with a renowned musical history. Mid-City has a strong sense of community spirit, with residents actively involved in neighbourhood organisations, events, and initiatives. In this American district, the cost of houses is €3,200 per square metre (+1.3% over 2022).
Skipping the eighth place obtained by Milan's Isola, seen above, we arrive at ninth place occupied by Amsterdam's West district, a unique blend of Dutch heritage and international energy. You'll find trendy boutiques, vintage stores, and markets selling everything from fashion and design to fresh produce and local delicacies. The area is also known for its diverse culinary scene, with restaurants serving cuisine from around the world.
The Top 10 coolest neighbourhoods in the world wouldn't be complete without Japan, with its Tomigaya district in Tokyo, known for its relaxed atmosphere and a perfect place to find great restaurants, bars and shops, as well as to immerse oneself in Japanese culture. As with many neighborhoods in Tokyo, the cost of living in Tomigaya can be relatively high. Rental prices for apartments and houses in the area tend to be on the upper end of the spectrum, especially for larger or more modern accommodation.
Top 10 coolest neighbourhoods in Europe
Closer to home, these are the 17 coolest neighbourhoods in Europe according to Time Out:
Smithfield, Dublin
Carabanchel, Madrid
Havnen, Copenhagen
Isola, Milan
West, Amsterdam
Baltic Triangle, Liverpool
Cours Julien, Marseille
Leith, Edinburgh
Costa da Caparica, Almada
West End, Glasgow
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