The Impact of the Real Estate Crisis on a South European Metropolis: From Urban Diffusion to Reurbanisation

Abstract

AbstractBeginning in the 1970s, the urban core of the Rome Metropolitan Area (RMA) experienced four decades of intense depopulation and urban diffusion, which caused a considerable social impact. On the basis of an original dataset on residential mobility within the city of Rome, this paper aims to show that the RMA is currently experiencing a new stage of reurbanisation resulting from the bursting of the housing bubble after the 2008 crisis. Unlike other European contexts, the RMA repopulation is lacking forms of “urban resurgence” and is taking place in one of the most difficult periods of the city’s recent history. Paradoxically, the trend of private real estate market succeeded to stop urban sprawl where for a long time public decision-maker had failed. This created an opportunity to finally govern the process and steadily halt the urban diffusion, implementing targeted residential densification measures aimed at stabilising the demographic recovery of the urban core and preventing a return to urban sprawl.