The real estate market on Lake Como

The real estate market around Lake Como and Lake Lugano (Italian-side Ceresio-arm reaching from Lugano to Porlezza) 2012

Despite the global financial crisis, the real estate sector of the prestige and luxury market in renowned locations has been affected remarkably little, implying that the vast majority of the property prices have remained stable. It was visible in 2010 and during the first half of 2011 that the actual purchasing price was considerably lower than the offer price. However, it is now evermore noticeable, since the 2^nd half of 2011, that there is a tendency towards a rise in real estate prices. This is due to the fact that, especially during financially difficult times, luxury properties in top destinations are seen to be one of the best and most stable investments one can make.

Lake Como has proved itself to be as solid as a rock in the turbulent waters of the financial markets. It is, and has been, a classic for many years and not just a short-term hot spot or a temporary fashion location.

The demand for historic villas with large plots by the lake, boathouses and / or jetties is unaffected, with prices going into the two-digit millions. Due to the lack of such property on offer at the moment, there is an especially high demand for the mansions on the west shore of the so-called “1^st Basin” (i.e. from Como to Laglio). The demand far exceeds the supply at the moment. Even a moderate need for renovation is not too great an issue for the purchasers of such real estate: providing that the quality of the property is in proportion to the price demanded. If this is not the case, even these fantastic properties will stay on the market for a very long time. There is an increase in interest in the eastern “Sunset-Shore” of the lake all the way to Torno as well as in the picturesque town of Varenna. Thanks to its train connections and the Superstrada Varenna is the ideal logistic junction for Milan, which can be reached in roughly an hour.

Also in high demand are modern and well-furnished houses and mansions within a price range of 2 to 5 million Euros directly by, or with views on, the lake. Essentials here are privacy, sufficient numbers of bathrooms and bedrooms, carefully and caringly planted gardens, pool, garages, a decent vehicle access as well as logistical proximity to shops, restaurants, the motorway and airport connections.

Single family homes with gardens within a price range of € 750.000,- to €1.300.000,- are also in popular demand.

Parallel to this there seems to be a trend towards slightly smaller real estate. A new branch of customers – who we like to call “Generation Comfort” – has emerged and is up-and-coming. It is a young, yet often well travelled, follow-up generation which likes to be flexible in terms of their holiday location and property. This property, it can be an apartment, has to be easy to maintain and must not require extensive financial or time-based input to look after. That is, a “Lock-and-Leave-Property”.

The prices (per square meter) in the more prestigious and in-demand areas around Lake Como range from € 4.000,- to € 15.000,- (in the first line). This includes places such as Cernobbio and Laglio on the west shore, Como in the historical centre, the Via Torno and Bellagio.

The real estate prices from the central to the northern part of Lake Como are generally lower.

The majority of customers looking for holiday residences are from Germany, Russia, Switzerland and the Netherlands with a slight increase in interest from the USA and Britain. There is emerging interest from countries such as Armenia, Croatia and India. The national axis that is Milan to Lake Como is also strongly represented.

A refreshing wind is blowing through the real estate market on the Italian side of Lake Lugano, whose slowing down in the last few years can be accredited to the change of generations. Thanks to developments in the tourism sector and its proximity to Lugano – Switzerland’s third biggest financial centre after Zurich and Geneva – along with the completion of the tunnel in direction Lugano, this area is becoming increasingly popular among young customers. At the same time its bird life, wild game and the mountain peaks waiting to be scaled make it a natural paradise, ideal for those seeking peace and tranquillity.

Particularly popular is sunny Valsolda, which is of special interest to Germans, Swiss-Germans and the English thanks to its proximity to Lugano. It is also becoming ever more popular with Russian customers.

Also on the increase is the holiday rental segment; especially for fine villas in top locations with good logistical connections.

No matter where you may be looking in our beautiful region we are looking forward to helping you find your dream home!