“Our clients are both Italian and international, although Russian investors are in decline due to the limits imposed on the export of foreign currency,” continues Mrs Morabito. “Our clients are demanding more outside space in the great outdoors, but also privacy and a high quality finish. While residents of Como are looking for properties ripe for renovation, overseas investors are predominantly looking for turnkey villas which, if on the lakefront, will cost between €8,000 and €15,000/€20,000 per square metre for a new-build or a house renovated to the highest standards (southern end of the lake and Tremezzina). In other words, a villa on Lake Como costs a lot more today than it would have done 10 years ago.” For Tania Morabito, now is the time to invest as luxury properties are selling fast, with demand outstripping supply. With the pandemic, the number of people with a personal net worth in excess of $30 million increased by 2.4% in 2020, while property prices are on the rise following COVID-19. “We are selling at premium prices because the trend is on the up,” concludes the Managing Director of Reale Domus|KnightFrank. “To give you an example, a 500-m2 lakefront villa built at the turn of the century sold in 2017 for less than €4 million. Now fully renovated, it recently sold for around €9 million, more than twice the price.” “The city of Como with its lake and surrounding mountains is an ever-popular tourist destination, where you can buy a property that will very easily make money, making it a good investment,” comments Lucia Zingarelli, Provincial President of the Como Italian Federation of Professional Estate Agents (Fiaip), who confirms the mass arrival of the Milanese. She adds that: “The price of luxury villas has gone up, but I do not think that it is just because of the pandemic. The trend has always been positive here. If anything, the way Italians think about the home has changed. People have realised that having a villa with pool is a question of quality of life, and they are now looking for a little corner of paradise.” Another expert to confirm to Ville&Casali the great influx of Milan residents to Lake Como is Francesca Levrini, owner of Studio Levrini, an estate agents that has overseen the selling and rental of luxury and standard properties for more than 30 years. “Last year, demand from residents of Milan, which has been lacking for so many years, suddenly went through the roof thanks to COVID. They are looking for a house with garden or an apartment with terrace.” By way of example, our Milanese clients have rented villas with swimming pool costing in excess of €15,000 per month for three months, many that sleep 12, in order to accommodate the whole family or friends. And overseas investors? “They are in decline, particularly American investors,” explains Mrs Levrini. “However, demand from northern Europe has increased.” Francesca Levrini then reveals a safe investment: “Large villas, often bought for personal use or to be turned into luxury mini-hotels, can be a great money-maker, especially if right on the lake.”
The pandemic has also led to a sharp increase in Milanese
interest according to Mauro Delli Quadri, Sole Director of
immobiliarecomo srl, who oversees the
selling and rental of luxury properties in the city of Como,
the lake and the surrounding area. He explains: “In 2020,
I sold properties to several couples from Milan, many of
whom had sold their, let’s say, 90-m2 apartment in the city
to buy a 200-m2 property in Como for the same price.” Mr
Delli Quadri also agrees that post-pandemic tastes have
changed: “The historic old town used to be top of the list,
but this has been replaced by the need for a terrace or
garden and an extra room to use as a home office, while
many are looking for properties around the city of Como
and in areas like Capiago Intimiano, Montorfano, San
Fermo della Battaglia, Cavallasca and Brunate.”
COVID has not only affected peoples tastes, but has
also led them to rediscover certain values and the simple pleasures of living in a house in the country. This
is confirmed by Antonino Papa, Managing Director of
Ville&Dintorni based in Carimate, in the province of
Como, the land of golf and magnificent
villas, comprising around 600 individual family homes,
which are bought as a first home partly thanks to the
improved Pedemontana motorway network (Carimate is
just 30 minutes from Milan by car).
Ville&Dintorni oversees the sale of villas, as well as luxury
rentals in excess of one year, over a wide area that encompasses Brianza, Comasco, Varesotto, Lake Como and
Lake Maggiore, and Monferrato. According to Mr Papa,
“Demand has increased in Carimate, and so have prices.
A villa that would have cost €700,000 is now selling for
one and a half million.
Demand for farmsteads has also risen.” Mr Papa also agrees that the time to invest is now. Confirming the trend for
country living is Immobiliare Castello,
also based in Carimate, stating that “the desire to live in
a house with garden shall always retain a certain charm.”
Published on Ville&Casali September 2021
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