Lake Como: the jewel of the mountains

Lake Como is not just a safe investment, but this stunning and incredibly deep body of water, nestled between the mountains, is the only place in Italy to feature among the world’s top twenty locations where property prices have grown the most (source: the latest Knight Frank report). Sought-after by Italians, and even more so by ever-increasing and ever- changing overseas investors, prices soared by 6.2% in 2023, seeing Lake Como rise from 26th at the end of 2022 to 18th on the list of the world’s top 20 destinations to see the biggest rise in luxury home prices. A positive trend confirmed by the estate agents interviewed by Ville&Casali , who reveal who buys the most in this area and how and where to make a sound investment. “The market has changed since COVID, becoming more dynamic. People are looking for a house with garden. Vendors are negotiating less but selling quicker and Lake Como remains as expensive as ever. Contemporary newbuilds are extremely popular and equally expensive, but stocks are very low. Despite their love of Italy, in light of the wartime restrictions imposed on the movement of money, it is no longer only the Russians to buy here. Today, 95% of our clients come from Northern and Eastern Europe and the USA”, explains Marina Rizzotto Yakovleva, CEO of Berkshire Hathaway HomeServices Palazzo Estate who, born in Canada to a Belarusian and Polish mother and Russian father, has an Italian passport and loves Italy. “I want to convey my love of Italy to my international clients”, confesses Rizzotto, who specialises in premium and mid-range sales and short- and long-term rentals, bearing in mind that some luxury properties rent for as much as €50,000 per week. “In September 2023”, she adds, “Palazzo Estate Srl officially became Berkshire Hathaway HomeServices Palazzo Estate: we may not have changed but our brand certainly has, having joined one of America’s fastest-growing property networks, with more than 50,000 estate agents and almost 1,600 offices spread across 13 countries and 4 continents”. Rizzotto’s recommendations for Ville&Casali readers are as follows: “the upper side of the lake in and around Gravedona, much loved by the Germans and northern Europeans, is a good place to buy as it offers better value for money. In addition, two- and three-room apartments offer the best return on investment: when you are not staying there, you can put it on the short-term rental market for added income”. It is often difficult to quantify the cost of a property per square metre. “Prices have obviously increased but it all depends on factors such as location, view or aspect, privacy and distance from busy roads”. That is according to Mauro Delli Quadri, Sole Director of immobiliarecomo srl. Having accrued more than thirty years’ experience working in the region and with his office in the historic city centre, his primary focus is on the luxury sales market in and around the city and Lake of Como. “Properties with a lake view obviously command a higher price. And thanks to the Pedemontana motorway, it is quicker to get to Malpensa Airport from Como than from Milan, and we are also close to Switzerland. Como is a provincial capital, making the lake even more attractive. And the theatre in Como is on a par with La Scala in Milan”. What is Delli Quadri’s tip for a safe investment? To buy a small- to-medium-sized apartment, but since the pandemic, it must have a terrace or some outside space. The best places to buy are in and around the first basin of the lake between Como and Laglio and between Como and Faggeto. This is the most expensive and sought-after area because it is closest to amenities. Another interesting area is the extremely sunny Tremezzina, home to Villa del Balbianello, as well as Lenno, Tremezzo and Griante, not to mention the wonderful Menaggio. Finally, Gravedona on the upper shores, which is particularly popular with sports enthusiasts, is another beautiful and lucrative option, much of it still being developed and relatively untouched. There is one thing that all estate agents seem to recommend: buying for rent, ideally short-term. This is also advocated by Yasemin Baysal, owner of the Engel & Volkers Lake Como estate agents specialising in luxury properties (Managing Partner and President of the Board of Directors), whose clients are made up of 60% foreign investors and 40% domestic, who points out that: “Lake Como is always a sound investment. Properties rent out easily from March to November, and then there is Christmas and New Year - a very popular period”. During the low season the owner can use the property themselves, thereby fulfilling a double function. According to the expert, a bargain could be had by buying a property ripe for renovation, refurbishing it and reselling it for an all but guaranteed 30% profit. The margin would be even greater for a fully-refurbished lakeside ruin. But where are the best places to invest? According to the owner of the Engel & Volkers Lake Como branch, “the areas from Como to Lecco and from Como to Menaggio, as well as central Como, central Lecco, Bellano and Varenna, are always extremely popular. Other great places to invest include Moltrasio, Carate, Urio, Laglio, Bellagio and Menaggio, all highly sought-after locations with great potential for both the sales and rental markets”.