Starry Edge
"The beauty of the Italian lakes cannot be described, but even if someone were capable of it, they would hardly dare," wrote the American classic Henry James. The Northern Lakes are both a resort, a place of pilgrimage for tourists, and an option for a luxurious country life. Back in Roman times, the villa of the poet Gaius Valerius Catullus was located here, which has now become a famous tourist attraction.
Lakes lying at the foot of the Alps feed mountain rivers. Thanks to the mountains, the landscapes here are unforgettable, and the opportunities for recreation are exceptionally wide: in summer you can sunbathe and swim here, in winter you can ski. On average, it takes half an hour or an hour from the lakes to get to Milan and Verona, where two major international airports are located.
There are very few apartments on the lakes, mostly villas are put up for resale here, the cost of which depends on proximity to water and mountains, neighbors and infrastructure.
Lake Como (Lago di Como) is a stellar place. In recent years, Hollywood actors and business magnates have been buying villas here one after another. It got to the point that representatives of the Italia Nostra organization called it the "Clooney effect" and said that such a number of visitors threatened the ecology of the area – however, the National Research Institute immediately dispelled fears.
Ancient villas with poetic names Oleandra, Fontanella, Cassinella, XVIII, XIX and early XX centuries have found new famous owners, among whom are Tom Cruise and Katie Holmes, Michael Schumacher, Arkady Novikov. Over the years, the cost of luxury real estate in Como has increased by hundreds of percent, and now when buying exclusive offers we are talking about tens of millions of euros.
The entertainment industry is developed on the cleanest Italian Lake Garda and on Maggiore, which is located on the border with Switzerland, unlike the quiet and respectable Como. Next to Lake Garda is the most popular amusement park in Italy, Gardaland. The town of Sirmione, which is located on a peninsula in the southern part of the lake, is famous for its thermal springs and spa centers.
The unique nature, the peculiar microclimate that arose due to the fact that the lakes are surrounded by the Alps on three sides, was used by the creators of the Antiche Cure di Ghiffa relaxation and therapeutic complex on the shores of Lago Maggiore. The complex consists of villas, apartments and a hotel, as well as a large spa center and includes 4 hectares of parkland. Prices for apartments here start from 200,000 euros.
Soul or prestige?
For Russian buyers, the real estate market of the northern Italian lakes is very promising, although it is much younger compared, for example, with the Cote d'Azur. Traditionally, local developers who worked with foreigners focused on English and Irish clients, but now sellers include Russians in the sphere of interests.
Buying a house here as an investment object, you can count on an increase in value in the medium term, and on income from renting out housing. According to Giorgio Piccini, director of Piccini & Partners, the real estate market in the northern lakes region, despite everything, retains positive indicators, and this is largely due to limited supply and specific demand: "Lakes are chosen either by those who have a soul drawn here, or those who are attracted by fashion and prestige."
Experts are confident that the small lakes of Iseo (between Como and Garda) and Horta (west of Lago Maggiore) will soon become popular - despite the fact that these are now exclusively tourist places, almost not mastered by real estate buyers. In addition, investors are interested in towns that are located at some distance from the lakes, which makes real estate here several times cheaper than near the water. In such a city, a small villa with a plot of land can be purchased within 1 million euros. The choice of apartments is also becoming wider here. For example, an apartment with an area of 90 sq. m. two-bedroom apartment in the Villa Isella complex (the villa was built in the XVII century and renovated in 2000-2001) with a swimming pool and a park, equidistant from Maggiore and Lugano and an hour from Milan and the ski resorts, for sale at a price of 210,000 euros.
Buy a story
Milan is five times smaller in area than Moscow, and according to the latest population census, just over 1.3 million people live here. But the unofficial capital of Italy is perhaps the most stormy and bustling Italian city. It is the capital of fashion and football, but most importantly – the center of the economic and business life of the country.
The average price of apartments here is about 6,000 euros per 1 sq. m. Apartments with an area of 60 sq. m. a two-bedroom apartment in the city center in a building with an elevator is offered for 475,000 euros, an apartment of 135 sq. m. a three–bedroom apartment with a balcony - for 900,000 euros.
Real estate in the province of Emilia-Romagna, a natural oasis and gastronomic paradise, is also doomed to belong to the highest price segment. Romagna is the mountains, Emilia is the plain in the Po River delta, and the region as a whole is Lambrusco wine, Parmesan cheese and mortadella sausage, as well as the famous balsamic vinegar.
Most of the offers on the real estate market in this historical area are reconstructed houses and complexes. The investor can carry out repairs on his own. A stone house in the village, an hour's drive from Parma, can be bought for 50,000 euros – but without a complete reconstruction, such an acquisition would be meaningless.
In the shadow of a neighbor
The Italian Riviera, a continuation of the Cote d'Azur, also holds the brand. A narrow strip of the Ligurian coast belongs to one of the smallest, and at the same time the third most populous region of Italy – Liguria. Half of its territory is occupied by forests, with comfortable summers and mild winters: the average annual temperature is +11 °C.
According to the British resource Where-to-buy-in-Italy.com About 4 million holidaymakers come here every year, mainly from the UK, Ireland and France.
Genoa, the capital of the region, divides the Ligurian Riviera into two parts. The Western one is actually a continuation of the Cote d'Azur, and is well developed by real estate buyers. The eastern Riviera di Levante began to develop not so long ago and is now one of the most luxurious resort areas in Italy.
The part that is located near the French border has received more than one famous guest in its history. The country residence of Margarita of Savoy, the Italian queen who lived in the XV century, was located in the city park of Bordighera. The wife of Nicholas I, Alexandra Feodorovna, often came to Sanremo. The Russian Church, consecrated in 1913, still operates here.
Today, the average price of a two-bedroom apartment by the sea here ranges from 200,000 to 250,000 euros. For landlords in high season, such housing can bring 800 euros per week. Hoping for an increase in the cost of housing in the medium term and counting on a good resale, it is worth paying attention to areas more remote from the sea. According to experts, the dynamics of real estate prices on the coast is slowing down, and housing in towns not yet known to buyers will continue to rise in price. "The best option for investment is an apartment 15 km from the coast," says Linda Travella, director of the Casa Travella real estate agency, "because this is where the most offers are, unlike in eastern Liguria, where people buy housing not for resale, but for their own recreation." Today, one–bedroom apartments in rural areas in the west of Liguria can be purchased for 40,000 -85,000 euros, two-bedroom apartments for 55,000-100,000 euros.
On the Riviera di Levante, where, in particular, the UNESCO-protected Cinque Terre National Park, the cities of Portofino and Portovenere are located, the offers are generally the same as on Lake Como: expensive and prestigious villas, the prices of which are determined not only by the quality of housing, but also by the status of the area. A two–bedroom apartment here will cost 440,000 euros, a three-bedroom townhouse will cost 550,000 euros. Supply is limited and demand is stable.
Director of RER Ltd. Sergey Gryaznov gives this assessment to the entire Italian real estate market: "The secret of Italian stability is that in this country everyone is doing their own thing. If you do not have special education and training, then you will not be allowed to build housing. Therefore, a strictly defined number of developers work in Italy – and the supply, accordingly, is also limited. This allows the market to hold on."
