Now a variety of opportunities for active and relaxing holidays have been added to the natural beauty. "Italian lakes are extremely popular for buying real estate for a number of reasons," comments Yulia Titova, Director of the Foreign Real Estate Department at BEST-Real Estate Corporation. – First of all, it is an advantageous geographical location – on the border with Switzerland, where the purchase procedure is much more complicated, and prices are 1.5–2 times higher than in Italy. In addition, it is close to Milan, the business capital of the country. The owners of villas and apartments get a great opportunity to relax here all year round: in summer – on the lakes, yachting, surfing, swimming, and in winter – at ski resorts. And finally, Italy is an extraordinarily beautiful country with a rich history and picturesque nature."
"In addition," adds Sergey Anikeev, CEO of the Arcasa Group real estate agency, "parents whose children study in neighboring Switzerland purchase housing on the Italian lakes."
The Big Four
The Alpine Lakes region is popular with holiday home buyers, comparable to Tuscany or the Ligurian Riviera. Each lake is unique in terms of nature, tourist opportunities, real estate prices and investments. The cost of housing depends primarily on the location of the house: the choice of the lake, the specific resort, and the distance to the water play a role.
Lake Como is the most famous and expensive. In antiquity, Virgil and Pliny the Younger lived on its shores, nowadays famous football players, actors, singers and couturiers buy real estate here. Como consists of three arms (Como, Colico and Lecco) and looks like an inverted letter Y on the map.
Bellagio is the resort capital and the pearl of Como. Its landmark is Villa Balbianello, built in 1787 on Cape Lavedo, where a fragment of the blockbuster "Star Wars: Attack of the Clones" was filmed. There are many small but famous resorts around the lake – Colico, Tremezzo, Mandello del Lario, Varenna. Luxury villas for 1-8 million euros and apartments are offered here. Two–bedroom apartments can be purchased for 500,000 euros, or (on the secondary market, requiring repairs) for 50,000 euros, but you will have to drive to the lake. "Of course, the cost depends on the proximity to the lake and the beautiful panoramic view. In addition, houses with good land plots are rare here and therefore are highly valued," adds Sergey Anikeev. Many famous Russians have already purchased real estate in the vicinity of Como.
Lago Maggiore is the second largest lake in Italy. Popular resorts are concentrated on the western shore of the lake, in the province of Piedmont. There are beautiful beaches, wonderful water sports centers, golf courses, and ski resorts are even easier to reach from here than from Como. The main attractions are the natural parks and the four islands of Borromeo: Isola Bella, Isola Madre, Isola dei Pescatori and Isola San Giovanni.
The cost of housing on the shores of Maggiore is on average about 2000 per 1 sq. m. m depending on the location of the property and its quality. If a house by the water here can be bought for 700,000 euros, then away from the shore, but with a view of the lake – for 440,000 euros, apartments on the prestigious island of Isola Bella - for 500,000 euros. One of the latest, unofficial market news is Silvio Berlusconi's purchase of a villa in the vicinity of Maggiore. This will undoubtedly give a new incentive to customers.
Lake Garda has inspired writers and poets for centuries – Goethe, Byron, Wilde, Joyce... The most famous resorts here are Bardolino, Garda, Desenzano del Garda, Malcesine, Sirmione, Riva del Garda, near the lake there are amusement parks Gardaland and Movieland, an aquapark and an aquarium.
The average prices for real estate on the shores of Garda are slightly higher than on Maggiore (about 3,000 euros per 1 sq. m.), but the offers and their cost are very diverse. So, one-room apartments with lake views can be found for 125,000 euros, luxury apartments of 110 sq. m. m by the water, in the town of Salo, in a historic mansion with antique furniture, will cost 770,000 euros, a villa under construction with an area of 170 sq. m. a few minutes from the lake is for sale at a price of 1.3 million euros.
Real estate on lakes that are not part of the "big four" is more affordable. For example, on Lake Iseo, located between Garda and Como, cozy apartments with a terrace, garden and lake views are offered for 120,000 euros.
Proximity to Milan
One of the obvious advantages of the northern Lakes region is the developed infrastructure, including transport links, proximity to the capital of northern Italy – Milan. A car ride from Milan to the lakes takes on average from 45 minutes to two hours.
Milan owns three airports. The largest of them is Malpensa Airport. Linate Airport accepts domestic flights, while Bergamo Airport accepts charter and low–cost flights. You can also get to the western lakes – Horta and Maggiore – from Turin.
The process of registration of real estate ownership in Italy is relatively simple, the entire purchase procedure is controlled by a notary. The notary fee is 1-2.5% of the price of a house or apartment, the commission of real estate agents is about 3-5%. When purchasing a house or apartment on the secondary market directly from the owner, it is better for a foreigner to use the services of an independent lawyer. However, it is most reliable to make a purchase through a good intermediary company: in this case, a preliminary agreement is drawn up and registered, and the buyer makes an initial payment in the amount of 10-20% of the value of the object. The final contract is signed after the notary examines all the details of the transaction and the property from a legal point of view.
Experts often call the purchase of real estate in the vicinity of lakes in northern Italy a win-win investment, even for those who do not expect an increase in the value of the object. Here, buyers can not be afraid that in a dozen years they will not find buyers for their holiday home. "The stability of investments in this area is guaranteed by the constant demand from both Italians and foreigners from all over the world. This is always a liquid purchase," Yulia Titova believes. – Prices here are not growing exponentially, but steadily and constantly. Even in the crisis, there was no decline. Little housing is being built, permits for new facilities are rarely issued and it is not easy. Thus, by purchasing real estate here, you invest in your own lifestyle and invest reliably."
