What’s behind the rise in Lake Como’s property prices?
Lifestyle, location and lakeside living are attracting buyers from all four corners of the globe.
1 minute to read
Of all Knight Frank’s destinations across Italy, the villages on the banks of Lake Como attract the most diverse mix of buyers – from Europe, the US, Middle East and even Australasia.
Enquiries leapt 144% in 2021 year-on-year as lake and mountain views struck a chord with global buyers tired of concrete cityscapes during Covid-19 lockdowns.
The average price of prime properties along Lake Como increased 4% in 2021 with most enquiries looking within the €2-€4m price bracket, over the five years to 2021 prices have increased by around 10%.
On a square metre basis prime prices sit at around €12,000 per sq m in the best villages, these include perennial favourites such as Bellagio and Menaggio.
Lifestyle and location are Lake Como’s unique selling points. From water sports on the lake in the summer to skiing at the local Bormio ski resort in winter and fine dining in Como town all year-round, it ticks numerous boxes.
Located less than an hour from Milan Malpensa airport with flights to 147 destinations and a 30-minute drive from Switzerland it offers good accessibility from northern and central Europe.
The Como province is home to 596,000 residents according to the Italian Statistics Office and 46,000 are foreign residents, a figure that has increased 9% over the last decade.
With an average daily prime rental rate of €479 Lake Como commands the highest rental figure of Italy’s four key prime regions covered in the report and despite its relatively small size some 22 nationalities own holiday lets in the vicinity.
Much like Florence, The Como International School, home to 290 students, attracts strong interest from overseas residents looking to make Como their permanent base and take advantage of the flat tax regime.
Photo by Lewis J Goetz on Unsplash