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Long adored by British visitors, Italy’s mountain-fringed northern lakes remain some of the most beautiful places in Europe, redolent of ease and sophistication. Exquisite, fruit-coloured villas dot their shorelines, as do pretty little towns full of prosperous folk. Adding to the loveliness, the plunging green hillsides often hold wonderful gardens, where flowering plants and statuary frame serene vistas of glittering blue water. It’s all achingly romantic, made even more so by the evaporation-haze that so often hangs in the lakeside air, lending a dreamlike quality to the outlines of surrounding mountains. |
Culturally influenced by Italy’s great northern cities, for which they serve as a fresh-air getaway, the northern lakes enjoy a generally faultless infrastructure and a sky-high quality of life. Property on the northern lakes can be among the priciest in Italy, as wealthy northern Italians want a second home here as much as you do. But holiday rental prospects are excellent, and you’re highly likely to cover your costs with rentals. Not all homes on the northern lakes are expensive, and there are some good bargains scattered around. You could find a two-bedroom house for as little as €120,000 if you’re lucky. Various spacious apartments with lake views can be had for less than €200,000. At the other end of the scale, there are plenty of faintingly gorgeous villas with prices in the millions.
So what has the lakes market been doing lately? Property sales – especially to foreign buyers – tailed off considerably from autumn 2008. Sales stayed in the doldrums for all of 2009, but as of spring 2010 they started rallying. Essentially, the northern Italian lakes are about as recession-proof an area as you could hope to find. Prices of homes here remained unchanged in the wake of the global financial crisis, rather than dropping as they have done in other places. Some vendors are still more open to offers below their asking price, but not all. Interestingly, the one sector of the market that has remained almost wholly unaffected by the world’s economic woes is the high end. Properties in the millions have continued to sell well. Proof that the rich manage to sidestep the recessions that knock over the rest of us!
Each of the northern lakes has its own particular character and clientele, and obviously you’ll want to choose the one that’s right for you. There’s only space here to examine the three biggies – Garda, Como and Maggiore. But be aware that little lakes Orta, Varese, Iseo and Lugano have much of the larger lakes’ elegance while drawing fewer visitors and often having slightly lower property prices.
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The largest and most visited of all Italy’s lakes, Lake Garda forms an elongated teardrop-shape lying half in Lombardy and half in the Veneto. Its northern shorelines are steep and dramatic, with mountains plunging down to meet the water. The southern extremes, meanwhile, lie in a comparatively flat landscape which some visitors find less interesting. Garda’s reliable winds make it famously good for sailing and windsurfing, and there are always abundant pleasurecraft decorating its water. A couple of large-scale theme parks lie nearby, notably Gardaland – much loved by children. There’s never a shortage of things for active-minded people to do on this lake.
Garda is generally the priciest of all the northern lakes, with one-bedroom apartments asking about €175,000 on average, and two-bedroom houses €300,000 or more. Prices are fairly uniform around the lake, but the best-value property may well be in the west. If anywhere is cheapest, it’s the southern tip, around Peschiera. Note that resorts such Riva del Garda can seem a bit deserted in the winter, while Salo, Desenzano del Garda and others stay lively. Some say that parts of Garda’s shoreline are a little over-developed now, and that not all of the lake’s resort-towns are attractive. However, new-build homes tend to be low-rise and tastefully done. Holiday rental prospects on Lake Garda are superb.
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Shaped like an inverted letter Y, Lake Como is a long and slender lake where every shore enjoys entrancing views across the water to another. Steep green slopes plunge everywhere into the blue, giving Como an especially dramatic aspect. The surrounding mountains sprout lush Mediterranean greenery at their feet and Alpine foliage further up. Evaporation haze, meanwhile, makes romantic layers of the scenery. This is undoubtedly one of Italy’s most beautiful places – tranquil and jewel-like. |
It’s quieter and less crowded than Lake Garda, but Lake Como still attracts a very healthy number of visitors. The lake is hugely popular with wealthy Milanese (Milan is only 30 miles away), and has become beloved by celebrity buyers (although George Clooney, alas, has recently put up for sale his villa here). Refined and elegant, it’s not a cheap place. It’s still possible, however, to get a nice one-bedroom apartment here for around €100,000. Two-bedroom houses, meanwhile, ask €170,000 and upwards. New-build property can be especially good value.
Linda Travella of the agency Casa Travella has been selling property in Italy since 1987 and is credited with introducing Lake Como to the British market more than two decades ago. She says “On Lake Como the northwest shore is currently the best area to find value for money. Here you can buy a two-bedroom village house for as little as €119,000.” Similarly, Coduri Raffaella of Como-specialists Tre Pievi also highlights the lake’s northwestern area as a great place to look right now. Michael Beckman of Apremont Overseas admits that Como’s eastern shores are cheapest, but points out that value-for-money is better in the west because “it’s sunnier, more sophisticated and prettier than the eastern shore.”
Did someone say ‘sunnier’? On steep-sided Lake Como, this is an important issue for anyone hoping to visit their property year-round. Paul Belcher of property-search experts Ultissimo notes that, because of the sun’s lower position in the sky, some spots on Como’s eastern shores “do not see any sun from November to February.” Don’t disregard the east, entirely, however! Anna Scibè of Target Real Estate highlights Faggeto Lario as an eastern village offering great-value property right now. Here a luxury penthouse with its own indoor pool, sauna and Turkish bath, for example, asks just €560,000. Everyone agrees that holiday rental prospects on Lake Como are very good, but as Paul Belcher says, having a pool can practically double your rental rate. “A two-bedroom apartment in a complex without a pool,” he says, “would rent for around €800 per week in high season. If it had a pool, you could get up to €1,700 per week.”
Como’s western neighbour Lake Maggiore has a similar elegance and wealth of pretty villas, although its surrounding slopes aren’t quite so steep or dramatic. Maggiore has, however, the stunning Borromean Islands in its midst – decked with some of Italy’s most unforgettable villa-gardens. The lake is particularly popular with visitors and buyers of post-retirement age. And it’s an especially good place for period villas, many of which have been converted into surprisingly affordable apartments. One-bedroom flats round the lake can go for about €150,000, two-beds for about €200,000.
| The stately old resort of Stresa on the western shore, loved by Queen Victoria among others, is easily the most expensive spot on Lake Maggiore. But travel just ten minutes out of town, says Nick Woodward of Jackson Stops and Staff, and there are bargains to be had. “In the hills above the lake,” he says, “is Gignese, where we have a residential complex only a few minutes from Stresa and the ski area of Mottarone, enjoying fantastic views of Lake Maggiore. The apartments here have gardens, terraces, and a shared pool. Superb penthouse apartments start at €250,000.” |
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Sally Walker of Sallitalia Properties similarly recommends Gignese, pointing out that the little town “offers many palatial villas originally built for the wealthy Torinese and Milanese who summered in the area.” She adds that Angera on the eastern side of the lake also offers notably good value-for-money. “Angera has regular boat facilities to Arona with its mainline train station into Milan,” she says. “It’s dominated by a castle and enjoys a fine lakefront.” Like its fellow lakes Garda and Como, Maggiore offers great holiday rental prospects. “You can expect a rental income for around seven or eight months of the year,” Sally Walker says. “Or slightly longer if the property is in a good location for skiing.”
So is it best to seek a property needing restoration when you buy on Italy’s northern lakes, or not? The general consensus among estate agents seems to be that there’s not much available round here that needs restoring. Updating, or renovating slightly, yes – and such properties can often be very good value. But for a truly tumbledown place you’d have to go quite a distance up into the hills and mountains around the lakes – at least a twenty-minute drive from the shore. (North of Lake Como might be your best bet, where you’d find yourself in some serious ski territory.)
To be honest, a major restoration just smacks of too much mess and hard work for a place like Italy’s northern lakes! That’s not what this area is about. Beauty, serenity, order and calm – that’s much more like it. Buy a property up here and you’ll be joining a long, lucky European tradition – being regularly able to enjoy ease and elegant sophistication in the heart of geographical loveliness. Italy’s northern lakes remain a unique and unspoilt area, one of the highlights of this continent. Properties on the lakes are likely to remain an extremely sound investment for a very, very long time to come.
The largest and most visited of all Italy’s lakes, Lake Garda is an elongated teardrop-shaped body of water half in Lombardy and half in the Veneto. Its northern shorelines are dramatic, with mountains plunging steeply down to meet the water. The southern extreme, meanwhile, lies in a comparatively plain, flat landscape. Lake Garda is especially good for sailing, windsurfing and other watersports. There are a couple of large-scale theme parks nearby much loved by children. Popular with Italian visitors since Roman times, Garda draws tourists from far and wide these days. The majority of its property-buyers, however, are still Italians. The Germans who used to buy in large numbers here are no longer so prevalent. Property prices are among the highest in Italy. In recent years, prices have risen more rapidly here than in Tuscany. Some say that parts of Garda’s shoreline are a little over-developed now, and that not all of the lake’s resort-towns are attractive. However, new-build homes tend to be low-rise and tastefully done. Holiday rental prospects are excellent.
A three-pronged lake shaped like an inverted letter Y, Lake Como is long and slender, with every shore enjoying entrancing views across the water to another. Steep green slopes plunge everywhere into the blue, giving Como an especially dramatic aspect. Evaporation haze, meanwhile, makes romantic layers of the scenery. To many minds, this is Italy’s most beautiful lake. A little quieter and less crowded than Garda, Como nonetheless attracts a very healthy number of visitors to its gorgeous little towns. The lake is hugely popular with wealthy Milanese (Milan is only 30 miles away), and in recent years celebrities such as George Clooney have bought properties here. Refined and elegant, it’s not a cheap place. Western neighbour Lake Maggiore has a similar slender elegance and wealth of pretty villas, although its surrounding slopes aren’t always so dramatic. It has, however, the stunning Borromean islands in its midst – decked with some of Italy’s most unforgettable villa-gardens. Maggiore certainly isn’t a cheap place either. It draws perhaps the most of the northern lakes’ more elderly clientele. Both Como and Maggiore offer excellent holiday rental prospects. Note that prices are lower on the lesser-known small northern lakes, viz. Orta, Varese, Iseo, Lugano, etc.
Italy’s fourth largest lake remains a rural and tranquil place supporting abundant wildlife, despite being quite well established now with northern European visitors and second-home-owners. Clean and shallow, the water reaches a bath-like temperature for much of the summer. It’s ringed with small sandy beaches and reedbanks – while woodlands, sunflowers and vineyards arc across the low surrounding hills. Shoreline villages are generally peaceful, and the urban delights of Perugia conveniently lie only about 30km away. Umbria’s many stunning hilltop towns and villages lie further afield, and the border with Tuscany isn’t far off. Lake Trasimeno properties are still a little cheaper than those in other Umbrian ‘hotspots’ such as Todi, Assisi, Orvieto and Perugia. Ambitious restorers or developers should note that there are plenty of abandoned medieval castles and fortresses dotting the lakeside towns. Umbria also has other lakes to consider – Alviano, Corbara and Piediluco. All are attractive, and slightly cheaper than Trasimeno.
A trio of bright blue gems adorning the green, unspoilt landscape of northern Lazio, Lakes Bolsena, Vico and Bracciano are hugely attractive places which have long been familiar to summer holidaymakers from Rome. They’ve become increasingly familiar to non-Italian visitors over the last decade or so. Spawned by long-dead volcanoes, and ringed by a circle of fertile hills, each of the three lakes offers astonishingly clean water, great swimming and abundant shoreline wildlife. Set in the ancient heartland of the Etruscans, and not far from Rome, Lazio’s lakeland area is very rich in historical relics – with Roman roads and Etruscan tombs dotting the pretty countryside. The lakeside towns, and those of the wider area, are small and charming, with friendly inhabitants and plenty of good, inexpensive restaurants. Lake Bracciano boosted its profile recently when Tom Cruise and Katie Holmes married in a castle here. Lake Bolsena, meanwhile, on the edge of Tuscany and Umbria, has gone from strength to strength over the last decade – drawing more and more discerning visitors and modestly gentrifying its shoreline without damaging its rural character. Prices in the lovely town of Bolsena itself have become particularly high, while other towns on the lake of the same name are considerably cheaper (see main article for sample prices).
If you’re looking for very inexpensive property, or for a feeling of having a little lake practically all to yourself, you should consider hunting round Italy’s far south. Little-visited regions like Molise, Basilicata and Calabria (as well as the rather more-visited islands of Sardinia and Sicily) each have a handful of small lakes dotted throughout their mainly mountainous interiors. Quiet and secluded, these mountain lakes typically have no real settlement on their shores. Great if you want splendid isolation and don’t care if your home has quite low holiday rental prospects. The prices of homes in settings like these can be rock-bottom (less than the price of a new car), but finding property for sale in the first place can require some effort. As well as asking local estate agents you should also ask local people if they know of anyone who’s selling independently. But freshwater surrounded by hills isn’t your only option. Italy also has several coastal lagoons offering tranquillity at a very reasonable price. Look at the crumbly, lagoon-prone Adriatic coast south of Venice – the Po River delta, peaceful and reedy, with the dazzling little cities of Emilia-Romagna never far away. Investigate Varano and Lésina lagoons on Puglia’s gorgeous Gargano Promontory – two oases of silence in an otherwise well-visited area. Or try the flamingo-rich lagoons outside Cágliari and Oristano on Sardinia.
Emma de Souza from Hertfordshire bought and restored a large house in the pretty countryside near Lake Bolsena in Lazio. She and husband David, together with their ten-year-old daughter Ellie, visit the property several times a year and also rent it out to holidaymakers.
“I’ve always had a love affair with Italy,” Emma explains. “A friend at school was half Italian and I stayed with her in the holiday after O. Levels. Even then I loved the food, and the attitude of the people.” Regular visits to Italy followed, including to friends who owned a house in the beautiful town of Bolsena in northern Lazio. “Then a friend started restoring a house in Yorkshire,” Emma says, “and it got me thinking…”
In January 2002, Emma went out to Lake Bolsena with a friend and little Ellie to view properties. “Homes in Bolsena were either too expensive or didn’t have much land,” she says. “I almost gave up, then an estate agent asked if I’d be prepared to go further out – to a village 20-30 minutes from the lake. I saw five houses, all looking like possibilities. Two weeks later, David and I travelled out to view three of them. ‘The Yellow House’, as my daughter had called it, was the second we saw and within ten minutes David gave it the thumbs up. It was a very emotional moment.
“It’s interesting how things work in Italy. We viewed the house at ten o’clock that morning, went to the estate agent to fill in some paperwork, and by lunchtime we had the owner of the house in the office accepting the offer!” It wasn’t the last time the couple would meet the vendor, Kalle Röhr – a German who had moved permanently to Italy. Becoming a firm friend, he helped to find builders to restore The Yellow House, acted as a project manager during the restoration work, and currently helps organize the holiday lettings.
“There was a lot of work to do,” Emma recalls. “The roof had caved in, the doors were hanging off, the window-frames were rotten, there was no electricity and only very basic plumbing. We restored as closely to the lovely original design as possible, only adding modern conveniences, a small extension and a pool. We now have a six-bedroom house that sleeps fourteen people.
“We’ve rented it out since 2003 and I still get a thrill from reading the guest-book comments. Notable visits include the guests falling in love with the area and buying a house here themselves, another couple getting married in Bolsena and having their wedding party at the house, and another couple proposing to each other under the oak tree in the garden!”
Visit: www.theyellowhouse-italy.com
Midlands-based Jeff and Lea Harris bought a two-bedroom apartment on Lake Como in 2010. They enjoy regular trips to the property, and rent it to holidaymakers when they’re not there.
“We’d been to the northern lakes several times and loved the whole area,” Jeff explains. “We don’t like really hot places. We went to Tuscany a few summers ago and it just got too baking hot for us! So we decided on northern Italy. We love Italy; we love the food, the culture, the people, the style of the place.
“Our apartment is a new-build, in a little complex with a shared swimming pool. There are five blocks of four apartments. It’s just up the hill from the lake, a leisurely ten-minute walk. The views are astounding. There’s a clear vista right across the lake. Our apartment has a large additional room with two sofa-beds, half underground – which is actually an advantage because it’s very cool when there’s hot weather. Lake Como is beautiful at all times of the year. We’ll definitely be making winter visits as well as summer ones, because our eldest daughter is a keen skier, and ski resorts are within easy reach of us. We first saw the property in February – which was very beautiful because there was snow on the peaks – and we finalized in May. We negotiated a bit on price, and were happy with the outcome.
“We used the agency Casa Travella, and we found Linda Travella tremendously helpful. She seems to know everybody in the area. She recommended a good English-speaking lawyer, she helped us furnish the place, and she put us in touch with a man who can arrange holiday rentals on the property. It’s been marvellous the way she’s helped us and introduced us to all the right people. It’s all gone really smoothly.
“We love the idea of having a home on Lake Como that we can go out to anytime we like. It won’t stop us taking holidays elsewhere, of course, but we are going to be using the apartment a lot. At the moment I’m still working full-time, so I don’t see myself going out there for more than about three or four weeks a year. But we envisage that when I retire we’ll probably stay out there for months at a time – out of season.
“Lake Como is a beautiful part of the world. It’s not a typical summer holiday kind of place, not a lazing-by-the-pool kind of place. It’s somewhere that’s wonderful for walking, for hiking in the hills. Especially at the northern end of the lake, there’s a lot of windsurfing and boating. The little towns are hugely pretty, and the whole area is just a lovely place to be.”
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