ITALIAN REAL ESTATE MARKET:have a look to lake Como
While prices in most of Italy’s prime second-home markets declined last year the Lake Como area was an exception, in fact prices around the lake rose by 1.2 % reflecting the area’s popularity both in Italy and abroad, and its proximity to the Milan airport and the Swiss border.
Many vacation homes in Italy stay in one family for generations, and getting permits to build new homes is almost impossible, while obtaining the necessary permissions to restore a property with historical value is nearly as difficult.
In the area, prices fluctuate widely, with the most important factors being location, lake views and lake access.
From 2000 to 2008, prices in many Lake Como communities rose considerably, in large part because of what was known as “the Clooney effect”. While that effect was blunted by the financial crisis, declines were never as sharp around the lake as elsewhere in Italy. Even so, conditions at the moment allow for some bargaining room, as a lot of properties have been on the market for a long time. People had too-high expectations, and kept their prices high during the financial crisis. At the moment, the owners are more open to offers.
On Lake Como most foreign buyers are from northern and Central Europe, especially Germany and Scandinavia. But sales to Americans and the Swiss have increased of late because of the favourable exchange rate, while insecurity about the consequences of Brexit has had a negative effect on buyers from Britain.