Buying A Property At Lake Como In 2021: 10 FAQs Answered
2020 has been stressful for everyone and it is therefore natural to think about treating yourself better in 2021. Totally understandable!
One superb way to go about this is investing in Lake Como property market, considered Lombardy’s “flagship” market from a real estate perspective.
In this article we’ve summarized for you 10 FAQs international clients are asking us about Lake Como property market.
Ready? Here we go!
#1 - How’s the current state of the property market on Lake Como?
Lake Como property market is absolutely stable.
The first lockdown in Italy began in Lombardy in March ‘20 before expanding nationwide; a second lockdown started in early November. Both have significantly hampered Italy’s economic outlook and housing market, but… those numbers have had zero effect on the real estate market at Lake Como!
Starting from May ‘20, our agency has been receiving a lot of requests for second homes by Italian buyers, and that has been quite a big news for the local market.
As far as foreign clients are concerned, they’re actually buying from abroad even without seeing the properties in person, and this is because they know Lake Como very well. They buy from their sofa, just watching a video of the property.
From May ‘20 on, we’ve been managing to quickly sell the majority of properties that were on the market since quite a long time. The result is a market where the demand exceeds the offer.
#2 - How has Lake Como market changed over the last couple of years?
Property prices at Lake Como have always been growing around +3/5% every year in the last few years. It’s always been a crescendo.
Our founder and managing director Sara Zanotta has been in the industry since 2009, so she has always seen this growing trend. She has never seen any depreciation here. Who bought at Lake Como never had any economic loss from the property. The ROI is always between 5% and 6%, very stable and lucrative.
#3 - Market prices: a helpful breakdown
Prices at Lake Como are rarely definable per square meters: the proximity to the lake and the lake view itself are elements that have a significant impact on real estate prices.
Here’s a useful breakdown of average prices per property category:
Period villas with extensive lake views and green areas: more than a million
Waterfront properties with direct access to the lake (often with boat mooring included): Detached: > € 3 mln+; apartments: from € 800.000+
Detached houses/villas: € 450.000 - € 800.000
Standard apartments with 2 beds and lake view: € 250.000 - € 350.000;
Townhouses/little houses from the '70s (around 100 mq): € 120.000 - € 160.000
Rustics entirely to renovate: around € 20.000 - € 100.000
#4 - What are Lake Como's most and least expensive areas?
The most expensive area covers the stretch of coast from Como to Menaggio, western shore of the lake, plus Bellagio and Varenna on the eastern coast.
Menaggio © Paolo Bosca
You can find more affordable prices in the northern area of the lake (Colico-Dongo), and more in general on the eastern shore (Colico-Lecco). The Lecco branch is more an industrial area, with less charme when it comes to architecture; also, some shores on that side get very little sunlight due to the presence of the mountains, and that ultimately has an impact on the appeal of the area from a pure real estate perspective.
#5 - Are there any areas or property types which you particularly recommend for good value right now?
Best areas: west coast, Como-Menaggio/Bellagio/Varenna.
Lakefront properties are always the best investment, with the highest ROI possible. Their value is always growing over time.
Waterfront living | © Richard Wilson Productions
#6 - How’s the holiday rental prospects for properties on Lake Como these days?
70% of our buyers purchase a property as investment.
The rental holiday season has always been quite long on Lake Como, from Easter to November. In the last couple of years, the mild weather in autumn made September and October perform as high season.
The good news is that for Spring/Summer 2021, the majority of Lake Como holiday homes are already fully booked. We expect kind of a boom.
Of course all depends on how the virus situation will evolve in the next few months; all bookings obviously respect the Anti-Covid-19 regulations, and are all flexible (with refunds always possible).
So the outlook for the upcoming holiday season is overall very good!
#7 - Renovation: is it worth buying a home to restore on/around Lake Como?
In the last year we had a boom of renovation, also thanks to the fiscal incentives allowed by the Italian government. Renovating at Lake Como, when the location is right from a real estate perspective, is generally worth… BUT it’s crucial to renovate in the right way, both in the structural renovations and in the cosmetic ones!
An example of rustico in need of structural renovation on Lake Como | © Lakeside | Get in touch to know more about this rustico for sale!
Some clients throw themselves in approximate renovations, and that’s not the right way to approach a renovation on Lake Como. You need to follow certain basic tips that apply to all properties at Lake Como.
For example:
Respecting the original structure and features and history of the property itself, because that’s exactly what people look for when they come to Lake Como: they seek authenticity, they want a property able to convey the vibe of the area, able to tell the stories of the past. This means, for example, renovating with local materials like local stones and wood. That’s exactly what adds a VALUE (and then an INCOME) to the property.
Thinking about the renovation not as a total customization of the house: that’s also important. Interior wise, it’s always better to keep a basic, as much neutral as possible style. A property like this will always work as investment, because it’s more likely to meet the taste of far more prospects.
On the other hand, new constructions have their big benefits, first of all the 10-years guarantee from the Builder. If the location is strategic, they represent for sure a good investing opportunity.
#8 - Why choosing Lake Como among all the lakes of Northern Italy?
Lake Como is considered the crown jewel of Northern Italy’s lakes region for many reasons:
The amazingly mild weather year round (winters are never too cold, summers are never too hot)
The safety of the place (there’s just one main busy road, Strada Regina, and that’s it).
The undeniable charme of the natural landscape: you can drive along the water, enjoying a surreal scenery all around (mountains slopes that jump into the crystal blue water). Driving here is a feast for the eyes!
Lake Como is an endless surprise, even for locals: there’s always the chance to find an unspoilt corner you didn’t know before.
Lake Como is timeless, like an old painting: that’s the big plus when it comes to compare Lake Como to the other lakes of northern Italy. This lake still retains an old charme, with its Belle Epoque and neoclassical and romantic villas along the edge of the coast, the little cobbled alleys leading down to the lake, the centuries-old traditional fishmongers etc. There are quite strict planning laws, so you can’t just tear down a historic villa and add a new development. That’s what most of international clients appreciate about Lake Como.
The easy access not just to Milan airports, but to Switzerland and the rest of continental Europe: Lake Como enjoys a very central location that allows you to get to pretty much any European location in about 1 hour and a half.
#9 - Getting a mortgage: is it easy?
Many international clients ask if it’s difficult to get a mortgage in Italy. The answer is NO! The amount released by Italian banks is generally the 60% of the value of the house, for a maximum of 15 years. As a guarantee, the Italian banks register a mortgage on the house that you’re buying.
The paperwork required (that MUST be translated in Italian and legalized with Apostille) includes the Tax Declaration, the 3 last pay slips, the 3 last bank statements, and the declaration of any other income (i.e. from rentals).
#10 - Brits, Brexit, and second homes in Italy… what’s the situation?
At the beginning we were worried about Brexit possible effects on our real estate market, but then we’ve been positively surprised to see that Brits are actually buying even more than before. Many of them are moving their residency to Lake Como, in order for them to keep being EU citizens. But they’re also buying second homes.
Purchase wise, nothing has changed: the taxation system is still the same. You don’t have any extra tax. Brits can still apply for a mortgage, also, exactly as before Brexit.
The only restriction involves the amount of time they can spend in Italy: as non-residents they can spend up to 180 days per year at their Italian property, but not more than 90 out of every 180 days without a visa.
Are you thinking to buy a property in Lake Como and surroundings?