Why luxury property in Italy is now more affordable
Friday 16th of September 2011
Lake Como Italy may seem like the preserve of the rich and famous however with stable property prices the region has become more accessible. – Hollywood superstar George Clooney owns a home on the Italian lake – but buying a luxury overseas property may not be as expensive as you may believe.
Luxury overseas property in Lake Como area is affordable to British buyers
Lake Como has long been a glamorous holiday location both for Italians and for overseas visitors. The Independent says that it is not hard to see why, as ‘the 28-mile-long, Y-shaped lake in Lombardy, northern Italy, is surrounded by green mountains, creating dramatic panoramas.’
However, while Lake Como may continue to be regarded as glamorous – not least thanks to its most famous resident – buying a luxury overseas property there is not nearly as expensive as you may think. New build properties in the area are making ownership affordable and the newspaper reports that a modern, two-bedroom flat in Argegno, with stunning views of the lake, can be purchased for under €250,000 (£219,275). It’s also just an hour from the airport in Milan.
Prices in the Lake Como area remained stable during the recent global financial crisis. James Price, head of international residential development at Knight Frank, said: "Lake Como has fared much in the same way as other prime European markets; the best-located properties remain sought after and largely owners can hold for prices as they are not in need of rapid sales.
"It benefits from having a wide range of interest from well-heeled Italian families, Uk and other north-west European buyers, the US and, increasingly, more discreet and discerning Russians. Prime spots remain lakefront, in particular on the west coast areas in the Cernobbio, Moltrasio and Menaggio stretch and on the eastern side but closer to Como town."
