Authored by the expert who managed and guided the team behind the Italy Property Pack
Yes, the analysis of Lake Como's property market is included in our pack
What is happening in Lake Como’s real estate market? Are prices soaring or stabilizing? Is this picturesque region still a magnet for international buyers? How are local regulations and taxes shaping the property landscape in 2025?
These are the questions we hear every day from investors, homeowners, and real estate enthusiasts, from Como to Bellagio and beyond. Perhaps you’re curious about these trends too.
We know this because we stay closely connected with local experts and people like you, exploring the Lake Como real estate scene daily. That’s why we crafted this article: to offer clear insights, thoughtful analysis, and a comprehensive view of market trends and dynamics.
Our aim is straightforward: to make sure you feel informed and confident about the market without needing to search elsewhere. If you think we missed something or could improve, we’d love to hear your feedback. Feel free to reach out with your thoughts, and we’ll strive to enhance this content for you.
1) Rental yields in northern Lake Como will rise as tourists look for affordable accommodations
Tourism in Lombardy has surged by 25% since pre-Covid times, drawing more visitors to the region.
In 2023 and 2024, 51 million tourists visited Lombardy, with 4.6 million choosing to stay overnight in the province of Como. This influx has naturally increased the demand for places to stay, especially in northern Lake Como, known for its affordability.
Airbnb data from 2023 shows that a typical rental in Lake Como was booked for 226 nights a year, with a median occupancy rate of 62% and an average daily rate of $307. This indicates a strong demand for short-term rentals, which are often more budget-friendly, appealing to tourists looking for affordable options.
The northern areas of Lake Como, being less expensive than the central parts, are particularly attractive to budget-conscious travelers. This trend is evident as 42 active Airbnb listings were recorded by September 2024, showing a growing market for these types of accommodations.
As more tourists seek affordable stays, the rental yields in northern Lake Como are expected to rise. The growth in short-term rental platforms like Airbnb is driven by this demand, making northern Lake Como a hotspot for investment.
With the increasing popularity of these budget-friendly options, northern Lake Como is becoming a prime location for those looking to capitalize on the tourism boom.
Sources: Como Companion, Airbtics, Varenna Holidays
2) Investors will show more interest in Lake Como's northern shores for their affordability compared to the southern areas
The northern shores of Lake Como are catching the eye of investors because they are more affordable than the southern areas.
In recent years, property prices in the north have been rising at a slower pace, offering more affordable entry points for those looking to invest. This is a stark contrast to the pricier southern regions, making the north a more attractive option.
Interest in the northern villages is booming, with a 144% increase in inquiries and transactions in 2021 alone. This surge shows that more people are recognizing the north's potential as a great place to invest, thanks to its stunning natural beauty and better accessibility.
Media reports and real estate market analyses often highlight the affordability of northern towns, making them appealing for investment. Ongoing infrastructure projects are set to improve the area's accessibility, which is likely to further attract potential buyers.
These developments are not just about convenience; they are about transforming the north into a hotspot for investors. The combination of affordability and improved infrastructure is a winning formula for attracting interest from those looking to invest in property.
Sources: Como Lakeside Blog, Knight Frank, Savills, Idealista
We made this infographic to show you how property prices in Italy compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
3) Northern regions will draw more foreign buyers as they emerge as lifestyle destinations
The northern regions, particularly Lake Como, have become increasingly attractive to foreign buyers due to their emerging status as a lifestyle destination. In recent years, the Lake Como property market has thrived, drawing both local and international buyers. This is largely because of its reputation as a luxurious and exclusive destination, with high-net-worth individuals seeking holiday homes or investment properties.
In 2023, Como saw a significant recovery in tourism, with a 25% increase in visitor numbers compared to pre-Covid 2019. Foreign visitors made up 85% of the total, highlighting the region's international appeal. Additionally, the growing number of international flights to northern Italy, with over 75 airlines operating from Malpensa Airport, has made it easier for foreign buyers to visit and invest in the area.
The media has also played a role in highlighting Lake Como as a luxury and lifestyle destination. Towns like Menaggio and Tremezzina are particularly popular, known for their picturesque scenery and historical architecture. The development of high-end amenities and services, focusing on sustainability and technology, further enhances the region's appeal to international residents.
Sources: Como Lakeside Blog, Como Companion, Discover Northern Italy
4) Foreign buyers will shift focus from central areas to more exclusive properties
In recent years, we've seen a noticeable shift in the real estate market around Lake Como. Back in 2023 and 2024, central areas like Bellagio were known for their high property prices, but these prices didn't necessarily reflect a surge in demand that would keep foreign buyers interested. Instead, the rising costs seemed to plateau, suggesting that buyers were looking elsewhere.
One of the main reasons for this shift is the reports of overcrowding and limited privacy in these central locations. The mayor of Como even mentioned the need to curb visitor numbers due to overcrowding, which could make these areas less appealing to those seeking seclusion. This has led foreign buyers to look for more exclusive and private residences, often found in less populated areas.
Moreover, there has been an increasing demand for luxury and exclusive properties in less populated areas around Lake Como. Towns like Laglio and Carate Urio, known for their luxury properties and historical architecture, have gained popularity among high-net-worth individuals. This trend is supported by real estate market analyses showing a shift in buyer preferences towards secluded properties.
Surveys and testimonials from real estate agents have also indicated that foreign buyers are increasingly seeking unique and private residences. This preference is likely to drive interest away from crowded central areas and towards more exclusive locations. High-profile purchases by celebrities in remote areas have set a precedent for other buyers, highlighting the appeal of exclusive properties outside central areas.
Sources: Euronews, Travel Noire, Como Lakeside Blog
5) The eastern shores of Lake Como will attract more foreign buyers for their scenic beauty and investment potential
The eastern shores of Lake Como are catching the eye of foreign buyers for several compelling reasons.
With property prices soaring on the western shores, the eastern side offers a more budget-friendly alternative. The new tunnel from Colonno to Menaggio is a game-changer, cutting travel times and boosting property values, making the eastern shores more accessible and desirable. Towns like Bellagio and Varenna are getting a facelift with urban regeneration projects, improving public transport and infrastructure.
The charm of the eastern shores lies in their stunning scenery and rich historical architecture, which are drawing in more real estate listings and sales. Social media and media outlets are buzzing about this emerging hotspot, showcasing its natural beauty and investment potential. Experts predict that the eastern shores will offer higher returns, making it a sought-after luxury destination.
Government incentives sweeten the deal, with perks like VAT discounts for energy-efficient properties. The new tunnel not only improves accessibility but also enhances the region's appeal as a holiday home destination. Surveys show that foreign buyers are leaning towards less crowded areas, and the eastern shores provide a more tranquil and exclusive experience compared to the bustling western side.
Sources: Como Lakeside Blog, Ultissimo
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6) Rental yields on the western shore will rise slightly as it becomes popular for short-term rentals
The western shore of Lake Como is becoming a hotspot for short-term rentals, leading to a slight increase in rental yields. This trend is largely driven by a significant rise in tourism, with areas like Menaggio and Tremezzo attracting more visitors. The high occupancy rates and revenue generated by short-term rentals in these areas highlight this growth.
Moreover, there is a growing demand for short-term rental properties, as evidenced by the increasing number of active Airbnb listings. As of September 2024, there were 42 active listings with a median occupancy rate of 62% and an average daily rate of $307. This indicates a strong market for vacation rentals, suggesting that the western shore is becoming increasingly popular for short-term stays.
Additionally, new infrastructure developments are enhancing accessibility to the western shore, making it easier for tourists to visit and stay in the area. This improved accessibility is further boosting demand for short-term rentals. The growing popularity of the western shore in travel blogs and social media is also attracting more tourists, driving up demand for these rentals.
Sources: Airbtics, Best Como, Como Lakeside Blog
7) Property prices on Lake Como's western shore will rise slowly due to already high values
The western shore of Lake Como is famous for its high property values.
In areas like Como-Menaggio, Bellagio, and Varenna, real estate prices are among the highest, with waterfront properties often exceeding €3 million. Luxury villas can range from €5 million to €40 million, making it a playground for the wealthy. This means there's not much room left for prices to climb significantly.
Historically, this area has seen stable property prices with minimal changes. In 2022, for example, prices only nudged up by +4.5% in some spots. Over the long term, appreciation rates hover around +3/5%, which is quite steady compared to other parts of Lake Como.
The real estate market here is fiercely competitive, with properties often attracting multiple offers quickly. This high demand is already factored into the prices, leaving little room for further significant increases. Plus, there aren't many new luxury developments popping up, which further limits potential price growth.
For those considering buying property here, it's important to know that the market is already saturated. The limited availability of new developments means that price growth is restricted, making it a stable but not rapidly appreciating investment.
So, if you're eyeing a piece of this stunning lakeside, be prepared for a market that's already at a premium, with prices reflecting the high demand and limited supply.
Sources: Como Lakeside Blog, Ultissimo
8) Varenna’s property values will rise as it gains popularity as a cultural tourism destination
Varenna, a charming village on Lake Como, is becoming a hotspot for cultural tourism, which is likely to boost property values. In 2023, the region saw a 25% increase in visitor numbers compared to pre-Covid times, highlighting a growing interest in cultural experiences. This trend continued into 2024, with cultural events drawing even more visitors.
The Lake Como Music Festival and the Festival di Bellagio e del Lago di Como, both of which include Varenna, are key attractions. These festivals offer a mix of music, theater, dance, and visual arts, attracting large audiences and increasing demand for local accommodations. In 2023, many hotels and holiday homes were fully booked during these events, indicating a surge in tourism.
Moreover, Varenna's growing reputation as a cultural destination is supported by heightened media focus and frequent mentions in travel guides and blogs. This increased visibility is expected to attract more tourists, further driving up property values. Additionally, the involvement of cultural organizations in hosting events suggests strong partnerships aimed at promoting cultural tourism.
Sources: Como Companion, Lago di Como
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Italy. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
9) Property prices in central Lake Como will decline moderately as buyers seek more secluded and peaceful locations
In 2024, property listings surged in central Lake Como areas like Menaggio and Como.
This increase means more homes are available than there are buyers, which could lead to a drop in prices. Homes in these areas are also taking longer to sell. For instance, properties now sit on the market for an average of 38 days, whereas last year, they sold in just 25 days. This slowdown suggests that demand is cooling off in these central spots.
There's a noticeable shift among buyers who are now leaning towards more secluded and peaceful environments. This trend is backed by demographic studies and tourism data, showing a growing interest in quieter settings away from the busy central areas. Real estate agents have picked up on this change, noting that more buyers are seeking tranquil settings.
Non-hotel accommodations, like holiday homes in less central areas, are becoming more popular. This shift indicates that people are moving away from the central parts of Lake Como in search of serenity. The central areas are seeing a moderate price decline as buyers look for more secluded and tranquil locations.
Sources: Immobiliare.it, Redfin, Como Companion
10) Rental yields in southern areas will stay stable as demand aligns with supply
Rental yields in the southern areas of Lake Como are expected to remain stable as demand matches supply.
With a median occupancy rate of 67% for short-term rentals, the area shows a healthy balance between supply and demand, ensuring properties are consistently booked. This means if you're considering buying a property here, you can expect a steady stream of renters.
In Como, the number of active Airbnb listings has been quite stable, with 1,324 listings as of September 2024. This stability indicates that the market isn't oversaturated, which is good news for maintaining rental yields. You won't be competing with an overwhelming number of other properties.
Lake Como's charm as a tourist hotspot plays a big role in supporting rental demand. Its scenic beauty and year-round attractions keep visitors coming, which helps keep rental yields stable. If you're investing here, you're tapping into a market that thrives on its natural allure.
Investors are consistently interested in Lake Como, which further signals a steady demand for rental properties. This ongoing interest suggests that the area's rental market is robust and likely to remain so.
Sources: Airbtics, Cushman & Wakefield, Global Property Guide
11) Southern areas will maintain stable rent prices by catering to both tourists and locals
The southern areas of Lake Como are expected to experience stable rent prices due to a balanced mix of tourists and locals. In 2023, the province of Como saw a significant increase in visitor numbers, with 4.6 million overnight visitors, indicating a strong and consistent tourist presence. This influx of tourists supports local businesses and contributes to the demand for rental properties.
Despite the high number of tourists, the local population also plays a crucial role in the rental market. Eight out of ten visitors to the province come from abroad, but the local residents ensure a balanced mix, which helps maintain stability in rent prices. This balance between tourists and locals creates a steady demand for housing, preventing drastic fluctuations in rent prices.
Additionally, the short-term rental market in Lake Como shows consistent demand, with typical listings being booked for 226 nights a year and a median occupancy rate of 62%. This consistent demand from both tourists and locals helps keep rent prices stable over time, as seen in the historical rent price data, which shows stability in the average rent price as of November 2024.
Sources: Airbtics, Como Companion, Euronews
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12) Luxury villa demand will keep pushing up prices in select Lake Como neighborhoods
The demand for luxury villas around Lake Como is expected to continue driving up prices in select neighborhoods due to several key factors.
In 2023, the area maintained its reputation as a luxurious and exclusive destination, attracting high-net-worth individuals seeking holiday homes or investment properties. This trend persisted into 2024, with international buyers, particularly from the US and Asia, continuing to show strong interest in the region.
Additionally, the limited availability of prime waterfront properties, especially in sought-after areas like Bellagio and Tremezzo, ensures that existing properties remain in high demand. This scarcity, combined with the area's natural beauty and luxury status, makes significant price drops unlikely.
Furthermore, expert forecasts predict continued demand for luxury real estate in scenic locations like Lake Como, driven by high demand and limited supply.
Sources: Como Lakeside Blog, Idealista, Lampoon Magazine
13) Rents in central areas will drop as more properties are available for long-term leasing
In 2023 and 2024, Lake Como's central areas have seen a boom in construction and development.
This surge means more properties are popping up for long-term leasing, which is great news if you're looking to rent. With more housing options available, landlords are eager to fill their spaces, often leading to lower rental prices. It's a classic case of supply and demand working in your favor.
Interestingly, many landlords are now favoring long-term leases over short-term rentals. Why? Because long-term leases can be more profitable when there's an oversupply of properties. This shift is making the rental market more competitive, which can drive rents down even further.
Recent reports highlight a noticeable increase in property listings for long-term leases. This trend is backed by consumer surveys showing that people prefer the stability and cost-effectiveness of long-term leasing. As the market gets flooded with available properties, short-term rentals are losing their appeal.
For potential buyers, this means you might find better deals and more options if you're considering a long-term stay. The central areas are becoming a hotspot for long-term leasing, making it a prime time to explore your options.
So, if you're thinking about settling in Lake Como, now might be the perfect time to dive into the market. With rents likely to decline as more properties become available, you could snag a great deal.
Sources: Como Lakeside Blog 2022, Como Lakeside Blog 2023
14) Rents in eastern Lake Como will increase as more expatriates relocate there for work
The eastern side of Lake Como is quickly becoming a favorite spot for expatriates, and rents are expected to rise as a result.
With a boom in job opportunities in sectors like technology and finance, international companies are flocking to the area. This influx is drawing more expatriates who are eager to work in these thriving industries. Local real estate agencies and government reports highlight ongoing infrastructure developments aimed at supporting these new communities.
By the end of 2022, over 70,000 foreign citizens called the Lake Como area home, making up nearly 8% of the population. This number is on the rise as more expatriates are attracted to the region for work, especially in popular tourist spots. Real estate agencies, such as Engel & Völkers, have observed this high demand and expect it to continue.
Expatriates often choose to rent rather than buy, given the temporary nature of their stay, which further fuels the demand for rental properties. The area is also witnessing a surge in international companies setting up offices, which aligns with the growing expatriate presence. Local authorities are investing in infrastructure improvements, including better transportation links and amenities, to make the area more appealing.
As more expatriates settle in, the demand for rental properties is climbing, particularly in areas that are already popular with tourists. This trend is supported by local real estate insights and government initiatives aimed at enhancing the living experience for expatriates.
With these developments, Lake Como's eastern region is poised for a rental market boom, driven by the influx of expatriates and the expansion of international businesses.
Sources: Como Lecco Camcom, Engel & Völkers Lake Como, Como Lakeside Blog
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Italy versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
15) New tax incentives for renovations will boost investment in older Lake Como homes
New tax incentives are set to boost investment in older homes around Lake Como.
The Italian government has revamped tax incentives like the Superbonus and Renovation Bonus, making it easier for homeowners to renovate. These incentives allow you to claim back a large chunk of your renovation costs through tax credits, making the idea of fixing up an old property much more appealing.
While we don't have specific numbers for Lake Como, the trend across Italy shows a steady number of building permits. This means there's a consistent interest in renovation projects, which could spill over into the Lake Como area. The region's allure, with its stunning landscapes and luxury appeal, keeps the demand for renovation opportunities high.
The construction industry in Italy has had its ups and downs, but these tax incentives are a game-changer. By extending them into 2023 and 2024, the government is clearly backing the industry. This move is likely to boost sales of renovation materials and services, creating a ripple effect that benefits Lake Como's property market.
Lake Como is already a hotspot for luxury villas and historic estates. With these tax breaks, investing in a fixer-upper becomes even more attractive. The combination of natural beauty and financial incentives makes it a prime location for property investment.
So, if you're considering buying a property in the area, these incentives could make your renovation project not just a dream, but a smart financial move. The government's support for the construction sector is a positive sign for anyone looking to invest in Lake Como's real estate.
Sources: Italian Tax Incentives for Building Renovation Works, Italy Building Permits, Ultimate Guide to Italian Superbonus
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.