Italy's premier lake is one of the world's most beautiful property locations and has always attracted the wealthy. MICHAEL PARSONSreports from the waterfront
NORTHERN ITALY’S Lake Como, about an hour from Milan and close to the Swiss border, is one of the world’s most beautiful and romantic locations. The area almost defies superlatives. The writer Stendahl, one of many to be mesmerised, described it, quite simply, as “an enchanting spot, unequalled on earth in its loveliness”.
Not surprisingly, it has long been attracting the crème de la crème – both as visitors and permanent residents. The shoreline is graced by sumptuous villas and terraced gardens which look like the stage sets for a romantic opera and are owned by some of the world’s wealthiest people.
One of the attractions for the privacy-conscious super-rich is that some of the best houses cannot be accessed by road. Owners – and guests – must arrive by boat or seaplanes which land on the water.
The Duke of Windsor (King Edward VIII) took refuge in one such palazzo – to escape the relentless pursuit of the media – after he fled England with Mrs Simpson following his abdication in December 1936. Once a favourite haunt of the Italian aristocracy, and a resting point for grand tour toffs en route to Rome, in recent years Lake Como has attracted a string of high-profile new property buyers.
Hollywood actor George Clooney is the best known. He bought the 25-room Villa Oleandra, in the village of Laglio, for a reputed €7 million in 2002. Which seems like a bargain compared to the €17 million that Richard Branson of Virgin Airlines paid for a 30,000sq m (322,917sq ft) house, close to the famous Villa Balbianello. Mr Branson’s house is available to rent – reckon on about €115,000 for a week – but butlers and chefs are supplied.
Last year, it was reported that Russian oligarch, Arkady Novikov, the flamboyant Moscow restaurateur known as “the Blini Baron” (who reputedly failed to get a job in McDonald’s when the fast-food restaurant opened in Moscow in 1990), had bought Gianni Versace’s former home on Lake Como.
Mr Novikov reputedly paid over €30 million for the 19th century Villa Fontanella in the village of Moltrasio which sits on three acres of gardens landscaped by the former director of London’s Victoria Albert Museum, Sir Roy Strong.
The son of Ryanair founder Tony Ryan, the late Cathal Ryan, who left an estate valued at almost €250 million, owned a villa in the Lake Como area. In his will, he left the Villa La Rondine to his four children.
If you fancy joining them you’ll need some serious money. According to Rupert Fawcett, head of the Italian department at international estate agent Knight Frank, the most stunning prime period villas “on the waterside and away from the ring road can cost between €30 million and €40 million”.
More affordable perhaps, the average price for a period house with views of what he describes as “Italy’s premier lake”, range from €4 million to €12 million.
Those priced at the lower end of this scale will entail a good deal of expensive restoration and considerable paperwork to secure the relevant planning approval.
Mr Fawcett said that an “entry-level” apartment can be had “from about €300,000” – though don’t expect a waterside location.
He says that most foreigners who buy property in Italy do so “for the lifestyle” and he cautions against buying to let, explaining that “rental opportunities are not great; Italy is not known for its huge returns for property investors”.
Tourism on Lake Como is seasonal – from Easter to October but “after that the clouds roll in and you can’t always see the lake”. But getting to paradise is inexpensive: Ryanair flies to Milan-Bergamo’s Orio al Serio airport.
As with all overseas property purchases, Fawcett advises potential buyers to “do your homework; use a reputable agent; and get good legal advice”.
Mr Fawcett, who is based in London, has a number of Lake Como properties for sale.
Knight Frank International
0044 20 7 629 8171
www.knightfrank.com
