Dreams of Italian Living? Discover Lake Maggiore Region

Key Highlights

• Pandemic- inspired discovery of Lake Maggiore by foreign and local buyers
• More affordable than near-by Lake Como

Italy’s Housing Market Remains Buoyant

Despite the COVID pandemic taking a heavy toll on the whole of Italy, the country’s housing market has remained resilient.  In addition to everyone loving Italy, everyone, locals and foreigners alike, wants more space and privacy.

Thanks to historically low borrowing costs in Italy that are continuing in 2021, “people are more committed to buying at the moment,” said Diletta Giorgolo Spinola, head of sales for Italy Sotheby’s International Realty.”Property seems to be a safe place to put money, and people are giving more thought to property in places where life is very sustainable.”

Lake Maggiore Stretches 40-Miles from Northern Italy to Southern Switzerland

Lake Maggiore lives some 40 miles from northern Italy to southern Switzerland on the south side of the Alps.  The Piedmont region of the country is to Maggiore’s west and the Lombardy region is to the east.  According to Spinola, “Maggiore attracts more understated buyers (than Lake Como), people who are into more affordable nature or historic properties.”

Francesco Papurello, owner of Stresa Luxury Real Estate, said, “This area is the perfect escape all year long, thanks to the beautiful lake in summertime and the mountains for hiking and skiing in the winter.  “

“A Little Bit Wilder and Cheaper”

Lake Maggiore’s property prices look like bargains when compared with prices in Lake Como.  Lake Maggiore’s property prices tend to average $335/square foot, half of Lake Como’s.  Flavio Dutto with Engel & Volker’s Lago Maggiore said, the area tends to be “a little bit wilder and cheaper.”

Pre-pandemic, $603,000 – $1.21M would buy a cottage-type property with approximately 2,000 square feet with a lake view and a small garden.   Not post-pandemic yet, home prices countrywide increased +2.6% by the end of 2020 compared to 2019, according to Italy’s national listing portal, Idealista.

Foreign Buyers Account for 25% of Buyers in Lake Maggiore Region

Idealista indicates that within Lake Maggiore’s region, 25% of the buyers are foreign.  Buyers from Germany and Switzerland are dominant while buyers from the Netherlands, Britain and the US fill in.

Most foreign buyers have unrestricted access to Lake Maggiore properties although buyers from outside the European Union must have country-to-country reciprocity agreements with the Italian government.

Spinola said the Italian government’s flat-tax incentive program is now attracting high-net-worth Asian and European buyers.  These buyers have the means to pay $121,000 (100,000 euros) in annual taxes on all income earned outside of Italy.

There is also a stamp duty tax of 2% for primary residences and 9% on second homes.

Thanks to The International New York Times.

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