Property prices across the Italian lakes went down by an average of 4.2% but prestige homes retained their value
The tendrils of the property downturn have reached the Italian lakes. According to a recent Tecnocasa survey, prices in lakeside resorts have gone down by an average 4.2% in the second half of last year.
Worst hit is Lake Bracciano, near Rome, where values have dropped by an average 5.7%, reaching down to -7.2% in Trevignano Romano, where demand, which mostly comes from Rome-based families, has shrunk. Interest is more lively in the 16th century town of Bracciano, where many buyers come from Germany, France, Britain and, increasingly, the Netherlands. While prices in Bracciano have also gone down—to the tune of 4.3%—this is a natural readjustment that follows the previous years’ overheating. A property there now costs between €2,000 and €2,900 per square metre.
Also in central Italy, Lake Trasimeno has seen average reductions of 3.9%, chiefly due to a drop in demand and a surge in supply. Nonetheless, buyers still come here from a wide geographical base—Rome, Florence, Perugia, but also Belgium, Holland, Britain, Switzerland and the Scandinavian countries. The most sought-after village is Passignano, where values have only seen a 2.3% decline, but requests remain healthy also for rustici in the countryside near the municipality of Magione. Prices in Passignano are in the region of €1,000 to €1,600 per square metre.
Up in northern Italy, Lake Maggiore is suffering slightly more than the other lakes. A reduced number of buyers, and smaller budgets among those who remain on the market, are the main causes of the decline in values, which is in the order of 4.7% across the area, and up to 8.9% in Baveno, where stock is especially plentiful. By contrast, prices are stable in Intra, where demand exists for both main and second homes. Here, buyers can expect to spend between €700 and €3,000 per square metre, depending on a property’s quality and location.
Lake Garda also saw a great disparity in price trends. On average, prices across Lake Garda locations declined by 3.9% but resorts on the Lombardy side of the lake performed worse than those on the Veneto side. Lombardy’s Bardolino, in particular, experienced drops to the tune of 10.8%, whereas Veneto’s Peschiera sul Garda remained stable, with buyers flocking here from both local cities and towns, and from as far afield as Ireland and Russia. However, the highly sought-after resort of Padenghe sul Garda, on the Lombardy side, bucked the trend, recording a price increase of 2.7%. Properties in Padenghe now cost between €1,500 and €3,000 per square metre.
The market was strongest on Lake Iseo, where values went down by just 1.8%. Buyers showed great interest in homes situated in the upper part of the town of Iseo, which have lake views, and in waterside properties which, however, command rather steep prices of up to €5,000-€6,000 per square metre. Demand was slowest for resale homes on the outskirts of Iseo and most lively for houses in the popular, panoramic hamlet of Clusane, where values remained stable.
This two-tier market is noticeable virtually everywhere on the lakes. Price reductions chiefly affect medium or low quality homes, especially those in the outskirts or semi-central locations. By contrast, prestige houses in sought after settings have retained their value in most lakeside resorts across the country.
