Lakeside homes: you're not buying a property, you're buying a lifestyle.

For years, buying a home by a lake largely meant buying a view. That is no longer the case. People choosing a second home on Lake Como or Lake Maggiore are looking for something more complex than a scenic panorama: a place to use throughout the year, where work and leisure can sit alongside each other, and where families can spend longer periods.

That is the central argument put forward by Paola Cleps, senior sales consultant at Savills Residential, in an analysis of the high-end second-home market around northern Italy’s lakes. It is a market undergoing a cultural transformation before an economic one.

Second homes by the lake: moving beyond the summer holiday

According to the expert, a lakeside second home is no longer simply a summer holiday destination. It has become an extension of a person’s lifestyle.

The spread of remote working has made the divide between a main home and a second home far less clear. A property initially bought for leisure can become a base for working, spending whole seasons, or in some cases gradually becoming a main residence. 

Proximity to nature, outdoor activities, environmental quality and local services have become central factors in a purchase, alongside the physical features of the property.

This shift has made demand far more varied than it was in the past. Traditional families are now joined by young investors, international professionals, couples, and people whose children are grown up and who want to simplify their lifestyle without giving up quality of life at home. The market has widened in terms of buyer profiles while remaining selective in its values and expectations.

Energy efficiency, light and build quality shape decisions

Cleps says the most significant shift concerns the criteria buyers use to assess a property. In the past, the appeal of a historic villa could outweigh almost every practical consideration. Today, quality of living has become the main deciding factor.

Energy ratings, thermal and acoustic insulation, the quality of systems, large glazed surfaces, plentiful natural light and outdoor space are increasingly sought-after features. 

Underfloor heating, high-performance windows and technological solutions designed to reduce energy use are no longer extras, but factors that have a concrete effect on a property’s perceived value.

Property preferences are also changing. A detached villa continues to have strong appeal, but it is not necessarily the right solution for everyone. A contemporary apartment with a large terrace, lift, garage and open views can provide a better quality of life and simpler upkeep, particularly for people planning to use the home regularly throughout the year.

In short, the value of a second home depends less and less on its historic prestige and more on the day-to-day experience it can provide.

Eighty per cent of demand comes from abroad

According to the expert, around 80% of demand in the main northern Italian lake destinations comes from international buyers, mainly Europeans. There is a significant presence of clients from northern Europe and the UK.

Interest from non-European markets has also grown in recent years. This suggests that the international positioning of these destinations is becoming more firmly established, supported by the combined effect of the flat tax for new residents and strategic proximity to Milan and international airports.

Lake Como: waterfront properties reaching €30–35 million

Lake Como is now one of the most internationally established residential markets. Over the past 15 years, the highest-quality properties have shown a notable ability to retain their value, including during slower market periods. This has further strengthened the destination’s reputation for solidity among international investors.

Waterfront supply remains extremely limited. Many homes have belonged to the same families for generations and only occasionally come onto the market. When they do, they are often high-value properties, with prices reaching €30–35 million.

For high-end properties close to the lake, budgets generally sit between €4 million and €5 million, with significant differences depending on location, property type and condition. The structural shortage of available homes creates market conditions that are particularly favourable to sellers, with almost no discounts, especially in negotiations involving foreign investors.

Tremezzina remains the lake’s most iconic area due to its historic villas, villages and scenery. Other areas are chosen for greater privacy, better sun exposure or a quality of life more suited to individual buyers’ needs. There is no universally best location, only one that fits each person’s plans for their life.

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Lake Maggiore: more competitive values and wider supply

Lake Maggiore is experiencing a period of growing international interest. Its greater availability of homes, more open geography and varied service provision still make it possible to identify interesting opportunities in both the villa and apartment segments.

This balance between the quality of available homes and values that remain competitive compared with Lake Como means it is appearing more frequently in searches by international clients. 

Lake Orta and several smaller lakes in the Varese area are also beginning to attract part of the international demand, although they remain niche markets requiring a deep knowledge of the local area.

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Distance from the water is not everything

Almost all buyers beginning a property search around the lakes arrive with a very clear image in mind: a home directly overlooking the water, ideally with a garden and private lake access. The market reality is different, and the search often becomes a process of discovery and reassessing expectations.

Rather than giving up the original dream, many buyers adjust their priorities as they get to know the area. A location set slightly further back or at a higher elevation can provide wider views, better sun exposure, more privacy, more generous outdoor space and a better balance between property quality and investment.

Distance from the water is therefore not the only aspect to consider. Accessibility, connections, nearby services, sun exposure and the quality of the setting play an increasingly important role in the final choice, particularly when the home is intended for year-round use.

People considering a permanent move prioritise proximity to major infrastructure and international schools. Those using the property only for leisure primarily look for peace, privacy and the quality of the surroundings.

The real value is not the view, but quality of life

The cultural shift under way in the high-end lakeside second-home market is deeper than any change in prices. Today’s buyers are not simply looking for a property investment. They are looking for a place where they can picture an important part of their future, to be lived in throughout the seasons and able to adapt as personal and family needs change.

This structural trend towards quality of life, even before price movements, explains why Lake Como, Lake Maggiore and other Italian lake destinations continue to attract qualified international demand. The real value of a home by the lake is not only its view, but the quality of life it can provide.

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