Lake Maggiore is making its mark on the global luxury scene: prices are rising and foreign investors are flocking to the area

The first step was taken in 2019 when Donatella Versace purchased Villa La Verbanella in Meina, which had previously belonged to the Mondadori family. A move that has helped to cast Lake Maggiore in a new light: not just a tourist destination, but a location chosen by global figures in lifestyle and fashion. While Milan and Lake Como have established themselves as international hubs for property investment in recent years, Lake Maggiore is now gaining ground, emerging as Lombardy’s third major attraction which, in a couple of years’ time, could – according to industry insiders – match the records set by the top two destinations.

Over the last five years, property values in the Verbano area have risen (by up to 3% by 2025). Today, newly built properties with standard specifications are priced at €3,500 per square metre, according to estimates by Engel & Völkers. Prices, however, rise to between €8,000 and €10,000 per square metre for prime properties and ‘pieds-dans-l’eau’ properties with direct access to the lake. The market around the lake, which straddles Italia and Switzerland, is dominated by the luxury segment, accounting for 60%. ‘The growth trend began immediately after Covid, in 2021, but over the last two years we have seen a significant acceleration,’ explains Flavia Dutto, head of the Engel & Völkers network in the Lake Maggiore and Lake Orta area. “Today we are selling properties of much higher value than in the past. Until a few years ago, it was unthinkable to sell properties worth over €3 million on a regular basis. Today, however, the nature of demand has changed and selling times have been significantly reduced.”

The properties in highest demand are those with a truly distinctive character: historic villas, lakeside residences, estates with extensive grounds, prestigious properties and charming hospitality venues. According to Lionard Luxury Real Estate, in recent years these properties have seen increases in value of between 10% and 20%, depending on their characteristics. At least three factors contribute to the area’s appeal: growing international demand for Italia, the strategic location, and the increasing saturation of destinations such as Lake Como, where prices are on average 30% higher and properties priced between €2 million and €9 million are becoming increasingly rare, leaving the market dominated by ultra-prime assets worth over €10 million. According to Engel & Völkers, foreign clients account for 60% of buyers, with a majority of investors coming from the United States, the United Kingdom, Switzerland and Central Europe. It is not only Stresa, with the appeal of the Borromean Islands, that attracts them, but also places such as Baveno, Meina, Lesa and Laveno, with no particular bias between the two shores of the lake.

Over the past two years, a number of significant transactions have been completed: a 700-square-metre villa with almost two hectares of land was sold for €2.9 million, a residence of around 980 square metres for €4.8 million, and an 820-square-metre property set in a 2.3-hectare park for €3.8 million. The most dynamic price bracket remains that between 1 and 3 million, which continues to drive the market. The strong demand is also reflected in sales times: in the last month alone, two transactions worth 1.85 and 3.65 million were concluded with Australian and German buyers, whilst at the beginning of June a property worth almost 1.3 million was sold in record time. There is no shortage of quality properties on offer; currently on the market is one of the area’s most iconic properties: Castello Pellegrini. The former home of Gianfranco Ferrè – with over 1,000 square metres of interior space, an annexe and a rustic cottage – is on the market, through Lionard Luxury Real Estate, for €5.8 million.

People are no longer simply looking for high-end second homes, but rather prestigious properties with a strong architectural identity, used as primary residences, venues for hosting guests, or long-term investments. There is also growing demand for luxury villa and apartment rentals, often the first step towards a purchase. In this vein, the Lake Maggiore property market aims to replicate the Lake Como model, although it still has some gaps to fill. “There is still a lack of high-end amenities,” concludes Dutto. But the upcoming openings of luxury hotels and the arrival of prestigious restaurants and boutiques will help to bridge this gap. In the past, Lake Maggiore was the ideal destination for those seeking tranquillity, but it offered few exclusive amenities. Today, the situation is changing rapidly, and I believe that within two years we could reach levels very similar to those of Como.”