Investing in Lake Como: Property Market, Returns and Practical Guide

Why Lake Como Is a Premier Investment Destination

Lake Como has been the preferred destination of Europe’s elite for centuries and, in recent decades, of international entrepreneurs, CEOs and family offices. Positioned 40 minutes from Milan and under an hour from the international airports of Malpensa and Bergamo, Lake Como offers what very few destinations in the world can guarantee: exclusivity, privacy and a structurally stable real estate market with high demand.

International demand — particularly from Russian, British, American, Northern European and Middle Eastern buyers — keeps prices high and vacancy rates on premium rentals exceptionally low. This creates an ideal environment for both long-term capital appreciation and rental income generation.

The Real Estate Market: Prices and Returns

Price per square metre in prime Lake Como locations varies significantly based on position and property type:

• Lakefront prime (Bellagio, Varenna, Tremezzo, Cernobbio): €6,000–€15,000/m²
• Como city centre and panoramic hillside zones: €2,500–€5,500/m²
• Hinterland and emerging areas: €1,200–€2,800/m²

Short-term rental yields (Airbnb, direct bookings) on premium lakefront properties reach 6–9% gross annually during peak season (April–October), with occupancy rates often exceeding 80%. Flipping operations — strategic acquisition, renovation and resale — typically deliver ROI above 15% within 12 months, consistent with SupraLimitem RE’s tracked results.

Investment Types

• Short-term rental: maximises yield in the short term. Requires active management or outsourcing to specialists. SupraLimitem directly manages properties in Milan, Lake Como and Rome.
• Property flipping: acquisition of undervalued properties, strategic renovation and market repositioning. Target ROI above 15% in 12 months.
• Buy & hold: acquisition of premium properties for long-term capital appreciation and rental income. Ideal for investors who intend to combine the investment with residency.
• Real estate development: participation in development projects (residential, hospitality, mixed-use) structured through dedicated corporate vehicles.

How to Buy Property in Italy as a Foreign National

1. Italian tax code (codice fiscale): required for any notarial deed. Obtained at the Italian consulate abroad or directly from the Tax Authority (Agenzia delle Entrate).
2. Purchase offer: binding offer with deposit payment (typically 10% of the price).
3. Preliminary contract (compromesso): pre-completion contract with deposit payment. Typically 30–90 days between preliminary contract and final deed.
4. Notarial deed (rogito): public act before a notary, balance payment and transfer of ownership. The notary registers the property in the land registry.

Purchase costs to budget include: registration tax (2% for primary residence, 9% for second home), notary fees (0.5–1% of value), agency commission (2–4% + VAT) and due diligence / document translation costs.

Tax Advantages for International Investors

Italy’s Flat Tax for New Residents allows those transferring tax residency to pay a lump-sum substitute tax on all foreign-source income: €300,000/year from January 1, 2026 (it was €200,000 until December 31, 2025). For full details on Flat Tax and Golden Visa thresholds, see our complete guide for international investors.

How SupraLimitem Works

SupraLimitem is not a standard real estate agency. It is an advisor that accompanies investors from opportunity identification through deal closing, coordinating the full professional ecosystem required: agents, notaries, accountants, lawyers, architects and property managers.

Through SupraLimitem RE we directly manage flipping and short-term rental operations. Through Invest in Como we structure collective investment opportunities in the area. For Russian-speaking international investors, Valeriya Zhigulich — an international lawyer with PhD and 15+ years in EU-EAEU investment law — provides dedicated legal counsel and cultural mediation.

For a detailed overview of available real estate opportunities, visit our Real Estate Investments section.

Market data in this article refers to the Lake Como real estate market as of June 2026. Always consult a professional for a personalised assessment of your situation.