Where To Find Affordable Property In Lake Como, Italy

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Despite the media reports, Hollywood icon George Clooney decided against selling his US$10million villa overlooking Italy's Lake Como, even though there were interested purchasers with the reported US$26million price tag.

And perhaps that's understandable. After all, it is no easy thing to turn your back on the beauty of this region of Italy. Other celebrities who live here are singer Sting, British entrepreneur Sir Richard Branson, Inter Milan manager Jose Mourinho and fashion guru Donatella Versace, while relatives of late designer Gianni Versace sold their villa for US$40million.

Such is its star quality that parts of Daniel Craig's first movie as Brit secret agent 007 as well as Star Wars blockbuster Attack of the Clones were filmed here while Cernobbio, on Lake Como's south-western shores has everyone from Angelina Jolie to Yves St Laurent among its fans.

Since Clooney moved into his sprawling 25-room villa in Laglio in 2002, near Cernobbio, regular visitors have included the likes of Brad Pitt and Matt Damon. The actor also bought a rundown house next door to his for an extra US$4million that has been converted into an annex for his famous visitors.

The lake forms an inverted "Y" that starts in the foot of the Alps close to the border with Switzerland and runs southwards for some 30 miles. Its superlative views along with the Alps forming a stunning backdrop make the area among Italy's most desirable locations in which to buy.

Among the priciest as well. Having Clooney in the neighbourhood precipitated a surge in the market that at one stage saw prices climb nearly 25% in two years. Put aside the worldwide property slump, things here have remained buoyant, helped by demand from well-heeled Milanese residents and Swiss bankers. This part of Italy has more than its fair share of Euro 15million villas if you are after an illustrious home on the banks of the lake with a film icon for a neighbour.

However, thankfully you don't need a film star's bank balance to own a home here. In Laglio, a 36-apartment lakeside complex recently came on the market with prices ranging from Euro 137,600 for a studio flat to Euro 400,000 for a two-bedroom property. In Lenno, some 15km up the same coast, newly built apartments can start from less than Euro 170,000. Meanwhile, in Tremezzo nearby, Euro 240,000 may be enough for a property with two bedrooms and lake view.

There are even better bargains as you head north. Locations on the north-west banks such as Domaso, Pianello Lario and Musso are a great option for properties under Euro 300,000.

In Pianello Lario, a new development with lake views just 500 metres from the lake and complete wit shared pool starts at just Euro 110,000 for a one-bedroom property to Euro 205,000 for a villette. Given the proximity of the Alps rental potential is high, up to around Euro 900 weekly. Gravedona, some four miles north is cheaper still. Here, budget a little over Euro 100,000 for a lakeview apartment with a couple of bedrooms, although you may have to sacrifice being close to the water.

Lake Como has drawn superlatives from visitors from all walks of life for centuries. The Roman writer Virgil, who would have known it as Lake Lario, spoke of its allure. A few decades on, Roman politician Pliny The Younger owned two villas here. Shelley waxed lyrical about how it "exceeds anything I ever beheld in beauty". And literary icon Henry James was left spellbound as he wrote: "One can't describe the beauty of the Italian Lakes, nor would one try if one could."

It's not hard to see why. The lake is the country's third largest after Garda and Maggiore and is a little under 60sq miles of serene blue water bordered by mountains and woodland, a picture postcard of superb beauty.

The scenery is marvellous from virtually the entire length of the 110-mile shoreline. However, it's hard to beat its middle section where the lake breaks off into two forked lengths, to the towns of Como and Lecco.

Bellagio is known by locals as The pearl of the lake and many people in these parts maintain this is the prettiest town in Europe. Stroll down its charming cobbled streets, gazing at the view, or catch a ferry to Menaggio on the west bank or Varenna on the east, the Alps towering majestically in front of you, and you would be hard pushed to disagree. Lake Como is served by six airports: three in Milan and others in Verona, Brescia and Lugano, Switzerland.