03.04.08  July1 2007 Sunday Telegraph (Home & Living)

It's Como, By George!

In this hip Italian resort, closeness to Clooney is the only currency that counts. But as Zoe Dare Hall reports, bargains can still be found George Clooney has a lot to answer for. Once the barometer of high living on northern Italy’s Lake Como was proximity to its main town, Como. But ever since the Hollywood star bought a villa in Lagilo for £10 million (£5.04 million) in 2002, house prices have soared and it is closeness to Clooney that has become the new measure of exclusive. The actor’s 25-room mansion has been a savvy investment, the local La Provincia newspaper reported recently. “George got an amazing deal for his villa. If he considered selling now, he would get double, perhaps triple,” the paper said, citing Villa Cassinella in nearby Lenno, which recently fetched €15 million (£10.3million), or Villa Delle Magnolie in Moltrasio, which sold for €12 million, €3 million above its asking price. With Richard Branson, Ryanair owner Michael O’Leary and Sting also residing on Como, you would be forgiven for thinking that ordinary mortals have been priced out of this salubrious holiday home market an hour’s drive north of Milan. But this is not the case. Regina Residences, a new development in a converted lakeside warehouse in the stars tiny adopted town (population: 800), has 36 apartments ranging from £117,000 for a small studio to £340,000 for a two-bedroom apartment. “the Italian market for foreign buyers over the past 10 years has focused on individual villas or restoration projects in Tuscany because strict planning laws make it almost impossible to gain permission for recreational resorts,” explains Sean Collins, director of Pure International, which is marketing Regina Residences (www.pureintl.com, 0207 331 4500). “We have been seeking out projects like this one which make Italian lifestyle, such as the lakeside living in Como, accessible to UK buyers with smaller budgets,” adds Collins. He says interest has come largely from families with young children. Linda Travella, from Italian specialist Casa Travella, has been selling property around Lake Como for 20 years, “but the area has really taken off in the last five or six years”. “The increase in cheap flights from UK to Milan’s three airports has made a big difference.” New-build properties with lots of light, outside space and lake views appeal to British buyers, says Travella, who is selling new apartments in Ladlio, “ with lake view and 10 minutes’ walk from Clooney,” costing from £295,000 (www.castravella.com, 01322 660 988). She also has restored villas in the town from £580,000 to 2.2 million. There is no shortage of activity on Como in summer, including sailing or windsurfing on the lake, but the area is also gaining recognition as a winter holiday destination, given its proximity to the ski resort Madesimo, 70km away, or Saint Moritz in Switzerland, 100km away. “Properties here have a fantastic rental income,” says Travella, who says a two-bedroom apartment with lake views will rent for £350 a week in winter and £800 is summer. Although owners of the lake’s most illustrious villas can name their price, more model price tags still exist on older properties set back from the shore but still with astonishing views. Up for grabs are apartments in restored 19th century house in Gravedona from £60,000 or a two-bedroom house in Tremezzo from £120,000, both through Casa Travella. Paul Cavalli, a surveyor, and his wife Jacky, from Orpington, Kent, have bought a recently modernised three-bedroom, 100-year old house for £98,000 in Nobiallo, near sought after Menaggio. They were fortunate to buy just as the village was building a new marina, so they signed up for a mooring and have bought a small boat. “We wanted somewhere close to skiing areas and equally satisfying the summer months and reasonably priced. We also wanted somewhere easily accessible so we can fly over once a month and drive down there for longer holidays over Christmas or summer,” says Jacky. “We looked in other regions, including Tuscany, and we looked at new-build and old properties, but this house and the views are quite unlike anything else.” Head north, towards the Swiss border, or look on the less glitzy eastern shore, which includes the popular tourist town of Varenna, and property prices are much lower. “The western shore is sunnier, more sophisticated and prettier. The eastern side is where you go if you want somewhere quiet, with cheaper properties away from the razzmatazz and it has the advantage of a train service from Milan.” Says Travella. Setting a new standard for upmarket, eco-friendly developments is Le Pergole di Sonenga in Menaggio, which is 35 minutes’ drive from Como. It is five minutes’ walk from the lake and near one of the oldest golf courses in Europe. The 44 apartments, which cost from £323,000 to £900,000, including the 10 per cent VAT payable on all new-build Italian properties, come with high-tech interiors, solar panels and exteriors painted in natural hues chosen by the Colour Observatory of Genoa. Every balcony had an irrigation system and the surrounding landscaped gardens have a heated swimming pool (a rarity on Como) and traditional stone-columned pergolas. “You have great weather from May to October , and these properties are designed for people who want to spend a few months a year here, not just a fortnight, so outside space is as important as the inside space,” says Sam Claps from Italy development, the Como-based agent who is marketing Le Pergole to UK buyers through Beauchamp Estates. “We make it easy for foreign buyers, too. I’ve seen English people come here on holiday and love it so much they want to buy a home, but they are instantly thwarted by not knowing how to go about it. On a development like ours, you don’t have the problem of how to find a plumber or electrician if you’re not Italian and not living here full-time.”