Lombardy lakes 2026: Como and Garda, international demand changes face

Como: on the radar of global capital

Lake Como has consolidated its position as the leading lake destination of the international prime market.

According to Knight Frank’s Wealth Report 2026, the Como market grew 6.5% in 2025 and ranks 19th in the PIRI Index, the global ranking of prime residential prices. In the segment above €3 million, the area accounts for over 21% of international enquiries for Italy, up 71% on 2024.

Demand comes mainly from the United States and Northern Europe, with a growing presence from the Middle East. The departure of Russian buyers has been offset by North American and Northern European purchasers, also supported by the favourable tax regimes for new residents.

Values: in Como’s historic centre average asking prices are €5,000–7,000/m², with peaks of €12,000 for exceptional properties; lakefront homes range from €10,000 to €30,000/m². The most dynamic band is €5–10 million; historic villas remain the most sought-after product.

• Como centre
• Cernobbio
• Tremezzina
• Menaggio
• Argegno

+6.5%

Growth of the Como market in 2025

19th

In the PIRI Index (Knight Frank)

21%

Of >€3M enquiries for Italy

€10–30k/m²

Lakefront properties

Garda: a €4 billion luxury stock

Lake Garda is in a different but equally interesting phase.

According to Immobiliare.it Insights, the total value of luxury homes on offer between Garda and Como exceeds €4 billion, 5.7% of the entire Italian luxury market, up 68% since 2020.

In the mid-market, Casa.it records in May 2026 an average price of about €354,000 per apartment in Italy’s main lake resorts, up 8% year on year. On Garda, Sirmione approaches €389,000 and Riva del Garda exceeds €351,000.

The Brescia shore — from Desenzano to Salò, via Soiano, Padenghe and Manerba — combines traditional German and Northern European demand with growing interest from Milan and Lombardy for quality homes an hour from the city.

• Sirmione
• Desenzano
• Salò
• Soiano
• Padenghe
• Riva del Garda

€4+ bn

Luxury stock Garda + Como

+68%

Since 2020

+8%

Average lake resort prices (y/y)

What is new: year-round homes

The most significant change of 2026 concerns the profile of demand.

Knight Frank notes that the lakes are losing their seasonality: international buyers — entrepreneurs, professionals, families and founders — increasingly want a home to live in for most of the year, not just a summer house. What matters is privacy, views, generous outdoor space and, above all, turnkey homes with high-end finishes and energy performance.

This demand meets a stock that is often inadequate: villas and apartments in extraordinary positions but with dated systems, outdated layouts and low energy classes. This is exactly the gap where value is created through renovation.

Knight Frank expects growth that is “increasingly selective and quality-driven”, not a saturated market: the premium goes to the finished product in the right segment.

What to check before investing

The lakes are niche markets, where the difference between a successful and a mediocre operation depends on a few factors.

Micro-position: lake view, water access, orientation and distance from well-served centres affect value more than any district average.

Target demand: the product for an American buyer seeking a year-round residence differs from the one for a Milanese family wanting a second home.

Constraints: landscape, planning and access restrictions can lengthen a project’s timeline and must be checked before purchase, not after.

Exit liquidity: in the prime segment selling times are longer and the Business Plan must account for it.