The Lakes Region of Italy is within easy access of Milan, with its three airports, making it accessible for weekenders. 

Fashionable Lake Como usually grabs the headlines. Lake Maggiore, Como's less glitzy neighbour, has slowly been gaining popularity among overseas buyers. More commercial Lake Garda is great for water-sports, but lacks the cachet of its grander neighbours. However, it remains popular with the domestic market. 

Allure of Italy's Lakes
This is Money; By Liz Rowlinson;  May 7, 2010 

The timelessly elegant Italian lakes have long basked in their reflective glory. 
With a combination of dramatic mountain scenery, mirror-like stretches of water and balmy climate, it's no wonder that the region has attracted its fair share of artists, poets and naturists. 
Belle epoque villas fringe the lakes, alongside graceful gardens and compact, stylish resorts. Boats go to and fro, in and out of tiny jetties, from spring through to autumn. 
The lakes are within easy access of Milan, with its three airports, making it accessible for weekenders. Lately, fashionable Lake Como has grabbed the headlines. 
George Clooney has bought a house there and his presence has contributed to a property boom, according to local agents. 
It's been a relatively benign boom, however, with prices rising at a steady 5% a year. Clooney is only one of a number of high-profile individuals who've contributed to Como's appeal ? Jose Mourinho and Richard Branson also own homes there. 
Lake Maggiore, Como's less glitzy neighbour, has slowly been gaining popularity among overseas buyers. 
More commercial Lake Garda is great for watersports, but lacks the cachet of its grander neighbours. However, it remains popular with the domestic market. 
Overall, the global downturn has affected the lakes less than other popular holiday areas in Italy, according to Gemma Bruce, of GK Italian Property. 'The market has fared better than Tuscany, because the latter is wholly dependent on British and American buyers,' says Bruce. 
'The Lakes attract German, Scandinavian and Russian buyers, as well as Italians from the financial centres of Milan and Turin. 
'However, while lake-front villas still command prices of several millions without reaching the open market, sales of smaller properties have slowed, especially new-builds. Developers are open to negotiation, so now is a good time to buy.' 
What's more, prices are not as high as you might expect on Como or Maggiore, and it's possible to live within spitting distance of George with a modest budget of between £158,000 to £215,000. 
'I had a British lady shopping for a property on Como recently with a budget of £215,000,' says Beverley Rosen, of Italian property-finding service, Ultissimo. 
She wanted a lake view, parking, central location and access to shops and ferries. I managed to find four one-bedroom properties that fitted the bill. 
'They included one in Laglio [Clooney's neighbourhood] with a balcony for £146,000, another in the tiny village of Sala Comacina for the same price; and a brand new apartment with the use of a shared pool for £172,000 in Colonno [lower western shore].' 
The latter has a proven rentals record. Yields of an improbablesounding 10% are proven (if you choose carefully), according to Ultissimo. 
For renters, the lower western shore is the most popular area ? the lefthand of the upside-down Y shape that is Lake Como ? due to access to Milan (shortly to be improved with a new motorway), sunshine and amenities. Having a pool also helps. 
Pools are rare on Como because there used to be a wealth tax on them, plus space is at a premium. 
'While owning a villa with one is beyond many people's means, an apartment with a shared pool will rent for £860-£1,300 a week in peak season. One without will command half that,' says Rosen. 
According to holidaylettings.co.uk, the most popular localities are Bellagio, Argegno, Laglio, Tremezzo (on the popular lower western shore), along with Varenna, Colico and Domaso (on the upper shores where scenery flattens out and access is less easy from Milan). 
British renters prefer modern builds, according to Rosen, rather than tatty old Italian-owned homes. There has been a lot of new development, on Lake Como especially, something that Paul Belcher, founder of Ultissimo, attributes directly to Clooney. 
'He's had one heck of an impact and Como is now the place to be for those who want the finer things in life,' says Belcher. 
'Most buyers have a list of requirements: good restaurants, decent facilities [golf, lidos, tennis], privacy, outside space, all-day sunshine, quiet, parking [can be a problem] and a proceedable sale [a property without multiple Italian owners who may not all be happy to sell].' 
For a standalone villa, the starting price is £900,000 (although you'll pay five to ten times that for a spacious waterfront property). You can get some new-build four-bedroom properties with lake views for £515,000 near Argegno through Ultissimo. 
The eastern side of the lake is generally 20-30% cheaper, according to Belcher ? it gets little sunshine in winter ? just like Maggiore, which agents liken to Como around 15 to 20 years ago. 
Maggiore offers a viable alternative to Como, but isn't on the map in the same way, says Rupert Fawcett, of Knight Frank's International department. 
'Access is just as good, the scenery is terrific, but there are downsides, too ? the lakeside roads can be congested, the train line noisy and there's a limited supply of properties.' 
Although the lakes are essentially a summer location, ski resorts can be accessed within half an hour of their upper stretches. 
The popular area of Maggiore lies around the main tourist town of Stresa, an ideal base from which to explore the lake and the three Borromean islands at its centre. 
Views of these are highly prized by buyers, say the agents. While one boasts an extravagant baroque palace, another is a ridiculously picturesque 'fisherman's island' full of lakeside restaurants and tiny boutiques. 
Like Como, properties vary from £25m (for a prime one-off lakefront villa) to £2m for a grand period property on the water. 
The British-based agent Casa Travella has one-bedroom apartments, either in a period conversion or modern block, in Stresa from around £175,000. 
GK Italian property is selling onebedroom apartments in an awardwinning development from £201,000. It's located on the quieter upperright-hand shore near Maccagno, but access to an on-site restaurant, bar, pool and marina boosts its rental potential. 
The other Italian lakes are of much less interest to the international market, but Lake Lugano is picking up, says Fawcett, especially on the Swiss side. 
Lake Garda is too far from Milan and it's hard to find an englishspeaking property agent outside the main two lakes. But don't assume you'll pick up a bargain ? tiny Lake Orta is exclusive, and domestic demand is high. 
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