14 Apr Buying real estate from a broker’s perspective
Real estate on Lake Maggiore - a real estate agent speaks plainly
My assessments of the real estate market on Lake Maggiore are based – as with so many of us – on very subjective experiences, observations and conversations on site, but do not offer a comprehensive, neutral picture.
To get an insider’s perspective, I met with Filippo Ongania. He is in his early 30s, comes from the region and has been working as a real estate agent on Lake Maggiore for several years. He not only knows the market, but also the people, the places – and the little details that outsiders often overlook.
I asked him the questions that many of us ask ourselves: How are prices developing? Where is it worth looking? And what should you definitely look out for?
Here are his answers – and some points honestly surprised me.
Real estate prices on Lake Maggiore: development and current situation
Prices on Lake Maggiore have risen significantly in recent years – mainly due to new construction projects in the upmarket segment.
New apartments are currently often priced at between 5,000 and 7,000 euros per square meter, in some cases even up to 13,000 euros per square meter. This trend is also having an impact on existing properties, whose prices are following suit.
One example is Laveno Mombello, where a large project developer has realized and continues to build several high-quality plants.
At the same time, Filippo has observed a clear change on the demand side:
Many buyers today want turnkey properties. “Come with a suitcase and move in straight away” – this desire is very common.
Renovation projects are becoming less attractive, not least because refurbishment often takes a year or more and cooperation with the authorities – especially because hardly anyone there speaks English or German – can be slow and difficult. Many buyers find this too lengthy and time-consuming.
What’s more, there are currently more prospective buyers than offers. It can happen that even a well-connected estate agent is unable to find the right property for their clients.
Sought-after locations - and real insider tips
One place in particular stands out: Ranco.
Filippo calls it the “Portofino of Lake Maggiore”. The location is quiet, sunny, less susceptible to wind and slightly off the main road. Ranco is not yet a classic hotspot – which is exactly what makes it so attractive, even if there are hardly any restaurants or stores.
The area around Luino is also in demand, especially places like Maccagno or Brezzo di Bedero. The proximity to Switzerland and Germany plays a major role here. Interestingly, Luino itself is less in demand than the surrounding towns. Perhaps it’s because of the vacant commercial properties that cannot be overlooked.
On the Piedmont side, classics such as Stresa remain attractive, even if many buyers are now looking for alternatives. Verbania Pallanza is particularly highlighted by Filippo: lots of sun, beautiful architecture, a long promenade and a good range of restaurants.
East bank vs. west bank - a noticeable difference
There are clear differences between the Lombardy and Piedmont sides.
The east bank is less developed overall, with fewer real estate offers and less dynamism in the market. On the other hand, it is often quieter and more pristine.
The west bank in Piedmont is much more active: more brokers, more movement, more competition.
An interesting point: Lake Maggiore is increasingly benefiting from the fact that Lake Como has become too expensive and too crowded for many buyers. More and more potential buyers are specifically looking for alternatives – and end up here.
Where would an estate agent buy?
I found this question particularly exciting.
Filippo’s first tip is once again Ranco near Angera – despite the limited infrastructure. On the other hand, there is peace, sunshine and small, authentic offerings such as local markets or two or three small and good restaurants.
A second tip is the small hamlet of Monteggia above Laveno. The location is more difficult to access, but very quiet and sunny all day long. At the same time, the ferry and train connections to Laveno are good.
On the Piedmont side, he recommends Suna near Pallanza: beautiful location, lots of facilities, lots of sun – much more than in Stresa, which is already in the shade in the early afternoon in winter.
He is more critical of Arona: pretty, but very crowded, especially with many day visitors from Milan.
What do you get for your budget?
The price reality on Lake Maggiore is often different from what many expect.
250,000 euros
With a lake view practically unrealistic. Small apartments in the hinterland or in higher locations are possible – often with a beautiful view, but not directly on the lake. Renovation projects are rare and are avoided by many foreign buyers.
500,000 euros
This is where things get more interesting: small houses or apartments, e.g. around Angera. New-build apartments often range between 500,000 and 600,000 euros – but often without a direct view of the lake or in less attractive locations (e.g. first floor).
1 million euros
A good budget. This makes houses with a lake view realistic. In comparison: on Lake Como, this sum would usually not be enough.
Typical mistakes when buying real estate
One point in particular surprised me:
Many foreign buyers underestimate the market – in a positive sense.
They expect higher prices, know it from home and therefore negotiate less consistently. As a result, they sometimes pay more than necessary – and at the same time drive the price level even higher.
Another problem is finding good professionals.
Finding experienced architects, project managers and reliable craftsmen is not always easy – a point that I can absolutely confirm from my own experience.
What you should definitely look out for
According to Filippo, the biggest risk factor lies in the so-called building law and cadastral conformity.
The decisive factor is that:
- Cadastral data
- Actual state
- and permits from the municipality
match completely.
The so-called stato legittimo should be clarified as far as possible before the sale. An architect checks and confirms this status, but many sellers are reluctant to incur this expense before they have serious prospective buyers.
It is also worth taking a closer look at the floor space information:
Not every living space stated is actually fully countable. Attics or first floors only count as full living space under certain conditions (e.g. ceiling height, window size).
An important tip:
You should not blindly rely on information – neither in the exposé nor in conversation. If in doubt, it makes sense to take a second person with you to view the property or to ask critical questions.
One topic that is becoming increasingly important is the energy class of the property. More and more buyers are paying attention to this.
The role of the broker
An interesting point at the end:
Filippo expressly recommends working with locally rooted, smaller estate agents. They not only know the market, but also the right local contacts – from craftsmen to architects.
This reduces risks and makes the entire process considerably easier. From my own experience, I can say that a real estate agent who can help and advise you even after the notary appointment, recommend local companies and help with various administrative procedures is worth its weight in gold. Filippo and his team were a great help to us here on site, registering us with the utilities and arranging tradesmen.
My personal conclusion
Many of the points from the conversation were in line with my own experiences – but some also made me think.
I find it particularly exciting:
– how much the market is currently changing
– how important realistic price expectations are
– and how crucial good local contacts can be
In the end, it becomes clear once again:
Buying real estate on Lake Maggiore is not a “quick project”, but something that takes time, preparation and the right partners.
And that’s exactly what makes it so special – when everything fits.
About Filippo
Filippo is in his early 30s and has been working as a real estate agent on Lake Maggiore for around six years. He comes from the region and knows the area, the people and the local structures very well.
What he loves about his job: the dynamics, the contact with different people – and above all the moment when everyone involved is satisfied at the end of a deal.
In his free time, he enjoys sports, including rowing and running – and, unsurprisingly, he knows pretty much every good restaurant and hidden spot around the lake.
Filippo’s agency Elite Luxury Realties is active in Laveno Mombello, Varese and Verbania.
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