Dear International Living Reader,
Ignoring the handy local airport, I take the slow route every time I travel to Lake Lugano in the northern part of Italy.
It’s much quicker to fly into Milan or Zurich and catch a local plane to Lugano-Agno. Instead, I board a train in Zurich for a three-hour ride through the Swiss mountains. The views are breath-taking, and I hardly glance at the book I brought.
Lake Lugano is renowned for combining a mild Mediterranean climate with a fjord-like ruggedness and the atmosphere of an alpine lake. For property investors, the area offers a little-known twist. The Swiss-Italian border runs right through the lake, making this a two-tier property market. The Swiss part of Lake Lugano is the more affluent one, where celebrities keep summer homes in sought-after places such as Morcote. The Italian side has the kind of picturesque charm one expects to find in Italy, and prices tend to be 30% to 40% lower. And getting a residence permit in Italy is easier than in Switzerland.
If you live on the Italian side of the lake, you can easily use the Swiss postal system, Swiss banks, and even the Swiss mobile phone network. Think of it. You could run a business from Switzerland without having to pay Swiss property prices! For business meetings in Zurich or Geneva, Swiss International Airlines flies from Lugano-Agno. Or you can do as I do, and use the efficient Swiss train system and enjoy the scenic views.
Properties currently available in the region include:
* A 630-square-foot apartment directly on the lake in Residenza Valsolda, just ten minutes from Lugano (on the Swiss side) and 20 minutes from neighboring Lake Como (in Italy). The building has its own dock. Price: $180,000.
* A two-bedroom apartment at Residenza Vela, a recent development in Cima-Porlezza with a dock and boathouse, only 150 feet from the lake. Price: $222,000.
* A modern, 2,750 square-foot single-family home, eight miles from the center of Lugano in a sunny location with a panoramic view over the lake and mountains. Price: $901,000.
Lake Lugano may not seem an obvious bargain, simply because there has always been solid demand for northern Italian properties. But if you’ve considered living in Switzerland, it may be the next best thing — literally.
Sven Lorenz
for International Living
