Property in Northern Italy: lakes, Lombardy, Alps

Northern Italy is the country's most expensive and most liquid property area. It combines the lakes, the Milan economy, the Veneto, the Alpine valleys and the Ligurian coast, and it is where most second-home buying by foreign residents of Europe is concentrated. This guide gives price levels where we could verify them, says honestly where we could not, explains who buys what, and lists the taxes that apply to a second home. It is informational and not legal, tax or investment advice. Figures are indicative as of October 2026.

The big picture: where prices are

Used homes in Italy averaged about 1,903 euro per m² in the second quarter of 2026 (idealista). The north sits well above that: Milan about 5,165, Venice about 4,958, Bolzano about 4,793. Lombardy rose 1.5% and Veneto 1.6% in the quarter according to the same report. ISTAT's house price index shows the North-West up 3.9% and the North-East up 4.2% year on year in the second quarter of 2026. For full price tables and buying costs, see Italy property prices and buying costs.

The lakes

Press reports of May 2026 (casa.it and QuiFinanza, as summarised in search results) give asking prices for apartments in the main lake resorts. The average was about 3,534 euro per m², up around 8% on the year.

• Lake Garda is the most expensive of the three, above roughly 4,768 euro per m², up about 9%.
• Lake Como averages about 3,765 euro per m², up about 6%. Menaggio is quoted at about 5,461 euro per m², with apartments above 550,000 euro. Our older figure from Immobiliare.it puts Como city near 2,740 and the province just under 2,000, so choose the exact shore carefully.
• Lake Maggiore averages about 2,866 euro per m², up about 8%, with Angera and Lesa around 1,900-2,000.

These are listing-based averages from press coverage, not completed sales. Waterfront, views and a private mooring can change the price several times over. Lake Como short-let occupancy has been estimated at around 67% by a platform (Airbtics, 2025), which is an estimate, not an official figure. Rental rules and returns are in our rental guide.

Lombardy, Veneto, Piedmont, Liguria, the Alps

• Lombardy. Milan is the business and design capital; the province and the lake towns give cheaper entry. Commuter towns with fast rail links have steady rental demand.
• Veneto. Venice is expensive; Verona, Padua, Treviso and the Garda hinterland are more affordable and well connected.
• Piedmont. Turin was about 2,194 euro per m² for apartments in a July 2026 secondary-portal figure and rose 3.7% in the idealista quarterly report; the Langhe wine hills attract second-home buyers. We did not find a verified regional average.
• Liguria. Coastal towns from Sanremo to the Cinque Terre have limited supply, older buildings and steep terrain. We did not find a verified 2026 average, so compare listings town by town.
• Trentino and the Alps. Ski and mountain resorts price by altitude and by the snow record; Bolzano is near 4,793 per m². Some Alpine areas have local rules on second homes, land registers and agricultural buildings, so ask the notary what applies to the specific property.

Who buys

• Residents of other EU countries buying a holiday home near a convenient airport (Milan, Verona, Venice, Bergamo).
• Buyers who want a lake apartment to let in summer.
• Investors in Milan and in the university and industrial cities.
• Retirees looking at quieter Piedmont or Veneto towns.

Many northern properties are older or protected, so a technical survey matters. See the best areas to buy in Italy, new build versus resale and the resale checklist.

Taxes on a second home

• Registration tax. 9% on a second home, calculated on the cadastral value (2% applies only to a main home that meets the conditions). Fixed mortgage and cadastral taxes of about 50 euro each apply on a resale. A new build from a developer is taxed with IVA instead.
• IMU. The annual property tax on a second home, with a base rate of 0.86% and municipalities going up to about 1.06%, on a cadastral-based value. Lake municipalities set their own rates. The main-home exemption generally does not help a non-resident owner.
• TARI. The waste tax, around 340 euro a year for a typical family in 2025 and higher in big cities.
• Rental income. Taxed in Italy; whether a non-resident can opt for the flat rental tax (cedolare secca) is something to confirm with an Italian accountant. Income may also be reportable in your country of residence. See the short-term rental rules.
• Buying costs. Notary roughly 1-3%, agency about 3% plus IVA, legal fees roughly 1,500-3,000 euro; the whole package is often quoted at 10-15%.

For Russian-speaking buyers and expats

• Many buyers in the north live in Germany, Poland, the Baltics or Czechia and buy a lake or alpine home within a few hours of home. If you live in the EU you buy on the same terms as an Italian; non-EU citizens should have the notary confirm reciprocity.
• We work in Russian, Polish and English and coordinate independent Italian lawyers and notaries. The deed is signed in Italian, so ask for a sworn translation.
• You need a codice fiscale before buying. Documents from abroad may need an apostille and translation.
• Banks and notaries ask for the source of funds; they may apply stricter checks to holders of some passports. Prepare documents on where the money came from and pay from an account in your own name.
• Lawful compliance is the only route: do not split transfers or use third-party accounts.

FAQ

Which lake is the most expensive? Garda has the highest reported average, with parts of Como (Menaggio) above it locally. Which is cheapest? Lake Maggiore, with some towns near 2,000 euro per m². Is Milan a good place to buy? It is the most expensive big city and the most liquid; yields are lower than in the south. Do I pay 9% tax? On a second home, yes, on the cadastral value. Can non-residents get a mortgage? Often, at lower loan-to-value; see mortgages for foreigners. Can I let a lake apartment? Often yes, subject to local registration rules.

How we help

We are a trilingual platform that finds properties and coordinates independent local lawyers and tax advisers. Browse listings in Italy and use the calculators to model the full cost. This text is informational and not legal, tax or investment advice; verify current rules before you decide.