Engel & Völkers • Market Report Northern Italian Lakes 2016/2017 by ENGEL & VÖLKERS Italia

Market Report Northern Italian Lakes 2016/2017

The Market Report โ ข Nothern Italian Lakes 2016/2017, edited by Engel & Vรถlkers, has been realized with the collaboration and scientific support of Nomisma, Society of Economic Studies.

Index Italian economy 6 A slowly recovering macroeconomic context Household financial condition improves Funding requests continue to expand Italian real estate market 8 The housing market is back on track Price performance Real estate financingâ&#x20AC;&#x2122;s upturn Second homes market growing on the Lakes Lakeside housing market 12 Lake Maggiore 12 Location and market Prices Outlook Lake Como 14 Location and market Prices Outlook Lake Iseo 16 Location and market Prices Outlook Lake Garda 18 Location and market Prices Outlook The lake market at a glance

Italian economy A slowly recovering macroeconomic context

Italy’s economic recovery proceeds at a slower pace than the rest of Europe, with a GDP growth’s prevision of 0.9% in 2016 and 1% in 2017. In the first half of 2016, GDP increased by 0.4% if compared to the previous six months, and by 0.9% if compared to the first half of 2015. This GDP annual result is especially due to the national final consumption expenditure (+1.3%) – borne more by household consumption expenditure (+1.5%) than by government consumption (+ 0.8%) – and the gross fixed capital formation (+2.2%). As far as foreign

trade, import increased by 2.1% and export by 0.5%. As regards the labour market, the positive trend of the last half-years appears unfaltering. The number of workers increased by 1.4% in the first half of 2016, mostly with a male preponderance (+1.6%). Employed workers increased (+1.9% on first half of 2015) following a positive trend which dates back to 2014, whilst the number of self-employed workers remained fairly static (-0.3%). Thanks to a positive half-year result of +1.3%, the employment rate reached up to 57%.

Gross domestic product and main aggregates (annual % variation; quarterly data) Source: Nomisma elaboration on Istat data (National Institute of Statistics)

Gross domestic product (billion of €; chain-linked volumes; reference year 2010) Source: Nomisma elaboration on Istat data (National Institute of Statistics)

Looking at the future, Italian economy is expected to grow in 2016 and during the following years, despite the fact that the worsening international situation and some delays in structural reforms might weaken the signs of improvement. The fragility of this context is reflected in the household confidence, which, following a strong recovery throughout 2015, shows now (first two quarters of 2016) signs of weakening – remaining still in largely positive territories if compared to 2010’s values.

Consumer confidence index, Household consumption expenditure and Employment rate (index numbers, 2010 = 100; quarterly data) Source: Nomisma elaboration on Istat data (National Institute of Statistics)

This framework is threatened also by the unforeseeable repercussions of Brexit which, according to the IMF, represents a risk factor for global economy and Europe in particular, thus affecting Italy too. The result of the consultative referendum held in 23 June 2016 in the United Kingdom – which produced a majority of votes in favour of leaving the European Union – triggered an unprecedented situation in the European integration’s process, whose impact shall be hard to foresee. Household financial condition improves In the first three months of 2016, households’ purchasing power and saving propensity improved, 1.1% and 0.8% respectively if compared to the previous quarter. Overall, looking at the final balance of 2015, household purchasing power increased by 0.8% per year while saving propensity remained stable.

In 2015, Italian households’ average monthly expenditure equalled €2,500 (+0.4% compared to 2014 and +1.1% considering 2013; Istat data), showing weak signs of recovery in a macroeconomic framework characterized by the slight increase – for three years in a row – in available income, by saving propensity’s stability and by the first year of GDP growth after years of recession. Lombardy, area in which the Lakes are located, is the Italian region with the highest average expenditure (€3,031 per month). The quota of households that admit to be unable to save and are thus forced to raise debts in order to support family finances keeps reducing. Surely a positive data, which, though, has to be contextualized in a framework where the quota of households that are able to save enough or at least something, stopped at 24.4% in the first half of 2016. Nonetheless, the situation has improved significantly with regards to the first six months of 2015 (20.2%), despite remaining way below the first years of 2000s. Funding requests continue to expand The businesses’ funding demand continues to expand, supported by low interest rates and the increasing needs related to stock, working capital and fixed capital formation. Also households intensified their loan requests for house purchasing and consumption purposes, due still to particularly low interest rates within a context of increased consumer confidence and better real estate market’s prospects. Credit for the non-financial private sector grows at a moderate pace and it picks up speed in those sectors where the recovery of economic activities has become more stable; according to Bank of Italy data, the enterprises sector’s loans are stagnant, while manufacturing companies’ are increasing. As the gradual improvement of credit quality continues, the government has started to establish security measures in order to safeguard the financial stability. Household loans are expanding. In the three months previous to May 2016, credit for the non-financial private sector increased by 1%, mainly because of the expansion of household lending (2.2%). The available income growth and the more favourable conditions of the labour market have helped to strengthen the expansion of consumer credit, especially for the purchase of motor vehicles. Lending for house purchases increased too, reflecting the sharp rise in sales. 7

Italian real estate market The housing market is back on track By the end of 2015 and the first months of 2016, Italian real estate market showed some signs of recovery which, albeit weak, are not limited only to the sole housing market. Indeed, a new expansionary phase is slowly spreading also to properties for economic activities, although less evenly and often incoherently with regards to the recovery scenario. Among the variables that make up the current changes, sales play the most important part, growing for the second year in a row after seven years of decline. Growth was more intense, even though still limited, in housing sales (+3.4% in 2014 and +6.5% in 2015), while properties for economic activities confirmed the same number of agreements signed in the previous year, after 2014’s increase. The national sector is led, on the housing field, by major markets in which there’s a drive to make up for the ground lost between 2007 and 2013 For 2016, Nomisma estimates 478,000 total transactions with a 7.6% annual variation. The positive performance should continue even in the next two years, when transactions will exceed the 500,000 limit. Furthermore, in 2017, sales should reach 516,000 units (+7.9%) and 552,000 in 2018 (+7%). If we take into consideration the volumes traded, real estate market seems to be on the way to recovery, although slowly and with many uncertainties. Nevertheless, if we focus on prices, it is evident that the contraction phase is not ended yet; as a matter of fact, in the first half of the year, property values decreased far more than expected.

Annual housing sales and estimates (thousands) Source: Agenzia delle Entrate (Italian Revenue Agency) final data; Nomisma estimates for 2016-2018 8

Price Performance As far as market prices are concerned, Italian average index elaborated by Nomisma for the second half of 2015 shows a -0.6% downturn on a six-months basis and a -1.2% one on an annual basis. Ever since the second half of 2011, the average national market price suffered a 5.5% decrease, as shown by the Italian average global index for exclusive and residential housing.

Housing prices – Italian average global index for exclusive and residential housing Source: Nomisma

More specifically, referring to the 13 markets of Italy’s biggest cities, Nomisma notes that in the first half of 2016 (on an annual basis) prices showed a negative result of -1.8% for new houses and of -2% for used ones. This downturn was less intense than 2015’s, when average market prices for used houses decreased by 3.2% and by 2.8% for new ones. From the beginning of the current real estate cycle, housing prices strongly appreciated until 2008 (peak year) – with a 105.7% increase from 1997 to 2008 for new and renovated houses and a 107.1% for used ones – and later depreciated from 2008 to 2016, reaching -22.3% for new houses and -23.3% for used houses. Half-year variations concerning the first six months of 2016 remained around -0.7% for new and renovated houses and -0.8% for used ones. Actually, half-year variation is fairly distributed in the different urban areas (prime, centre, semi-centre and periphery). Average prices in central areas reach around 2,500 €/ sqm for new houses and about 2,000 for used ones. Peripheries present much lower values (about €1,800 and €1,400 respectively).With regards to single

cities’ market prices, the higher average ones can be found in Venice (3,176 €/sqm on first half of 2016), Milan (3,020 €/sqm), Rome (2,934 €/sqm), followed by Florence (2,379 €/sqm), Bologna (2,030 €/sqm) and Naples (1,848 €/sqm). A renewed average growth of the prices is to be expected no sooner than 2018 (Nomisma estimates), when the housing sector shall increase by +0.9%.

Source: Nomisma

Source: Nomisma 9

Italian real estate market Real estate financing’s upturn In the first quarter of 2016, the Italian banking system lowered its credit standards for business and household loans thanks to the competitive pressure between banks and the lower perceived risk following the improvement of economic prospects. The most favourable credit policies mainly translated into a further reduction of interest margins applied to average lending. The advantageous pairing of low interest rates and housing market’s positive prospects helps increase the mortgage loans’ demand, with a clear preponderance of fixed rate formulas (which represented 61.3% of new financings in 2016). According to Bank of Italy, in the second quarter of 2016 the average amount financed reaches up to 73.8% of the property’s total value, as opposed to 65.3% in the same period of the previous year. In terms of total amount, by the end of 2015, household financings for house purchases reached €41.2 billion, against €24.1 in 2014 (+70.6% on annual basis). The disbursement growth spiked in the fourth quarter of the same year and later decreased in the first quarter of 2016, still remaining on high levels (€11 billion).

For 2016, Nomisma estimates a total disbursement of about €47 billion. However, a major share of the loans provided to households has to be related to subrogation and replacement operations.

Household Financing’s Disbursement for House (quarterly data; million €) Source: elaboration on Bank of Italy data

Second homes market growing on the lakes In Italy, domestic and foreign demand is showing a renewed interest in second homes. After bearing the brunt of the serious repercussions brought about by the economic and real estate crisis, in 2015 the second homes market showed a sales increase in tourists sites (+7.6%), with seaside resorts reaching 6.8%, mountain resorts at 9% and lakeside ones hitting as much as 16.1% (fig. 7). The average price for a house used as second home in one of the most famous tourist sites is 2,285 €/sqm, with a very wide price range between different regions and sites. More specifically, on the lakeside, average price is about 3,400-3,500 €/sqm for top new houses, about 2,1002,200 €/sqm for used houses in central areas and about 1,400-1,500 €/sqm for used houses in peripheral areas

(tab. 4). Average data varies greatly also depending on the region, taking into consideration various regional contexts. Annual variations show different downturns according to the location and the property maintenance status. The only prices that remain almost stationary refer to new houses located in the best areas.

Housing sales (annual % variations) Note: Lakeside (16 sites monitored), Seaside (186 sites), Mountain (91 sites) Source: Nomisma elaboration on Agenzia delle Entrate (Italian Revenue Agency) data

Note: Lakeside (16 sites monitored), Seaside (186 sites), Mountain (91 sites) Source: Fimaa-Confcommercio and Nomisma 11

Lakeside housing market Lake Maggiore Location and market Lake Maggiore is the privileged destination for European tourism thanks to its pleasant environment and its natural and architectural beauties such as the Borromean Islands. Lombardy and Piedmont coasts are dotted with exclusive houses, which make cities such as Stresa, Laveno, Cannobio, Caldè, Arona, Porto Valtravaglia, Cannero, Ranco, Meina, Ispra and Lesa among others the usual target for elite tourism. In these areas, real estate sales market is growing thanks to the demand’s renewed interest and the consequent increase in transactions. Within this context, the prospect of market recovery for 2016 seems to be quiet solid. National and international demand is looking for properties with direct access to the lake or at least with a view, in locations not too far away from population centres. The supplied stock is consistent, with a great variety of villas and apartments, but it’s not always adequate to meet the demand’s needs. On the average, local market supplies properties which can be defined as in good conditions, that still need, however, renovations to attract mostly international clients, given their high standards and their need for skilfully-renovated properties in prime locations. Sales demand accounts for 80% of the whole market. 80% of properties is purchased as second homes while 15% as first homes. 80% of buyers is made up by foreigners, both families and couples with an average age between 40 and 65, interested in purchasing properties meant to become second homes for the family, but which, at the same time, also represent a good investment. Italian demand, on the other hand, mostly comes from Milan’s

surroundings, where buyers are looking for second homes where to spend their weekends and summer holidays. Overall, credit market plays a mostly irrelevant part, with only 5% of foreign buyers and 20% of Italian ones asking for funding. New interest is being shown by American and French buyers, who are attracted particularly by villas with historical and architectural value, both new and tobe-renovated. Overall, in 2015 transactions in the area increased on an annual basis (+8.8%). Almost every property type benefited from the sales recovery, but big-sized homes showed the highest increase if compared to 2014 (+19%). The increase of medium-small property is also significant (+16.8%). With regards to the prime sector, Engel & Völkers note that in 2016 about 45% of demand is interested in purchasing a villa, while 40% wishes an apartment. The average selling-time for a property is about 17-20 months for villas and 13-19 months for apartments. However, property in good conditions can be placed on the market in about 8-9 months.

Source: elaboration on Agenzia delle Entrate (Italian Revenue Agency) Size-Class Key: Studios (up to 2.5 habitable rooms); Small (between 2.5 and 4 rooms); Medium-Small (between 4 and 5.5 rooms); Medium (between 5.5 and 7 rooms); Big (more than 7 rooms); Other: not specified

Source: Engel & Völkers

Prices Real estate market is recovering. According to Engel & Völkers data, in 2016 luxury market prices increased slightly, reaching top values of 5,000-7,000 €/sqm for new houses in the best locations, overlooking the lake. Market prices for used habitable properties in great locations remain limited within a range of 1,800-2,500 €/sqm. In lake-front, excellent locations, the average price for a villa is about €2 million while good locations offer villas for

about €1.3 million. The average discount on the initial price made during negotiations varies greatly depending on the property type and its maintenance status, ranging from 15-25% for villas and from 8-10% for apartments. However, a lake-front property or one with a panoramic vista appreciates the asset by around 50-70% and a terrace-balcony increases its value at least by 30%. In the last 24 months, top prices recorded in the area reached 10,000 €/sqm for villas and 9,000 €/sqm for apartments in excellent locations. Outlook By 2017, Engel & Völkers estimate a sales increase and a price increase for houses in excellent and good locations. On the other hand, market prices for decent locations shall remain stable.

Housing market

Cannobio

Intra Baveno Isola Bella Stresa

Laveno M.

Besozzo

Belgrate Ispra

Varese

Meina Angera Arona

Engel & Völkers

Excellent location

Good location

Decent location

Lakeside housing market Lake Como Location and market Lake Como, together with Lake Maggiore, is a market of primary importance for Italian and foreign demand. Although the lake view is a prerequisite for most of the well-off buyers, the presence of an adequate property supply for the relatively low demand (even in nonprime locations) laid the basis for a price stabilization if compared to other areas. Owning a property on Lake Como is still a very attractive element both for the rich bourgeoisie of Northern Italy and the foreign demand from Russia, Germany, Switzerland, United States, France, Denmark and the Netherlands – which is growing constantly. New nationalities include Chinese and Arab investors. The prime locations are Cernobbio, Moltrasio, Carate Urio, Laglio, Tramezzo, Lenno, Bellagio and Menaggio. Como is also an interesting location for foreign buyers, mostly within the walled-city (historic town centre). Italian buyers are also showing an interest in other prime locations inside the city of Como, such as the streets of viale Geno, via Crispi and via Torno. In 2016, prime homes demand began to grow again, both for first and second homes purposes. This increase is put at 20% if compared to the previous year, with a 10% prime properties’ sales increase. Foreign citizens are the most common buyer’s profile, mostly consisting in families or couples interested in purchasing a second home for holiday or investment purposes. European buyers (mostly German, Swiss and Danish) are more prone to purchase apartments, whilst Russians and Americans prefer villas, preferably with

direct access to the lake. Entrepreneurs and members of the Italian nobility also show frequent interest in purchasing a first home or in making an investment. The supplied stock meets the demand’s need in terms of location and services but, in order to fully meet the required standards, most of the properties currently available on the market should be renovated or modernized. As a matter of fact, there is an extremely short supply of newly-built homes in the area. In 2015, housing sales in Lake Como’s area increased by 5.2% on an annual basis. Studios faced a greater increase (+22%), with 208 sales, followed suit by bigsize properties (+6%), with 277 sales. In particular, Engel & Völkers note that 60% of the demand in the prime sector aims at purchasing an apartment, while only 28% looks for a villa. The average selling-time for a property is 12-18 months for both assets. Houses in good conditions can be placed on the market in about 6-12 months.

Source: Engel & Völkers

Prices According to Engel & Völkers, in 2016 prime market prices increased again after a two-year long stasis. The price is mainly defined by location and context, and the maintenance status of the property is of secondary importance. Specifically, for new properties in the best location (lake-front), record market prices of 8,00010,000 €/sqm can be found. On the other hand, market prices for used and habitable properties in excellent locations are limited in a range of 5,500-7,500 €/sqm. The average price for a villa in an excellent location

on the lake-side is about €3 million and it reaches €1.3-1.5 million in a good location. The average discount applied to the initial price varies from 10% for excellent-location homes to 15% for those in good/decent locations. A lake-front property or one with a panoramic vista appreciates the asset by around 30-50% and a terrace-balcony increases its value at least by 15%. In the last two years, top prices recorded in the area reached 22,000 €/sqm for an excellent-location villa and 11,000 €/sqm for apartments. Outlook By 2017, Engel & Völkers estimate a sales increase and a stable situation for prices, except for excellentlocation properties, which shall increase their market price.

Housing market

Menaggio Varenna

Lugano

Bellagio

Laglio Lecco

Cernobbio

Como Engel & Völkers

Excellent location

Good location

Decent location

Lakeside housing market Lake Iseo Location and market

Lake Iseo is a tourist site famous for the variety of its landscapes, which range from fields and beaches to wild coasts and dense vegetation. The town centre of Iseo, Sarnico, Lovere and Pisogne are the prime areas, together with the whole coastal area on Brescia’s side, where most of lake-front villas are located, especially in the area between Sulzano and Marone. As of today, prime property supply is higher than demand, which, due to the recent economic crisis, suffered a major slowdown. The market is virtually unchanged and the negotiation times are pretty long especially in those very frequent cases where the request is not aligned with new market values. On the other hand, if the property is consistent with market prices, selling-times stop around 8-12 months. The most popular property types are villas and penthouses with a view and lake-front villas, whose supply, although consistent, needs to be renovated and modernized in order to meet the buyer’s needs. It is a fact, for example, that after the economic crisis, demand (mostly Italian) is more aware and concerned about energy saving. There is also a newhouses market in the area. In 80% of cases, demand is represented by Italian couples or families looking for their first home, and the purchase is usually made thanks to a loan. Foreign demand comes mainly from Germany, the

Netherlands, Switzerland and Northern Europe and it focuses on purchasing a holiday property, with a chance of moving there permanently in time. As a matter of fact, in the prime sector the demand share that focuses on renting is completely marginal (around 5%). Particularly, in 2016, German citizens increased their interest in villas with a view or directly on the lake-side. In the areas surrounding Lake Iseo, housing sales slightly increased on an annual basis (+1.7%), showing a different trend according to different property types. Medium-sized properties are the mostly sold ones (177; +8.4%), together with the small-sized houses (168; -2.9%). On the other hand, big-sized properties were favoured greatly by demand if compared to 2014, reaching 66 sales and a 45% annual increase. Prices

According to Engel & Völkers, prime market suffered a 4-5% price decrease in 2016 (annual basis), following the example of 2015 with regards to its previous year. For new properties in the best location (lakefront), market prices of 2,800-3,500 €/sqm can be found. On the other hand, market prices for used and habitable properties are limited in a range of 1,800-2,000 €/sqm, even if excellently located. The average price for a villa in an excellent location on the lake-side is about €1.6 million and it reaches

Source: Engel & Völkers

€1 million in a good location. The average discount applied to the initial price varies from 8-10% for excellent-location homes to 13-15% for those in good/decent locations. A lake-front property or one with a panoramic vista appreciates the asset by around 15% and a terracebalcony increases its value at least by 10%. In the last two years, top prices recorded in the area reached 4,300 €/sqm for an excellent-location villa and 3,700 €/sqm for an apartments. Outlook

By 2017, Engel & Völkers estimate a stable situation both for sales prices in excellent-location properties, where market prices are higher. However, a price decrease is to be expected for good- and decentlocation properties.

Housing market

Lovere Pisogne

Riva di Solto

Sale Marasino Monte Isola

Sulzano Sarnico

Paratico Iseo

Engel & Völkers

Excellent location

Good location

Decent location

Lakeside housing market Lake Garda Location and market

Lake Garda, the biggest Italian lake, is an important tourist site for Northern Italy and attracts million of visitors every year. Main hinge between Lombardy, Veneto and Trentino-Alto Adige, the lake nestles south among hills that make up for an extremely pleasant landscape. Gargnano, Gardone, Salò, Sirmione and Padenghe are the prime areas, and here sales market is showing signs of recovery thanks to a renewed interest of demand and to the consequent increase in sales, which are expected to further increase throughout 2016. National and international demand is mainly interested in lake-front villas or big-sized villas and apartments with a nice view, both new or renovated and refurbished. Property supply focuses on houses that have been renovated or that still are in very good conditions. More than 80% of properties is purchased as second homes, 11% serves first-homes purposes and 6% is meant as an investment. Buyers are mainly foreigners (around 85%), specifically German families or couples who want to purchase a second home or a house they can use during their holidays or as an investment. Recently there was an increased interest by Arab investors for prime housing estates. Italian buyers, on the other hand, are interested mainly in purchasing a first home – attracted mostly by the high level of well-being – and, to a lesser extent, in purchasing a second home for the family. Although the credit

market is not relevant as far as foreign buyers are concerned, it plays a major role with Italian buyers’ sales. In the Lake Garda area, housing sales increased overall by 10.4% (2015 data on 2014). Small-sized properties are the most favoured ones (527 sales), with an 8% annual increase, but there also was an increase in big-sized houses (156 sales; +6.2%). Engel & Völkers noted that sales are increasing even in the prime market sector. The average selling-time for villas is 12 months, and apartments can be sold between 6 to 12 months. On average, excellent-location properties can be placed in about 10-12 months, good-location ones in around 12-15 months and decent-location houses take 18 months to be placed on the market. Prices

According to Engel & Völkers, in 2016 prime market suffered a further price decrease. For the current year, new properties in the best locations are worth 5,500-6,500 €/sqm, while market prices for used and habitable properties are limited in a range of 3,800-4,500 €/sqm, even if excellently located. The average price for a villa in an excellent location on the lake-side is about €2.5-3 million and it reaches €600,000-700,000 in a decent location. The average discount applied to the initial price varies according to the type of property and its maintenance status, going from 15-25% for villas

Source: Engel & Völkers

and 8-10% for apartments. Highly prized features such as lake-front location increase the price of the property of about 30% of its total value. A panoramic view represents a 20-25% increase and a terrace-balcony is a 10-15% boost to prices. The presence of a private pool within the property appreciates the house of about 20%. According to Engel & Völkers, in the last two years, top prices recorded in the area reached 9,000 €/sqm for an excellent-location villa and 6,500 €/sqm for apartments. Outlook

By 2017, Engel & Völkers estimate an increase in sales and a decrease in market prices both for excellent-location and good, decent-location properties.

Housing market Limone Sul Garda

Malcesine

Gargnano

Bogliaco

Toscolano Maderno Gardone Riviera Salò San Felice del Benaco

Garda

Bardolino Moniga del Garda

Padenghe sul Garda

Sirmione

Desenzano del Garda Peschiera del Garda

Engel & Völkers

Excellent location

Good location

Decent location

The lake market at a glance Conclusions

In the end of 2015, the Lake’s real estate market recorded an overall sales increase, most marked in those areas where foreign demand was greater. During the current year, the growth signals observed on the market seem to confirm a positive result also for 2016. This good performance is part of a broader recovery context concerning the whole Italian economy and the real estate market. Albeit slowly and with some fragilities, macroeconomic indicators show GDP growth expectations, positive confidence levels, an improved financial position for households and a continuation of the credit’s expansionary phase 20

favoured by low interest rates. As far as property prices on the Lakes’ market are concerned, a very uneven trend must be noted between the different areas. Where foreign demand drove the market onward, 2016 prices for the first six months increased, such as in Lake Maggiore, or remained unchanged, like in Lake Como. On the other hand, Lake Iseo’s area and Lake Garda suffered a price decrease. A sales increase is expected by 2017, along with an overall price stabilization, while prices of prime-location properties in very good conditions are expected to increase.

Imprint Editorial Office Engel & Völkers Italia S.r.l. Via Larga, 15 I-20122 Milano (MI) Phone: +39 02-584 99 61 Office Engel & Völkers • Lago Maggiore Via Labiena, 81 I-21014 Laveno M. (VA) Phone: +39 0332-181 18 18 Engel & Völkers • Lago di Como Via Regina, 43 I-22012 Cernobbio (CO) Phone: +39 031-51 30 99 Engel & Völkers • Lago D’Iseo Via Roma, 61 I-24067 Sarnico (BG) Phone: +39 035-91 15 72 Engel & Völkers • Desenzano Del Garda Via Lungolago C. Battisti, 11 I-25015 Desenzano del Garda (BS) Phone: +39 030-990 73 76 The Market Report • Northern Italian Lakes 2016/2017 edited by Engel & Völkers, has been realized with the collaboration and scientific support of Nomisma, Society of Economic Studies. Graphics: @Dalprato Printed in November 2016 Reproduction of content is prior permission of the publishers. No liability is accepted for editorial content, accuracy of text or misprints. No liability is accepted for errors in details.

Engel & Völkers ​​​• Market Report Northern Italian Lakes 2016/2017

Engel & Völkers • Market Report Northern Italian Lakes 2016/2017