Knight Frank's The Wealth Report 2023

Lake Como in the global top 30

The real estate ecosystem on Lake Como is experiencing a moment of important growth that will continue in 2023, data revealed by the new The Wealth Report, the prestigious publication signed by Knight Frank that annually tracks the performance of the luxury real estate market anticipating its movements and trends. The report gathers responses from more than 500 ultra-high-net-worth individuals (UHNWIs) and an equal number of 500 private banks, advisors and wealth brokers. A survey work unique in the world in scope and value. The past year was a watershed year that significantly changed the behavior of large global investors and the financial environment. In fact, 2022 has been called the year of permacrisis by the Collins English Dictionary: the numerous and sudden geopolitical changes convinced owners of large assets to preserve their economic power and wealth by implementing few and targeted investments. The lull, however, has been subverted by the willingness of the buyers themselves to look beyond uncertainty. The resulting prospects are particularly encouraging for the Lake Como area. The Lake Como real estate market, in fact, with its wide variety of properties, excellent infrastructure network, top-notch international schoolsin high demand by foreign buyers - and its branding of excellence represents a uniqueness that has never stopped attracting investors, businessmen and showbiz personalities from all over the world. This is confirmed

by Tania Morabito - Owner and Managing Director of La Reale Domus|Knight Frank.

The agency representing the prestigious network for the northern Italian lakes has seen the value of prime properties double in the past twelve months, up 8 percent from 4 percent the previous year. Lake Como thus enters the world's top 30 territories by real estate value as reported by PIRI, Knight Frank's Prime International Residential Index. Varied is the nationality of buyers who, after more than two years of the pandemic, are excited to return to visit and look for homes on the shores of the lake. It is mainly young and dynamic people who believe strongly in bricks and mortar and in properties that offer environmentally friendly, highly customizable and technological solutions. Many searches target incomeproducing properties: properties that can easily generate a profit if not used as piedà-terre or second homes by their owners. As Alaisdair Pritchard, Knight Frank partner for Private Office, also reports, adding, "In 2023, locations that offer both favorable tax policies and the lifestyle benefits that have become normality in the smart-work years will prove particularly competitive. This trend particularly refers to Italy and Lake Como. The flat-tax therefore continues to have a positive impact." In the rapid pace of a hyper-connected and globalized world, the characteristics that make up Lake Como's real estate and economic environment continue to prove successful.