Britons finding market stability in northern italy

George Clooney isn't the only one captivated by the luring appeal of Lake Como as Brits are drawn to the lakeside properties...

With economic worries at home, record numbers of Britons are considering emigrating overseas, according to new research by the Foreign Office. Italy, with its temperate climate and affordable property prices, is a favourite.

In 2002, Hollywood actor George Clooney bought an £8 million mansion in the lakeside village of Laglio (population: 900), and he now spends April to September every year at his 30-room Villa Oleandra.

"What changed my life in a very pleasant and unexpected way was buying the villa in Laglio," Clooney, 49, said recently. "That was a Pure investment decision. Then I realised how beautiful life was in Italy and how it really helped calm me and not feel so pressured."

In the restaurant on Comacina, Lake Como's only island, photos of diners include Arnold Schwarzenegger, Sylvester Stallone and Elton John. But despite the large numbers of celebrities per square mile, property prices away from the shoreline are surprisingly affordable. At the Regina apartments, a new complex at Sala Comacina, a one-bedroom apartment with shared pool and lake-view terrace, is just £188,000. Buy as an investment and you can earn £1,125 a week in rent. A two-bedroom apartment costs £325,000. Weekly rental income is £1,460.

Paul Belcher, managing director of Ultissimo, the Italian property developers who operate a private buying service in Como, said "The British now want to buy here more than any other nationality. It's been quiet for the past two years due to the crunch. But last year we were receiving 10 inquiries a month, and this month, we had 60. The Brits realise now is the time to buy."

"People back in Britain say the property market crashed, so it must do the same in Italy. But it hasn't. I'd have reservations about buying property in Britain now, with the risk of a second dip. In Como, I have real confidence in the market."

Source: Telegraph.co.uk