This article is part of our latest special report on International Golf Homes.
The Lombardy region in northern Italy is home to Milan, the country’s fashion center, and the world-famous Lake Como. Tourists have visited for decades to see historical and cultural attractions, including Leonardo da Vinci’s “The Last Supper,” and to enjoy sights around the lake, like waterfront villages and villas.
The area also has more than 40 golf courses, and although many have been around for several years, these courses are enjoying a newfound popularity among international travelers and home buyers who want to invest in a vacation property in the country, according to Diletta Giorgolo Spinola, the head of residential for Italy Sotheby’s International Realty.
The real estate market for golf homes in Lombardy has surged, she said. “Since Covid, when people became interested in spending as much time outdoors as possible, we’ve seen a jump in buyers who want to own a property to be near golf,” she said.
According to Ms. Giorgolo Spinola, Italy Sotheby’s International Realty saw a 131 percent increase in buyers from the United States in 2022, compared with 2021, partly because of the strong dollar. The number of homeowners from other countries also increased. Ms. Giorgolo Spinola said that the top request five years ago among international buyers who were interested in property in Lombardy was to live near Lake Como; today, proximity to a golf course is equally in demand.
Luca Finardi, the area vice president of operations for Mandarin Oriental hotels in Italy, is an avid golfer and often rents homes in Lombardy during his vacations. He said that the destination had many appealing qualities.
“Much of the region is set on the water, which means that the courses see lots of lush green grass and are very scenic with mountain and lake views,” said Mr. Finardi, who is also the general manager of the Mandarin Oriental in Milan. “They’re also top quality, with prolific designers behind them, and many of the golf clubs are appreciated by nongolfers because they have spas, swimming pools and restaurants.”
Beyond golf, Lombardy offers an array of activities, Mr. Finardi said, including swimming, boating, hiking and visiting wineries. Its accessibility is another plus: Malpensa Airport near Milan has many flight options from the United States, as well as from the rest of Europe, and trains from the city run regularly to areas with golf courses. In addition, residents of southern Germany, southeast France and parts of Switzerland and Austria are within five hours away by car.
Although Lombardy has golf courses scattered throughout the region, a majority are concentrated in the area in and around Milan, and in Lake Como and Lake Garda.
Here is a look at the real estate markets in the three areas:
Around Milan
Several towns north of Milan, including Varese, Carimate and Bergamo, have local golf courses, Ms. Giorgolo Spinola said, but there are also some much closer to the city center.
Castello Tolcinasco Golf Resort & Spa is an example of the latter. Open since 1993, it has 36 holes of golf built around a 16th-century castle and designed by Arnold Palmer, the prolific golf course architect and former professional golfer.
The club offers several amenities, including a large swimming pool and a spa with a Turkish bath, a cold-plunge pool, a hydromassage pool and massages, as well as a pizzeria and a restaurant, Il Tolcino, serving upscale Italian cuisine.
Golf Club Bergamo L’Albenza, in Bergamo, is also near Milan and features 27 holes spread among three courses and set within trees and rolling hills. Amenities are more pared down compared with Castello Tolcinasco, and include two swimming pools, a massage room, a gym, and a restaurant and bar.
Golf Club Carimate is in a Milan suburb and features 1960s villas that surround an 18-hole course. Marcello Santi, a professional golfer, is a longtime Carimate resident and described the course as “very beautiful and family friendly.” “You’re immersed in nature yet so close to a big city,” he said. Amenities at the club include tennis courts, a swimming pool and a play area for children.
The housing stock in the area around Milan is mostly single-family homes, many of which were built in the past three or four decades, according to Ms. Giorgolo Spinola. “You can find some historic properties dating to the late-18th and early-19th centuries, but they usually need to be renovated to meet modern living standards with updated bathrooms, heating and kitchens,” she said. “This can be quite a pricey undertaking.”
A three-to-four-bedroom, 3,000-square-foot home in an upscale town like Varese that’s in move-in condition and has a small garden would be between $900,000 to $1 million, Ms. Giorgolo Spinola said. A larger property with more outdoor space and higher-end finishings would cost between $1.5 million and $2 million. Homes with sustainable features such as insulated walls, energy-efficient heating and cooling, and solar-powered energy are even more expensive. “These have increasingly become popular, and although you pay more upfront, you save in the long-term because the maintenance costs are lower,” Ms. Giorgolo Spinola said.
Milan’s environs see a large share of buyers from Switzerland, France, Germany and the United States, she said, adding that the proximity to both nature and the city is a primary draw.
Lake Como
Located less than 60 miles north of Milan, Lake Como has attracted elite and aristocratic visitors for several centuries, said Francesco Tesi, a luxury real estate and golf specialist at Lionard Luxury Real Estate. “This is, by far, the most prestigious and in-demand area to live in outside of Milan and one of the top in Italy,” he said. “George Clooney owning a villa here really put it on the home buyers’ map.”
Mountains surround Lake Como, and the area also features rich vegetation and charming villages, including Bellagio, perhaps the most well-known, as well as Cernobbio, Tremezzo and Menaggio.
The area has more than a half dozen golf courses, according to Mr. Tesi and Mr. Finardi. The Circolo Golf Villa D’Este is considered the most exclusive, not just in Lake Como but in all of Italy. Opened in 1926, it has hosted the Italian Open several times and has a renowned golf academy, as well as a restaurant near the 18th hole with mountain panoramas. “The golf is second to none. Serious golfers play here,” Mr. Finardi said.
Other courses in Lake Como include Golf Club Lecco, which has buildings that date back to the 1600s, and Menaggio & Cadenabbia Golf Club, which overlooks the lake.
Lake Como living is expensive, Mr. Tesi said. A lakefront property in need of a major renovation and with some outdoor space and a dock starts from $1,500 per square foot, and homes that are ready to move into run upward of $3,000 a square foot, according to Mr. Tesi. Inland properties are more affordable and start at around $700 a square foot for an updated home. “You won’t have direct access to the water, but you will still be in Lake Como,” Mr. Tesi said.
Home prices in Lake Como were steadily increasing each year before the coronavirus pandemic, but they drastically jumped afterward, he said, adding that properties currently cost 30 to 50 percent more than they did five years ago. Most buyers are from the United States, but residents of Switzerland, Germany, France and Canada are also buying, he said.
When they’re not golfing, homeowners and renters in Lake Como like to boat and hike, according to Mr. Finardi. They also visit local wineries for tastings and tours. “We will golf in the morning and sip wine in the afternoons,” he said. “Living here may be pricey, but it’s a lifestyle that’s fun on multiple levels.”
Lake Garda
Lake Garda is less than a two-hour drive, or about an hour’s train ride, from Milan. Not nearly as crowded with tourists as Lake Como, it’s replete with greenery and has mountains to the north, hilly vineyards to the west and east, and historical towns all around, Mr. Tesi and Ms. Giorgolo Spinola said. Those towns include Salò, Sirmione and Gargnano.
The area is home to at least a half dozen golf courses that are within 30 minutes of one another by car, according to Ms. Giorgolo Spinola. Each has a distinct landscape that offers a challenge no matter a player’s level.
Gardagolf Country Club is a favorite, Mr. Finardi said, and has 27 holes spread over more than 270 acres. The landscape features cypress, olive, pine and oak trees, and also stands out for Soiano Castle, which dates to medieval times. Golf Club Paradiso del Garda, built by the golf course architect Jim Fazio, is also popular.
The housing stock here is dominated by properties built in the past 50 years, Ms. Giorgolo Spinola said. “Properties are more modern than the ones in Lake Como,” she said. “You can find historic homes, but they’re usually run down and need total renovations.”
Still, Lake Garda is a more affordable place to live, compared with Lake Como, and home prices are 20 percent lower on average, she said. According to Mr. Tesi, a lakefront home in Lake Garda costs around $1,150 a square foot while one that’s inland but still has lake views is around $580 a square foot.
The lake has homeowners from Switzerland, Germany, Austria and Eastern Europe, Ms. Giorgolo Spinola said. They consider it an elegant place to live and, as the weather gets warmer, they play golf and revel in lake-centric pastimes like swimming, kitesurfing, water-skiing and boating.
