🔹 Lake Como is officially in “quiet season,” except nobody told the luxury market.
New luxury hotels coming in 2026, foreign demand still dominating, and The Economist confirms it: the ultra-rich only want scarcity and stories now.
Luckily, Lake Como does both naturally. Or so we thought till now.
-Simona
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🌟 Spotlight
The Great Luxury Correction
What’s Happening: The Economist wrote an article called “Why the Ultra Rich Are Giving up on Luxury Assets”. It also quotes 2025 Wealth Report, by Knight Frank (highly recommend to see their numbers).
Facts:
Knight Frank’s Luxury Investment Index is down -6% YoY, marking the first decline after a decade of growth.
Luxury Assets’ prices have dropped - top-tier Bordeaux labels are down -20% from their 2023 highs, second-hand Rolexes go for 30% less than in 2022, art prices dropped by 18.3% from 2023 to 2024.
The ultra-rich aren’t losing wealth - the number of global billionaires continues to rise, and the top 0.1% in the US now holds over 20% of national wealth (a historic high).
What’s changing is the definition of “luxury”: the wealthy now prefer scarce, unrepeatable experiences over objects.
Spending is shifting from physical goods to exclusive travel, special events, and elite hospitality offerings.
Ultra-luxury-services-index created by The Economist, recorded +90% since 2019, and keeps rising.
What does it mean for us:
The market wants scarcity + storytelling.
Ultra-rich buyers are shifting money from collectibles to unforgettable, scarce experiences, which boosts demand for high-end hospitality, tailored stays, exclusive events, curated services, and unique “only-here” moments on Lake Como.Luxury Assets are dropping in value because they are losing scarcity.
Lake Como, as a place, is no longer scarce as well - there are millions of one-day visitors who spend nothing to see the lake. Just the views will not be enough to attract HNWIs, businesses need to offer more.
Local businesses must upgrade the premium layers.
Restaurants, hotels, boat companies, wellness studios, and real-estate services will benefit if they add a premium tier: concierge treatment, priority access, bespoke experiences, private tastings, curated itineraries, or members-only services.
Are we missing something? Reply to this email and let me know.
🔹
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🏠 Real Estate
🏡 3 room apartment with private courtyard in Laglio ($): €265K · 95m² ·
Lake view, courtyard, has a wine cellar. Just decreased the price.
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🏡 Renovated Loft in Period Villa, Menaggio ($$): €495K · 105m² ·
Villa built in 1900, apartment completely renovated in 2022. 2 bedrooms.
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🏡 3 Room Penthouse in new project, Como ($$): €870K · 136m² ·
Will be done in September 2026. Has terrace, large windows, Palazzo Vittoria proj
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That’s all for this week!
Did you have an interesting insight, fact-check, opinion? Drop me an email - I might feature you in the next issue.
P.S. Your feedback is very helpful to make this newsletter more valuable. Keep it coming!
-Simona
