Como's Clooney Effect

Whoever Clooney’s new neighbor will be, they will have deep pockets, and it’s very likely the purchase will not be their only residence.

After Clooney’s much-reported move here, in 2002—and the press and buzz that followed—Como moved into a new chapter. And in the years since the star’s arrival, the  Clooney effect has been accelerated by the onslaught of Brexit, the wanderlust-inducing years of Covid, and, in 2019, the passage of a favorable Italian tax law for foreign buyers.

The area has seen a huge uptick in international second (or third, fourth, or fifth) homeowners.

Historically, villas were kept within families, yet, as the appeal for the area grows, so does the home inventory. “Knowing that the market is going so well, locals sometimes put their property on the market just because they understand that they could make more money than in the past,” says Luca D’Angelo, a director with Sotheby’s International. D’Angelo’s clients come from all over the world, as close as Milan or as far away as Asia, the Middle East, and the US. They arrive looking at the top of Como’s market, with villas starting from 10 million euros to up to 60 million.

There’s a lot for sale in Como, and a lot that’s expensive. Homes, land, yachts—and even cans of Lake Como Air.

The rich were drawn to Como long before George Clooney took up residence, of course. The birth of “The Grand Tour” in the 18th century brought the northern Italian lake town, with its immense natural and architectural beauty, into the forefront of European—and then worldwide—obsession.

In the 1960s, Villa d’Este, which Edith Wharton wrote about in 1904 and played a starring role in Alfred Hitchcock’s 1925 film The Pleasure Garden, was an it spot for its beautiful, historic building and its new, see-and-be-seen floating pool.

In the decades that followed, however, Como was somewhat forgotten, and its grandeur began to fade, its beauty edged with signs of wear (as late as 2010 the bathrooms at the train station were mere squatter toilets).

The Hollywood icon’s arrival brought it firmly back into the spotlight. “His presence here has added a bit of magic to the area,” says Stefania Riva, who grew up in the area and returned to Como as an adult to work in her family’s business.

Once Clooney arrived, other celebrities followed suit—Madonna, Richard Branson, and Sylvester Stallone, to name a few. John Legend and Chrissy Teigen were married here, as were Emily Blunt and John Krasinski, and Jessica Biel and Justin Timberlake. Russian money moved in quickly and—more slowly—a smattering of tech bros.

Most notable in the years since Clooney’s arrival, however, has been the disappearance of an “off season.” Now, even in late September, visitors in shorts fill Bellagio’s streets, window shopping while drinking Aperol spritzes and the village is bracing for the arrival of a Ritz-Carlton in 2026, the first of the luxury chain’s hotels in all of Italy.

There’s a slightly more subdued crowd at Villa d’Este (where rooms begin at around $1,000 a night) than the be-shorted Bellagio sightseers. Many of the hotel’s health club members are locals, and Italian guests are not uncommon. But its close proximity to Clooney’s home and haunts is not a fact that escapes most here. A taxi ride from the Villa d’Este to Clooney’s favorite restaurant, Il Gatto Nero, takes just ten minutes and dining there is as much a must do as posing for a photo in Villa d’Este’s famous gardens.

“Older residents are trying to preserve the charm and slower pace that Como and his lake used to offer,” a local who asked to remain anonymous, says. “There’s an interesting mix of modernity and tradition here, but it requires effort from both locals and newcomers to maintain the delicate balance that has always made Como unique.”

The balance, it seems, is not so easily maintained. “The influx of tourists has changed the vibe of some areas,” Riva says. Local restaurants and bars have taken the hit, catering less to the locals and more to the tourists, up-charging food and lowering the quality. (Il Gatto has introduced a controversial 15 euro cover charge).

“Social life has shifted to places where we can experience the lake in a more intimate and authentic way,” Riva says, noting that locals are seeking spots further from the busy piazzas and waterfront. The lake itself, once filled with Venetian-style wooden boats, is now dotted with sleek Riva yachts, speedboats with room for just a few passengers and a whiff of James Bond—and Instagram-worthy—appeal.

“There’s a sense of loss among locals who remember a quieter, more intimate Como,” Riva says. Whether its new residents and visitors can preserve its charm is the challenge.