The better-known Lakes Maggiore, Como and Garda draw the Hollywood stars and make the headlines. But growing numbers of property in Italy investors have instead discovered the delights of the peaceful banks of nearby Lake Iseo, almost unheard of outside Italy but one that is no less enchanting than the area's more popular waters. Iseo features equally attractive real estate opportunites, in particular those that have breathtaking views overlooking the lake's banks. But they are much cheaper, with prices scarcely 50% of what you would face in Lake Garda, just over 30km away. Typically, around Euro 210,000 should pay for a three bedroom property near the lake, while from just $135,000 you can land a two bedroom flat with lake view and garden or terrace.

In addition there are four airports lying within an 80-minute drive – Milan's Malpensa and Linate, Bergamo's Orio Al Serio (sometimes called Milan Bergamo) and a fourth in Brescia. A clear pointer to the growing attraction of Lake Iseo can be observed in the gradually rising number of cars displaying Dutch, Belgian, French and German number plates on Iseo's charming streets and avenues in the holiday season.

Stef Russo, director at Italian real estate finders The Property Organiser, said: "We're urging our clients who are mulling over lakes such as Maggiore, Como and Garda to certainly consider Iseo. It's an area that is relatively unknown, unaffected by mass tourism and within easy reach of a clutch of airports as well as the Swiss border. We believe the real estate market here can only rise in the next few years."

To back up the point, real estate prices across Italy's lakes went down by more than 4% – reaching nearly 9% in some towns overlooking Lake Maggiore, a report last year by real estate group Tecnocasa revealed. Lake Iseo weathered the storm best, showing a much more modest 1.8% decline.

Lake Iseo is between Lakes Como and Garda and a few kilometres north of Brescia and Bergamo. Milan is around 85km south-west, or an hour by train and an hour and a half by car.

It is Italy s seventh largest lake, some 24km by 5km , runs north to south and is overlooked by mountains. It is the perfect spot for people who like to swim, dive, sail, windsurf, water-ski or fish.

Lake Iseo also has Mount Isola, with around 2,000 inhabitants. The two-mile isle is linked to the shore by regular ferry services. With practically no cars, the isle has an oasis-like calm and is perfect to be explored by walking or cycling, in particular the paths to a church at the top of the island. The island has a thriving net-making industry, which started with fishermen's nets but later expanded to include hammocks and tennis and volleyball nets.

Back on the lake's shores, the most picturesque towns are on the eastern side, such as Iseo, Marone and Sulzano. Iseo is home to the greatest number of things to see, including an unfinished 900-year old church.

The surrounding countryside has several charming medieval buildings that can be found by exploring on foot, cycle or horseback. And in winter, the ski slopes of Montecampione are particularly popular. Be aware that with the Alps close by, some walking and cycling paths are somewhat steep.

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