Elegant villas line the steep banks of Lake Maggiore, the largest of the Italian lakes. A 20-minute drive west of Lake Como, Maggiore is beginning to rival its famous neighbour as the place to find a substantial holiday home.

Villas cost between 30 and 50 per cent more in Como than in Maggiore, and the best waterfront villas can be as much as double the price, according to the agent Knight Frank.

The fuss surrounding Como peaked when George Clooney bought here: prices shot up and the Versace family subsequently sold their villa for a reported €30million (£24 million).

Summer houses built by the French aristocracy line the shores of Lake Maggiore. Many are tied up in family estates but some come to the market and are well priced for their size and cachet.

A two-minute drive from the belle époque town of Cannobio, the Saillard estate is being sold off piece by piece. The Saillards have just put the largest, Villa Sasso, below, on the market. The asking price is €2.7 million for 70,000 sq ft plus boathouse.

Villa Frarnisi, also for sale through House&Loft, a Milanese estate agency, has seven bedrooms, all with a view of the lake and the Borromean islands. It has no official price as the owner is awaiting an overtly generous offer, possibly from a Russian.

The two villas mentioned are among a handful for sale, most of which House&Loft is not at liberty to discuss. Serious buyers will find no such discretion in response to their own inquiries.

houseloft.com tel: 00 39 02 76 01 70 10

Times recommends

• Spanish property: why it's crunch time on the Costa del Sol
• Strong Euro and credit crunch impact overseas property buyers
• How to find the perfect Paris pied-a-terre