First he ignored a number of well-heeled prospective buyers willing to pay more than US$25million for his mansion, now he's shrugged off the discovery of a 500lb arsenal of Second World War ammunition in the water less than 15 metres away. film star George Clooney is clearly so smitten with his $10million pad in Laglio, overlooking Lake Como in Northern Italy that he's not selling up anytime soon.

And maybe that should come as no surprise. After all, it is no easy thing to turn your back on the beauty of this region of Italy. Other well-known faces who live here include singer Sting, British entrepreneur Sir Richard Branson, Inter Milan manager Jose Mourinho and fashion guru Donatella Versace, while the family of late designer Gianni Versace sold their lakeside villa for Euro 30million. Such is its star quality that parts of Daniel Craig's first movie as hero spy 007 as well as Star Wars epic Attack of the Clones were shot here while Cernobbio, on the lake's south-western shores has the likes of Arnold Schwarzenegger, Angelina Jolie and Yves St Laurent among its fans.

Since Clooney bought his property in Laglio in 2002, near Cernobbio, visitors have included Brad Pitt and Matt Damon. Clooney also picked up a ramshackle building next to his for US$4million that has since been renovated into a guesthouse for his famous visitors.

Lake Como, in Italy's Lombardy region forms an inverted "Y" that begins at the foot of the Alps near Switzerland and runs south for around 35 miles. Its breathtaking views and the Alps forming a stunning backdrop make the area one of Italy's premier locations for real estate investors. Among the costliest as well. Clooney's presence brought about a surge in the housing market that at one stage saw values go up 25% in as many months. Ignore the worldwide housing slump, the situation here has remained steady, thanks to demand from Milan's wealthy elite and Swiss bankers. This part of Italy is choc-a-bloc with Euro 15million villas if you are after a sprawling home by the lake with a iconic Hollywood actor next door.

However, the good news is you don't need to have a movie star's bank balance to own a villa or apartment in Lake Como. In Clooney's adopted home Laglio, a 36-apartment lakeside complex recently came on the market with prices starting at Euro 137,600 to Euro 400,000 for a two-bedroom property. Some 10 miles north, in Lenno, you can find a new-build flat for just Euro 165,000. And in nearby Tremezzo, Euro 240,000 may be enough for a property with two bedrooms and lake view.

There are even better bargains away from Lake Como's southern stretches. Locations on the north-west banks such as Pianello Lario, Musso and Dongo are a great option on a Euro 200,000-250,000 budget.

In Pianello Lario, a lake-view complex 600 yards from the water's edge and wit communal pool has prices starting at a mere Euro 110,000. With the Alps nearby, rental potential is very good, up to around Euro 900 weekly. Gravedona, some seven kilometres north is cheaper still. Here, expect to pay around Euro 100,000 for a two-bedroom flat with a view over the water, although you may have to settle for being slightly away from the water.

Lake Como has attracted visitors from all walks of life for centuries. The Roman writer Virgil – it was Lake Lario in his day – spoke of its allure. Some years on, Roman politician Pliny The Younger had two villas here. Early in the 19th century Shelley wrote in glowing terms about how Como "exceeds anything I ever beheld in beauty". And writer Henry James was left spellbound as he gushed: "One can't describe the beauty of the Italian Lakes, nor would one try if one could."

It's easy to see why. Como is Italy's third largest after Garda and Maggiore and is just under 150sq km of tranquil blue water overlooked by mountains and woodland, a picture postcard of stunning beauty.

The scenery is stupendous from virtually throughout its 180km shoreline. But it's hard to top its central section of Varenna, Bellagio and Menaggio, where the lake breaks off into two forked sections, one ending in Como, the other Lecco.

Bellagio is dubbed The pearl of the lake and many Italians will tell you there is no town more stunning in all Europe. Take in its charming cobbled streets, gazing at the view, or hop on a ferry to Menaggio on the west bank or Varenna on the east, the snowy Alpine peaks soaring majestically in front of you, and you would be hard pushed to disagree. There are six airports nearby: Lugano in Switzerland is just over 30 minutes away, while Milan Malpensa, Milan Linate and Orio al Serio in Bergamo are all within 90 minutes. Slightly further afield are two more, in Brescia Gabriele D'Annunzio (some 1hr 40mins from Como) and Verona Valerio Catullo in the Veneto region (just over two hours).