The more popular Lakes Maggiore, Garda and Como draw the international jetset. However, an increasing number of property in Italy investors are ignoring the herd in favour of the unhurried banks of nearby Lake Iseo, almost unheard of outside Italy but one that is no less enchanting than Italy's more famous waters.

Iseo features just as appealing properties for sale, especially those that have exquisite views facing its waters. However, they are significantly more affordable, with prices barely half of those 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.

On top of that, four international airports lie within a 60-mile radius – Milan's Malpensa and Linate, Bergamo's Orio Al Serio (sometimes called Milan Bergamo) and a fourth in Brescia. One indicator to the rising attraction of this hidden gem is evident in the growing number of cars with foreign registration numbers on Iseo's picturesque lanes and roads in peak season.

Ms Stef Russo, head of Italian property search specialists The Property Organiser, said: "We're urging our clients who are mulling over Italy's Lakes region to certainly consider Iseo. It's an area that is somewhat unknown, not spoilt by mass tourism and within easy reach of a clutch of airports as well as the Swiss border. We believe prices here will go up over the next few years."

To reinforce the point, house prices throughout Northern Italy's lakes slipped by more than 4% – plunging by nearly 9% in some Maggiore lakeside resorts, a study last year by property conglomerate Tecnocasa revealed. Around Lake Iseo, however, there was a less-than 2% contraction.

The lake is sandwiched between Lakes Como and Garda and a few miles from the cities of Bergamo and Brescia. Milan is around 85km south-west, or one hour by rail and 1hr 30mins driving.

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

The lake also contains Mount Isola, home to 2,000 people and Southern Europe's largest inhabited lake island. The 3km long island is linked to the shore by regular ferry services. Devoid of cars and buses, the island is very tranquil and is tailor-made to be seen by walking or cycling, in particular the paths to a church at the top of the island. The isle is also known net-making industry, which began with fishermen's nets but has since expanded to include hammocks and tennis and volleyball nets.

Back on the lake's shores, the eastern banks house the prettiest towns and villages, such as Sulzano, Sale Marasino and Iseo, with a steeper, rockier landscape on the opposite shores. Iseo has the greatest number of visitor attractions, including an unfinished 900-year old church.

The surrounding countryside is full of scenic vineyards and medieval monasteries and castles that can be discovered by exploring on foot, cycle or horseback. And in winter, Montecampione is famous for its skiing. Take into account that with the Alps close by, that a fair few of countryside walking routes cover exhausting uphill slopes.