Corfu, a breathtakingly beautiful island in Greece, has long been a sought-after destination for the affluent. Its stunning landscapes, rich cultural heritage, and picturesque villages continue to attract discerning buyers worldwide.
The Corfu real estate market has been experiencing significant growth in recent years. According to the Hellenic Statistical Authority, the island has witnessed a 10% increase in property sales in 2022 compared to the previous year. Furthermore, there has been a 15% increase in the average price per square meter, with luxury properties now fetching around €4,000 per square meter.
A Flourishing Tourism Sector Fuels Demand
The thriving tourism industry in Corfu has played a crucial role in bolstering the island’s luxury real estate market. In 2022, Corfu recorded a 12% increase in tourist arrivals, with over 1.5 million visitors flocking to the island. This surge in tourism has led to heightened demand for high-end accommodation, driving up property prices and encouraging further development of the luxury real estate.
Top Locations for Luxury Real Estate in Corfu
Several prestigious areas in Corfu have become synonymous with luxury living. These include:
Kassiopi: Known for its exclusive villas and magnificent sea views, Kassiopi is a popular choice among high-net-worth individuals. Properties in this area can range from €1.5 million to €10 million.
Agios Stefanos: Another sought-after location, Agios Stefanos is home to many opulent villas and high-end properties. Prices in this area can reach up to €8 million.
Kommeno Peninsula: This exclusive enclave is characterized by its secluded beaches and exquisite properties. Luxury real estate in Kommeno can command prices as high as €15 million.
Factors Influencing the Corfu Luxury Real Estate Market
Several factors are contributing to the strong performance of the luxury real estate market in Corfu:
Increased Connectivity: Improved flight connections between Corfu and major European cities have made the island more accessible, attracting a growing number of affluent travellers and property investors.
Favourable Tax Environment: The Greek government has introduced a series of tax incentives, such as the Golden Visa program and reduced property taxes, to attract foreign investment in the real estate sector.
Rental solid Yields: The high demand for luxury accommodation in Corfu has led to impressive rental yields, with some properties generating returns of up to 8% annually.
Future Outlook for Corfu’s Luxury Real Estate Market
The future of the luxury real estate market in Corfu looks promising, with several factors pointing towards continued growth:
Ongoing Development: Several high-end residential projects are underway in Corfu, with more in the pipeline. These new developments are expected to meet the growing demand for luxury properties and further boost the market.
Increased International Interest: The recent surge in foreign investment in Greek real estate is expected to continue, with Corfu’s luxury market poised to benefit from this trend.
Economic Recovery: As Greece’s economy recovers from the financial crisis, increased consumer confidence is expected to translate into greater demand for luxury properties.