Corfu property market puts up resistance to pressures

By Nikos Roussanoglou

A survey by Savills has revealed increased interest in Corfu’s property market. The report by the international estate agents on areas in high demand by holiday home buyers has identified the northernmost Ionian island as one of the most attractive destinations in the country’s property market for buyers from abroad, especially pensioners from Northern Europe.

The Savills analysis shows that property prices on the idyllic island have declined by 30 percent on average since the start of the financial crisis in 2008. This decline mostly concerns the northeastern part of Corfu, which is the most popular among foreign buyers. This contrasts with a drop of over 50 percent in the country’s main towns, Savills notes, which highlights the resistance the local market is putting up to pressures.

Analysts say that this resistance is attributed to the participants in this particular market, who were always of a higher socioeconomic level – i.e. people least affected by the financial crisis. Traditionally most international buyers on Corfu are from the UK, Germany and France, but Savills expects a rise in buyers from China and Russia.