ARTICLE

Buying in Corfu, Greece

The Greek island of Corfu is the second largest Ionian island, and one of the most popular Greek destinations for British visitors. Since the 1950s, it has been a popular holiday destination with Brits, who make up most of the 5% of foreign citizens owning a property here. Because the Corfiots haven't been as savvy as other Mediterranean countries in marketing to the Brits, and because of stricter building laws, prices in Corfu are still lower than elsewhere.

Buying in Corfu, Greece

The buyers: Angela and Lorraine
Friends Angela and Lorraine are both divorced with two teenage kids. Angela is a teaching assistant, and Lorraine works in sales support.

They got to know each other when Angela taught Lorraine's son at primary school, and since then they have remained friends, going on holiday together several times.

For the past three years they have been thinking of buying a holiday home together, and now they're ready to take the plunge. Initially, they looked in Turkey and Cyprus (they were actually going to buy an off-plan villa in Turkey, but the sale fell through eventually), but are now looking at Corfu and other Greek islands, primarily, because house prices here are still lower than in Spain, France or Italy.

If they do end up buying a property, their children will be joining them on holidays, so there has to be plenty of space to accommodate them. Their budget is £180,000, and they are looking for at least 2-3 bedrooms and an open-plan kitchen-lounge, as well as sea views - and a communal pool for the kids, if possible.

Why Corfu?
Corfu has some of the world's best beaches to discover, such as Avlaki Beach, which is on the North-East of the island, situated between Aghios Stefanos and Kassiopi. Or you could explore the island on horseback - such as taking a trip along the coast, with some of the most amazing sea views and fauna along the way.

The area around Kalami, on the North-East of the island, is one of the plushest and most sought-after areas on Corfu - it's called the ''Costa Kensington'' because of its high concentration of luxury villas along the coast line. This area has many great places to eat including Nikolas Taverna, which holds a traditional Greek dancing night every week.

Catherine's tips for buying in Corfu

  • As Greece is member of the EU, there are no restrictions on Brits wanting to buy property on Corfu (except for having to get a resident's permit after three months).
  • The buyer will have to pay for the notary and land registration fees (around 2%), as well as the transfer of property taxes (between 9% and 11%) - in general, you should add at least 15% to the purchase price of your property to cover fees and initial taxes.
  • A person from another country wanting to buy a property in Greece will need to obtain what is known as a ''pink slip'' for wire transfers of money from abroad, to demonstrate the origin of the money involved.

    The estate agents we used
    1) Corfu Home Finders Contact: Sarah & Diana Tel: +30 266 103 3416
    2) Petra Constructions Contact: Angela Daykin Tel: +30 266 305 1362
    3) Luv Corfu Properties Contact: Hilary Paipeti Tel: +30 266 105 2833
    4) K&K Property Services Contact: Mikhaila Tel: +30 266 306 4873

    For a millionaire moment
    Ionian International Contact: Piers Williams T. +30 26630 82048

    Hotels
    Grecotel Eva Palace Tel. +30 26610 90003 Villa Plus Villas In the UK Contact: Simon Tel. +44 (0)1727 836686 In Corfu Contact: Vanessa Tel. +30 266 3091 657

    Other useful links
    Dimitri's Horse Riding Contact: Dimitri Tel. +30 6977 399481
    Avlaki Beach and Boat Ride Contact: Spiros & Sarah T. +30 2663091460
    Taverna Nikolas Contact: Pericles Tel.: +30 266 309 1136 / 1243

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