Thursday 25.07.2024 ΚΕΡΚΥΡΑ

Slight reduction in real estate prices expected in Corfu in 2024

real estate
30 Nov 2023 / 10:06

CORFU. Advertisements for short-term accommodation rentals from property owners are gradually appearing, aiming to fill the gap during the winter until the new tourist season begins.

The new year is expected to bring a slight drop in rental and sales prices in the Corfu real estate market. Experienced real estate agents estimate that the price reduction will be around 5%, due to both the rapid decline in medium and low income clients, as well as the fact that financially, the year did not bring the expected results, despite having more visitors than last year.

Real estate agent Dionysis Pagalis told Enimerosi that the demand for properties from small and medium income clients has fallen by 60% - 70%. "The economic situation in Europe has affected the situation," he said. "We lost the Polish, Romanian, and in general the Balkan clients who bought small plots worth 35,000 - 40,000 Euros with a view to build. These plots were exceptions that were within their financial reach. These have now been greatly reduced. They cannot now purchase plots worth, for example, 120,000 and spend additional money to build."

He added that the anticipated decrease in prices from the new year is also related to the fact that people are now more restrained in their spending. "This year may indeed have had more visitors than in 2022, but people were not spending money," he said. "People were able to spend more freely in 2022 due to the money accumulated due to the pandemic. This did not exist this year."

Rented accommodation

Regarding the current situation in the real estate market in Corfu, it has not changed at all, with the issue of availability remaining at the forefront. There are few properties being offered for long-term lease and these are at astronomical prices.

For example, furnished two-bedroom apartments in the town are available for an average of 450-650 Euros per month, and outside the town for 500-550 Euros. Furnished three-bedroom apartments within the town and its outskirts (e.g., Alykes, Potamos, Alepou, Kanoni) are going for 600-850 Euros.

As for detached houses in suburban areas (e.g., Garitsa, Kanoni, Kouloura, Kanalia, Alepou, Gouvia, Kato Korakiana), the rent, depending on whether the property has been renovated, is furnished or unfurnished, the size, and the amenities, ranges from 600 to 1,000 Euros, estate agent Eva Papavlasopoulou told Enimerosi.

Available until April

With the official end of the tourist season, advertisements for short-term rentals from property owners are gradually appearing, aiming to fill the gap during the winter until the new tourist season begins.

On property rental platforms, ads have already begun to be posted with the note that the apartment, bedsit, or studio is available until mid-April or at the latest by the end of May. "This happens every year at this time," said Mr. Pagalis. "About 30% of these properties are available for rent in the winter. They are mainly targeted at educators and students."

As he pointed out, the situation with short-term rentals via well-known platforms (e.g., Airbnb) has not changed in Corfu; on the contrary, it has worsened. He said that there has been a steady increase of 15%-20% in the use of properties as Airbnb, as more and more people seek extra income, taking advantage of a house they own.