Slight reduction in real estate prices expected in Corfu in 2024

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

MARIA BAZDRIYIANNI