I would make the comment that they become more expensive during the summer (similar to open top cars I guess) and that price trends will reflect those in the country from which the buyer originates. Having kept a careful eye on such matters the Corfu prices do seem to be performing well at the moment. There is a general trend for 2nd homes oversea's but us brits tend to look for 'investment return' above anything else and there may be a move to other countries.
If you are purchasing because of your love of Corfu you may wish to think about doing it in the winter months when there will admittedly be less available on the market but there will also be fewer buyers around and maybe it is easier to get a better deal.
Message posted by Susanna on 12 July 2006 at 7:32pm - IP Logged
Sorry to disagree, Mike, but as far a I know, prices do not change at all from season to season. Anything reasonably priced sells very quickly, other properties hang around for years. Owners quite often ask unrealistic prices - as, of course, they are entitled to do - but then their houses don't sell, and sometimes it makes it appear as if properties are "worth" the asking price, which doesn't necessarily follow.
Having said that, prices are rising, and demand is high.
Message posted by John and Hilary on 12 July 2006 at 8:11pm - IP Logged
As Susanna states , reasonably priced properties sell quickly , moreso the older village type properties .
The luxury villa type new properties over the € 500,000 mark are very , very slow in moving . The location and design / fittings have to be A1 to even stand a chance of selling .
People looking for property in that range think , Hey , we can buy the land and build for € xxxxxx less than that . What they do not take into account is the length of time / stress / visits / research / paperwork / accountancy / etc . that actually go into building your own place from scratch . Fine , if you have 3 years to waste .
When we started looking for a property 6/7 years ago there were only very old properties that required extensive work to make them habitable. We did not possess the skills to arrange and manage this kind of project from a distance. Our Greek friends suggested we by land and build, this also seemed very daunting. We did though acheive this in a relatively pain free manner. I personally though would have prefered (at that time) to find something I could purchase already completed. However this has now become very popular, this is evident by the amount of regulars to this site that have built or are building in Corfu. This will surely, in a few years time change the market place, with people who have built now deciding to sell, and people looking for houses in Corfu faced with the prospective of being able to by a relatively new home already built.
Message posted by John and Hilary on 12 July 2006 at 10:59pm - IP Logged
Thank you for that John and Hilary - I know you agree that as purpose built homes come on the market they will attract attention from overseas buyers, because as it turned out, wrongly that was what I was looking for, because that was what I was used to. I am glad now I had the chance to decide on the planning of my house
Message posted by pete b on 13 July 2006 at 12:01am - IP Logged
Ok, thanks for all the replies above. It would be very interesting to know if anyone had bought a renovated, or newly built property in the last 2 or 3 years and then sold it on. If so did they manage to show a profit?
We have noticed that there are quite a few unrenovated properties which have dropped in price since last year, presumably this is a reflection of the views above that a property needs to be fairly priced to sell.
Any more comments on this subject would be most welcome.
We were told when we first started looking by an 'estate agent' that they did not value any properties. They were instructed to sell at the price the vendor decided. Since people have found they can buy land and build cheaper they are finding the prices they are asking are over and above what people are willing to pay, they may have then decided to reduce the price. Having said that many will continue to demand the price they want without any reduction.
Message posted by John and Hilary on 13 July 2006 at 11:07am - IP Logged
You will probably find that the places you have seen to be reduced in value are not actually being marketed at the value the seller is asking for . Indeed as much as 40% could be added by the agent if they think that is the price they can get . A nice little earner !!
Message posted by Mike & Sue on 13 July 2006 at 11:28am - IP Logged
I think you are saying the same thing. Prices go up when more foreign visitors are there.
January to March is a good time to strike a deal. Money from last seasons tourism is drying up and suddenly that old house looks a whole lot less attractive than a big pile of Euros!
Pricing is a strange thing indeed in Corfu. But I suspect that this is as much because the market is quite young and prices demanded are based on hearsay from what others may have achieved to the last foreign buyer.
The Corfiots are only trying to realise the potential of their assests worth, same as any of us would on our homes. Interestingly though because most of the land and property are unincumbered with debt they can wait out until they like the offer on the table.
Despite my own bad experience of buying out there I dont think there is a conspiracy. Actually I have now succeeded in buying a piece of land and the building starts September and should be finished in May.
Now from friends building in Bulgaria i know a lot of purchases out there will never be built!
Message posted by Mike & Sue on 17 July 2006 at 7:29pm - IP Logged
Well if you dont ask you dont get!! If a purchaser is prepared to pay what you are asking then thats what its worth! Not really any more scientific than that although in the UK there are usually plenty of houses of a similar nature to compare prices and so everyone is that but better educated as to what they should (or shouldnt) be paying
Message posted by CorfuSoon on 17 July 2006 at 11:23pm - IP Logged
It is true that agents are only rarely asked to "value" a property, and in my experience the price the seller comes up with exactly corresponds to what he wants to do with the money he gets. (i.e. I want to buy my son a flat in town. Flat in town costs xxx. House is village is "worth" xxx).
I think you will also find that there are often unseen "agents" involved in any property transaction. In other words the taxi driver, or butcher, who has told you about his friend who has a good cheap plot of land for sale, is very unlikely to be doing it for nothing.
Actual Estate Agents are very unlikely to inflate prices because it is in their interests to SELL property rather than just have huge lists of properties for sale.
I know this is skirting round a potentially problematic topic, but I hope this post is allowed to remain, because I have really tried to be impartial and explain how things are.
I would be very interested if there was someone out there who could actually visit my property an give me an idea of what I could actualy now sell it for, based on it being new and ready to move into.
Message posted by Ray and Gisela on 23 July 2006 at 10:01pm - IP Logged
Put the house up for sale - ie think of a price then double it and then see what you get offerd you would then have your price . You do not have to sell the house , no sale no fee . And SC if you wanted gust to make a profit you schould have worked that out in the first place . Have fun. you may get sumone that will pay doubel its werth .
Interesting idea, only it doesn't work like that! Most Estate Agents wouldn't accept a property on their books at an inflated price (it upsets everyone's conception of the market). If by some chance you could persuade someone to advertise the property, if the price was double its worth, you simply wouldn't get any requests to view. Not many buyers will ask to view unless the price is vaguely within their range.
Message posted by Ray and Gisela on 25 July 2006 at 7:58pm - IP Logged
Thank you Raymond - it is difficult to know about prices of property on Corfu because even some on the houses 'in need of renovation' can be marketed at fairly high prices. There is currently very little available that are new and could be just moved into. I suppose it would just be if the right person come along at the right time - you could perhaps come up trumps. I have though received a very kind offer from someone in Corfu who knows about these things to value the house for me next time we are in Corfu.
Message posted by Ray and Gisela on 27 July 2006 at 7:37pm - IP Logged
You are so right miss Demeanour it is Sunset Beach in Peroulades appro 8 mins walk from my house - paradise.
Thany you Ray for your help and posts
Message posted by stevie f on 28 July 2006 at 5:29pm - IP Logged
SCRIPT>Hi Sylvia, A lot depends on the size of your house(obviously) how much land you have and what area you you live.Looking on the CPA site you can compare like for like but from my experience the nearer to the beach you are the higher the price.The North East being the dearest,the coast next and the inland villages the cheapest.If you have built a house yourself,whatever it cost you,it is going to be worth a considerable amount more whithout the builders profit to add on.House prices are growing at a steady rate in Corfu mainly due to the English,Dutch and German demand but also with the building of the tunnel from the East of Greece to Igouminitsa which has cut back travelling time from the mainland and the Balkans. Regards,Stevie.
I think Stevie means the tunnel at Preveza and the bridge at Rio which combined with the brilliant motorway into the centre of Athens, have seriously cut travelling time to the capital.
Message posted by stevie f on 28 July 2006 at 7:05pm - IP Logged
Thanks Susanne,you know what i mean. Also with the new motorway it will open up Greece and Corfu to new visitors,Stevie. The 680km Egnatia Motorway, when completed, will run across Northern Greece from its starting-point at Igoumenitsa, across the Prefectures of Thesprotia, Ioannina, Grevena, Kozani, Imathia, Thessaloniki, Kavala, Xanthi, Rodopi and Evros, to the village of Kipi on the Turkish border. SCRIPT>
The house is approx 120 square m and has 2 Bathrooms, 2 Bedrooms, Family room leading out to the patio through 2 patio doors. Kitchen and lounge, which is upstairs with a balcony. Has central heating and air conditioning and is about 7 mins walk from Sunset Beach. 40 mins walk and 10 mins car ride into Sidari on the NE coast.
Message posted by Miss Demeanor on 30 July 2006 at 1:42am - IP Logged
I hope you do not mind me asking but as you have a house in Peroulades and I am looking to buy in that area I wondered if you knew of any old properties in Peroulades for sale? Also , how much would a plot of land cost in the area you are in, just a walk to the Sunset beach?
I know this is like asking "how long is a piece of string " and a property is only worth how much someone is willing to pay, but if you could give me a rough guide of the area prices I would appreciate it. I did view a house last year which I thought was a little overpriced, and it still seems to be for sale at the same price.
As this is a sensitive subject a PM might be in keeping.
Message posted by Terry and Julia on 30 July 2006 at 9:58am - IP Logged
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