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Nestled in the Ionian Sea, Corfu is a picturesque island with a rich history that dates back to ancient Greece. Known for its striking combination of Venetian, French, and British architectural influences, Corfu's Old Town is a UNESCO World Heritage site. The island is replete with historical sights such as the Achilleion Palace, Mon Repos, and the iconic Old Fortress. Geographically, Corfu is located off the northwestern coast of Greece, providing breathtaking views and pristine beaches.

Luxury Real Estate Market in Corfu

The exclusive property market in Corfu is currently strong, with high demand often outstripping supply. Affluent buyers are particularly drawn to the island's stunning views and premium locations. While many properties are part of sought-after developments, there are also private, bespoke residences that cater to those seeking the utmost exclusivity.

Political and Economic Stability in Corfu

Corfu enjoys a stable political and economic environment, contributing to its appeal as a prime location for luxury home investments. The island is part of Greece, a European Union member, and benefits from the country's reliable legal framework and stable economy.

Costs Associated with Buying Luxury Property in Corfu

When purchasing a luxury home in Corfu, buyers should account for various additional costs. The standard real estate commission in Greece is approximately 2% for both buyers and sellers. Transfer tax is charged at 3% on the property's value. Buyers should also consider notary fees, which typically range between 1-2%, as well as legal and inspection costs which can vary.

Tax Considerations for Property Owners

Corfu follows Greece's national tax policies. There is a property ownership tax, known as ENFIA, levied annually depending on the property’s characteristics and location. The capital gains tax applies to profit made from selling properties that serve as second homes. Corporate tax on profits for registered companies is 24%, while income tax for residents varies from 9% to 44% based on income levels.

Mortgage and Financing Options

When considering financing, Greek banks generally require a down payment of at least 20-30% from foreign buyers. The mortgage amount typically does not exceed 70-80% of the property's purchase price, depending on the buyer's financial standing and income proof.

Prime Residential Areas in Corfu

Some of the most prestigious residential areas include areas like Kanoni, Kommeno, and Kassiopi. These neighborhoods are renowned for their luxury villas and proximity to breathtaking beaches. Properties here often come with private pools, expansive gardens, and direct access to the sea.

Accessibility and Infrastructure

Corfu is highly accessible, with the Corfu International Airport "Ioannis Kapodistrias" offering direct flights to major European cities. Ferries provide regular connections to Greece’s mainland and Italy. The island's road infrastructure is well-developed, allowing easy navigation across its scenic landscapes.

Education and Healthcare Facilities

The Ionian University, located in Corfu Town, adds a cultural and educational dimension to the island. Hospitals and clinics such as the General Hospital of Corfu offer comprehensive healthcare services, ensuring residents have access to quality medical care.

Climate and Lifestyle

Corfu boasts a Mediterranean climate with hot, dry summers and mild, wet winters. This weather, combined with lush green landscapes, makes Corfu ideal for outdoor activities like hiking, sailing, and golf. For luxury shopping, Corfu Town hosts an array of boutique stores offering high-end fashion and bespoke goods.

Cultural Scene and Events

Culturally vibrant, Corfu is home to annual events like the Corfu Carnival and the Corfu Summer Festival. The island’s cultural institutions, including the Archaeological Museum of Corfu and the Museum of Asian Art, provide rich insights into its historical tapestry. By choosing Corfu as a destination for luxury real estate investment, one can enjoy a harmonious blend of exquisite properties, serene landscapes, and a vibrant cultural lifestyle, making it a perfect island retreat.