The Ionian Islands are a destination one cannot easily forget. Emerald waters, exotic nature and a variety of activities are only a few of the perks at the disposal of both visitors and residents. The pride and joy of the Ionian Sea, they are definitely a small paradise in the heart of the Greek waters, awaiting to be discovered.
Worth knowing about Ionian islands
The Ionian Islands consist of six large islands, namely Corfu, Paxos, Lefkada, Ithaca, Kefalonia and Zakynthos, and some smaller ones. Three of the islands have their own airport: Corfu, Kefalonia and Zakynthos. Lefkada is the only island connected to the mainland by a bridge. All islands are easy to reach by ferry.
Six islands, an area of 2,306.94 km2 and approximately 208,000 residents living in a density of 90/km2; these are the main figures regarding the Ionian Islands that you may want to know. Some additional interesting figure facts include that Corfu, Zante = Zakynthos and Cephalonia are usually among the top Greek destinations, gathering an astonishing more than 2,5 million international arrivals. The thriving tourism has probably contributed to the admirably low unemployment rate of Zante.
How is the Real Estate Market in Ionian islands?
Τhe Ionian Islands have been definitely gaining momentum when it comes to the interests of the potential buyers. The rise in tourism combined with the perks that the area has to offer have resulted in the steady development of the market. Corfu’s real estate market is actually more developed, compared to that of the rest of the islands. British, Italians, Germans and Scandinavians are among the top Europeans that choose to invest in the Ionian Islands.
According to fairly recent statistics, one can find a property with approximately 300,000 euros. When it comes to luxurious villas, the amount might approach higher figures. In Corfu, up until 2019, you could usually find properties around 3,500-5,000 euros/m2, while in Zakynthos - a choice that seems to be a favorite among German buyers - the usual prices are about 3,000 – 4,000/m2. Cephalonia and Lefkada seem to be the most economic choice, with an approximate price of 2,500/m2. With that being said, they might offer fewer options compared to Zakynthos, the king of the market among the 6 islands. Still, all of the islands’ market is promising and on the rise.
What types of properties can be found in Ionian islands?
The main interest seems to be gathered around 2-3 room properties with a view and walking distance to the sea. Zakynthos and Lefkada in particular have a variety of luxurious properties, many of which come with a pool and a stunning view. Ionian properties are a beautiful sample of architecture, combining Greek charm with British and Italian influences, resulting in elegant houses that meet the most demanding European standards. Ionian houses are bold and colorful, fitting in perfectly in the scenery, as if they are part of an art masterpiece.
- Newly-built properties
- Modern Apartments
- Beautiful contemporary apartments
- Luxurious properties
- Classical one-story houses from the interwar period, with coastal views
What are the advantages of buying a property in Ionian islands?
Living in the Ionian Islands has a lot to offer even for the most demanding. They have a rich culture which is reflected in their beautiful museums and wonderful traditions that its ever friendly residents so happily preserve. The Ionian nature is unmatched, offering sapphire waters, exotic beaches, imposing waterfalls and beautiful trails. All the above render it perfect for water sports, swimming, hiking, birdwatching and pretty much any other kind of outdoors activity. Apart from adventurous, the Ionian Islands can offer a pretty relaxing stay as well. Delicious dishes, beautiful cobblestone streets and a variety of sights such as castles and monasteries, make the perfect setting for evening strolls that combine history with aesthetics.
For the purchase of real estate property, the following are required:
- a valid passport
- a Greek tax identification number (AFM*)
- a certificate from the responsible tax office about the payment of the land transfer tax
What are the Costs and Taxes on Property Purchase?
The purchase costs & taxes for the purchase of property in Greece, are the following:
- Land register costs, imposed for the registration of the property at the land registry or cadaster office, amount to 1,0% of the fair value.
- Other costs such as the legal review of ownership (of at least around € 150) must also be considered.
- Real estate property transfer tax, which arises with the acquisition of real estate property or the acquisition of real rights upon property and is paid in principle by the buyer, before the notarial certification of the real estate property purchase. The current rate of land transfer tax is 3.09% of the purchase price.
- Notarization costs or notarial costs, always borne by the buyer, unless there is a different regulation. The basis of assessment used is the purchase price or the so-called unit value. Always apply the higher value. The certification costs are on average 1,5% plus VAT 24% of the underlying value.
More information about properties in Greece here.
