Did you know that many Russians consider Corfu Island a “hot spot” and perfect hideaway in which to buy residential property? In fact, over the last few years, many high net worth individuals from Russia have been buying luxury properties and staying in Corfu.
Corfu’s attractions for international buyers are obvious—its beauty, environment and culture have drawn tourists and international residents from all over the world. For Russian buyers, this beautiful island holds a special allure due to a long-standing connection with Greece; similar religious backgrounds; and services and luxury properties that hold a special appeal for the Russian buyer. These factors make Corfu a more obvious choice for investment property than locations such as Monte Carlo, Monaco, and Saint Moritz.
Historical and cultural connections
Corfu was under Russian protectorate from 1800-1807. During this time, the first governor of Greece, Ioannis Kapodistrias, emerged as liaison between Greece and Russia. In addition to this political link, there are deep cultural and religious ties between Russia and Corfu, with the majority of Greeks and Russians practicing the Eastern Orthodox faith.
In fact, Saint Spyridon—the patron saint of the Corfu—is a prominent saint in Russian culture, second only to Saint Nicholas. For this reason, many Russians visit the church of Saint Spryidon to pay homage to this important religious figure.
Luxury properties
This long-standing connection has resulted in many affluent Russians visiting Corfu over the years. One of the most popular destinations has been Kommeno—a very posh suburb where a favorite accommodation is the Imperial Grecotel. This resort by the sea has even employed Russian speakers and tour operators.
Currently, a number of very wealthy Russians in Corfu are seeking high-end properties upwards of 3 million Euros. The attraction to invest in Corfu is growing—with the yachts of Dmitry Rybolovlev and Roman Abramovich making annual visits to the island; the approval of an investment project with NCH funds in the heart of “Kensington on Sea”; and the purchase of the old Club Med by a Russian company with plans to build a luxury hotel.
Services and Benefits
Russian visitors, investors and residents can find extremely good services to help with their every need, including yacht rentals, high-end villa rentals, private car and driver services, a personal concierge and official translation services.
In addition, investors who purchase property of over 250.000 Euros can be part of a VISA program allow for automatic 5 year residency permit, which can also be used for travel through the Schengen countries.
CPA (Corfu Property Agency) has personal experience in working with Russians seeking property in Corfu. The cultural connections, amenities and benefits for Russian investors and the reasonably price luxury property make it the right time to consider property for sale in Corfu before the prices reach the level of St. Tropez or Sardinia. In fact, CPA was at the MITT (http://www.mitt.ru/en-GB) show last week and notice that Greece’s presence was bigger than ever before!
This means that the future looks bright for Russian’s buying more properties in Corfu.
For more information visit www.corfuluxuryproperties.com
