property magazine for corfu with lifestyle and travel Island Magazine

25/3/2007

A warm welcome to ISLAND, the new bi-monthly Corfu magazine

First issue May 2007. Published bi-monthly, ISLAND is a lifestyle magazine for Corfu, in full colour, featuring articles on subjects such as Fashion, Culture, Food, Travel, Eating out, Property, Interiors, Interviews, Motoring......you get the picture..

If you would like to know more, or would like to subscribe, and join the Corfu experience, simply email mail@islandmagazine.gr.
www.islandmagazine.gr

3/12/2006

AND THE BAD NEWS GOT WORSE ......

We already were seeing an increase in prices on new properties, since after 31/12/05 all new planning permits issued carry VAT of 19% when the properties are sold. Many of the completed properties currently on the market are built with permits issued before this deadline, and therefore are proportionately lower priced. In addition to this, law has just come into force on 1/3/07 which will virtually double the cost of a new planning permit, and its associated costs.

This means another increase in cost to buyers which bears no direct relation to the actual value of their property, although obviously gradually, 'selling on prices' will level these differences out. For the time being it will definitely benefit clients considering buying in the near future to do so as soon as possible, and take advantage of the remaining properties which are marketed under the old price structure.

2/12/2006

STEPS IN THE RIGHT DIRECTION....

BRITISH AIRWAYS have begun their direct flights to Corfu through GB Airways, to Corfu from Gatwick 3 days a week. Last year they began direct flights to Crete and Rhodes and we can only hope that these initial flights to Corfu will be well-subscribed, and might encourage them to consider a 'year round' schedule. Full details from www.ba.com.

These flights will be bookable on a 'one way' basis, and this means that along with Thomas Cook, Avro, Thomsons and Excel who also sell one way flights, in both directions, it gives greater choice to clients wishing to book just a short trip to look for properties. Several publications have already remarked upon the boost this should give to the property market, since the airline have promised they will consider a longer season than previously. This will also open Corfu for consideration as a short break holiday destination, and assist owners who want to visit their properties more often than previously possible. This in its turn, increases the potential for investment.

MORTGAGES are becoming increasingly more available for property in Greece. Previously there was a wide choice of finance available for France & Spain, but buyers in Greece often had to release equity in their UK homes rather than raise finance for greek property. Mortgage lenders are mainly banks, who will lend up to 80% of the value of a property, or 70% for land. Period of the mortgage is up to 25 years (up to age 65 of the borrower) They will also consider interest-only for a period of up to 2 years. At present they require proof of income, and are not keen to consider the rental potential of the property as income. If you would like more information, please email us at info@corfuhomefinders.com.

CURRENCY EXCHANGE is a major issue when you buy your property and transfer funds for the purchase. A recent Sunday Times financial article has concluded that it is possible to have a variation of up to £3,000 in the transfer of £100,000 through various banks, financial instituations and currency exchange specialists, with considerable differences in rates and commissions.

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