Property News for Greece
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The Property Market in Greece is Developing
Greece is an interesting nation to consider when writing about property investment and buying homes abroad because whilst it is a hugely popular holiday destination, few foreign buyers ever buy second homes, retirement properties or even investment real estate in Greece. The reasons for this include the fact that it is expensive to buy on the mainland and on the islands, it is far from a simple experience thanks to a lack of centralised land registry, and because the government has made it all but impossible for overseas buyers to enter the market in the past.
But ironically, when all around us international property markets are flagging as a result of a global ‘credit crunch’ and more specifically because of stagflation in the UK, the property market in Greece is developing.
Pros and Cons of Property Investment in Greece
Despite the fact that Greece is often in the top three destinations for British holidaymakers, it has a wide choice of locations to consider for property investment purposes and it’s a country at a different point in the market cycle compared to Spain for example and it therefore continues to offer medium to long term potential, Greece is often overlooked by those seeking overseas investment property opportunities.
So, we thought we’d focus on highlighting both the pros and cons of property investment in Greece for you in case you’re seeking a new opportunity and so that you can make your own mind up about whether Greece does actually represent a good market for you to explore as part of your investment portfolio expansion.
Property Market in Greece is Buoyant
The Greek property market saw a sudden burst of activity towards the latter end of 2005 as many property development companies and building firms pushed to get their build permissions in place prior to the date upon which VAT became applicable to all new constructions in 2006.
This surge in activity was followed by a push on the mortgage market in Q1 2006 as buyers bought into the new wealth of stock on the market and then everything quietened down for a while…but now once again the property market in Greece is buoyant and the leading local lending institutions are confident that this level of heightened activity will pervade at least throughout 2007 - which is good news for those with Greek real estate assets to sell as well as those contemplating developing property in Greece or considering off plan investment for a potential short term turn around on capital.
Greece Property Market Changes Sought
Greece is one of the most blessed countries in the world – it is rich in natural beauty, it has an abundance of ancient history, it has an idyllic climate, it is accessible, it has beaches and islands, mountains and cities, the food is fantastic, the people are welcoming and the climate is ripe for investment. However there is an incredible lack of clarity and transparency in the property market that is now severely restricting Greece’s potential; as a result a group of international and powerful representatives from the real estate development and investment marketplace are lobbying the Greek government seeking significant Greece property market changes.
Accessing Property in Northern Greece
As industry in Northern Greece grinds to a halt and the local economy begins to bend under the strain of dependence, a new wave of hope is surging through the coastal areas from Kavala to Thessaloniki as record numbers of tourists are arriving from the former communist states that Greece shares borders with and from Russia and the Ukraine as well.
Property for Sale in Paxos, Greece
The property market in Greece has been slowly and steadily growing as demand for investment properties and holiday homes on the main Greek islands intensifies and local spending power and demand for housing increases. Many local Greek estate agents estimate that on average property prices have increased by around 10% a year in the most popular hotspots recently, however property for sale in Paxos, Greece has been increasing by about 30% annually - and yet the island remains a little known secret…
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