Greek Real Estate - Own a Piece of History

By: Sacha Tarkovsky

The Hellenic Republic (Greece) has always been one of the most appealing places to live. From the most ancient times people settled there for its wonderful weather, superb sea, and agricultural wonders.

Owning some Greek real estate can give one a sense of having bought a piece of history give the the opportunity to make steady and consistent capital gains and provide a great lifestyle at affordable prices.

There is really nowhere else like it on earth. As the Greeks like to point out, the Gods could have settled anywhere, but they picked Greece.

Distinct Markets
The real estate market in Greece falls into two basic categories, commercial and residential.

However in both cases, there is the well developed areas of Athens and Salonika, and then the touristic areas of the Greek islands and coasts.

In all cases the market has been performing steadily upwards since the end of WW2.

The Greek real estate market is also as popular with non-Greeks as it is with the Greeks themselves.

Florida of the EU

As in the Florida phenomenon in the United States, Greece is becoming an increasingly popular place for aging Europeans and others to retire.

Health care is as good as anywhere else in the EU, the local populations is typically multilingual and the weather provides a summer of 8 to 9 months a year.

For sheer beauty and cleanliness, the Greek seas are unbeatable in Europe. Property prices rise at a moderate but consistent rate.

The Commercial Market

By far the most developed real estate opportunities in Greece are the touristic sites in the commercial market.

Many hotels in Greece are now owned by non-Greeks, and in all areas; the cities and the islands/coasts. Typical sale and purchase margins are all double digit and can easily exceed 35% to 40%.

Greek and Foreign banks in Greece are now loaning substantial funds to finance commercial purchases. Tourism in Greece has been on the rise ever since the 2004 Olympics.

The Residential Market

The residential market in Greece is certainly dominated by the Greeks themselves; but only in the cities.

There are whole areas (Mani, for example, in the Peloponnese) that have become German and Swedish colonies. Areas near Salonika (Porto Carras) are also fully developed with villas of all sizes and sorts.

Typically the buyers do not sell once the purchase is made, as it appears to be retirement settlements.

There are any number of reputable real estate brokerages in Greece ready to assist the potential buyer.

However there is no substitute for actually traveling to Greece for an extended vacation, and learning directly about the climate, geographical situation, law and regulation, Greek foods and customs, and financial (banking) assistance.

Getting Around in Greece to Investigate Real Estate Opportunities

It is very easy to rent a car to drive around Greece. There are many ferry boats that can transport you to the islands, and the road system, even to remote mountain villages is well developed.

The Greeks are a hospitable people, and take great pride in entertaining visitors. While investigating the real estate opportunities, you can also get to know the Greeks themselves, and decide (like so many have) that this is a great place to live and later retire.

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