Investing in Greece

by : Les Calvert

There's no greater historical country in Europe than the place where the continent's civilization originateeveryone intrigued and longing to visit the country at least once in their lifetime. The country that has produced great thinkers, like Aristotle, and some famous places, like Athens, Corinth and Sparta, is now, a modern country with every remnant from the ancient civilization and not-so-ancient history intact.

If ancient Athens was the cultural and artistic centre of the Mediterranean, producing magnificent works of architecture, sculpture, drama, and literature, then the modern Athens represent everything that money can make possible with a comfortable and lively lifestyle on offer. That's why, a Greek property is always regarded as the prized possession for every investor.

Property Market in Greece

The real estate market in Greece has shown an upswing over the past decade. The euphoria generated by the Olympic Games in Athens in 2004 was magnified by the recent inclusion of the country into the European Union. As a group member, naturally, European investors are lining up to grab a piece of Greek real estate. However, the government has recently hiked property taxes in Greece and that has slightly dampened the overall bullish trend in the property market.

However, the forecast for Greek property is positive from every quarter within government taking pains to attract foreign direct investment into the country.

Greek property in general is mostly freehold and protected by the country's constitution. The construction of Greek buildings is strict according to the stringent European Regulations and Standards, and since Greece is prone to natural disasters, the design of buildings is prepared in such a way as to pre-empt every eventuality.

Holiday home seekers in Greece will find plenty of vacation property available at reasonable rates along the Mediterranean Coast and within the 2000+ islands that Greece owns throughout the Mediterranean. You can look forward to handsome rental returns throughout the year, and even visit and stay in your home whenever you desire. This is the reason why property within the popular islands like Crete, Rhodes, Corfu and Zakynthos or Zante as it is sometimes called, command a greater premium among investors.

Besides the coastal towns, the rugged mountainous regions also attract lots of tourism-related queries. Though still quite untapped, the potential for mountain tourism is immense in Greece, and the property here is a long-term investment that will reap handsome rewards in the future.

The demand for commercial properties is always great in cities, like Athens and Crete. In fact, the major Grecian cities can accommodate every kind of property investor as residential apartments, industrial, commercial, and business properties have commanded greater premium in cities where the concentration of population is substantially more than the rest of the country.

You can hope to land yourself a 2 bed villa in Crete from as little as ?57K or even an apartment in Crete from as little as ?18K. With equally priced property for sale in Rhodes its easy to see why so many British buyers flock to the beautiful Greek Islands when considering buying a property in Greece

Messinia, located on the southwest of the Peloponnese, is creating all the right vibes for property investment. The land is available in plenty for development purposes and the demand for holiday property is assured by the unspoilt picturesque surroundings of the area. Plans are afoot to promote this region in a grand way, with 2 international 18-hole golf courses at Pylos and Romanou, and 2 smaller 9-hole golf courses at Rizomilo.

The Grecian people are known for their affability - look at Delphi's Temple of Apollo, the ruins of Crete, and serene islands of Mykonos and Paros, the country has everything that a visitor could possibly require. The charm of merely witnessing the place of their origin is sufficient for many Europeans, and the joy of owning a property in Greece makes that joy magnified many times over. Landing in Greece is no problem with the capital city of Athens being very well connected with all the major countries of Europe and the rest of the world. The country has also witnessed in recent times, a fast progression towards low cost carriers to enable domestic and international flyers reach their destination quickly.

Of course, if you are planning to buy Grecian property, make sure you satisfy all the legal conditions as required in the country. A good lawyer or a real estate agent in Greece will guide you at every step. Also remember to acquaint yourself with the relevant tax laws should you purchase a particular kind of property in Greece.