Greek Property

Greece & the Greek Islands have long been one of the most popular sun destinations in Europe, with the 8th longest coastline in the world, almost 20 million tourists a year, a 6-month summer season it can still offer some of the less expensive property on the Mediterranean.

Perhaps you may ask with all that Greece has to offer, why has it not had the same exposure in the overseas property market as countries like Spain, Portugal, Turkey or Bulgaria?

The main reason is that Greece hasn’t had the development boom other countries have had. Greek planning laws make it difficult for developers to build big developments, in order to avoid the type of over-development, congestion and exploitation that have occurred in other countries.

As it is difficult to acquire permission for large developments  therefore large developers have steered away from Greece for easier pickings.

This has contributed to Greece being largely undiscovered by overseas property buyers & agents until now.

However, this unawareness of Greece is beginning to change, particularly among UK & Irish overseas property buyers. There is no better example of this than on the Ionian island of Zakynthos (Zante).

The residents of Zakynthos have seen the number of villas, houses and apartments owned by overseas buyers double in the last year alone. These buyers are drawn to the island because of its beautiful weather, undeveloped beaches, true Greek charm and renowned hospitality.  

They are also attracted to the island as serious investors because of strong rental yields, good capital appreciation and inexpensive property.

With over 800,000 tourists visiting the island in 2006, annual average rental yields were driven to as high as 10% gross, property values increased by 8% and the average price for newly built dwellings is still in and around 2,000 Euros a square meter (depending on location & property requirements).

With all that it has to offer, Greece is ready to be discovered by many overseas property buyers in the coming years. But property will be limited because of the restrictive planning laws, so hurry and discover Greece before everyone else!

 

In brief some of the main reasons for choosing to buy a property in Greece:

The Weather

Greece is blessed with over 300 days of sun a year, which is more than 8.5 hours a day! The summers are hot and dry, often with a cooling breeze, and winters are short and mild. Most rainfall is between December and February, but even during this time, there are many glorious days with cloudless skies.

The Quality of Life

Greece has a slower pace of life where everyone takes the time to enjoy themselves, and their surroundings. Greece is lucky in having one of the lowest rates of crime in Europe with many people leaving their houses and cars unlocked in villages throughout Greece. Add to this an outdoor lifestyle with sun, sea, and one of the healthiest cuisines around, and you can see why the lifestyle is envied throughout the world.

The Value for Money

The cost of living in Greece is about 30-40% cheaper than the Ireland and properties are still relatively cheaper than more established markets such as Spain and Cyprus. Greece is a full member of the European Union and property prices are expected to rise significantly in the next few years, as foreigners have only been allowed to buy property in Greece since 1993. Many people are therefore now buying investment property in Greece.

The Village Life

There are many new homes, old village houses and other types of property for sale, but due to strict planning controls, the excessive building which has ruined other parts of the Mediterranean cannot take place in the Greek Islands. This means that property in Greece is integrated into traditional villages, which will retain their charm and their views, and not be ruined, by housing estates or high-rise buildings.

The Hospitality

The Greeks are a very warm and welcoming people. Just go to the local taverna or cafenion more than once and you will be making new friends in no time. The Greek language does not even have a word for “foreigner” instead; they use the word for “guest”.

The Language

English is a compulsory language at Greek schools, so it is widely spoken. English newspapers, radio, and satellite television are also all readily available.