A Guide to Property Investment in Greece

 

From its beautiful coastlines to its mythical landmarks, Greece is a country whose history and legends have ignited the imaginations of many around the world for centuries.

Greece’s Stable Government Lends Itself to Bolstering Property Investor Confidence

Greek’s parliamentary democracy has been in place since 1975.  Whilst the country has experienced strained relationships with some of its neighbours from time to time, its relationship with most European countries is quite strong.  The overall stability in the region and its strong government very much inspire property investor confidence.

Greece’s Longstanding European Union Membership Inspires Confidence in Investors, Holidaymakers and Expats Alike

Greece has been a member of the European Union since 1981.  Its standing in the organisation and its adoption of the euro both work well to inspire investor confidence.  The common currency with much of Europe does ease the buying process in Greece for property and makes it simpler for many Europeans to handle financial transactions.  Whilst Brits still have to deal with exchange rates, the overall economic stability and strength of relations between Greece and the UK inspire property investor confidence and make investment attractive.

Low Buy-In Prices Make Greece Very Attractive to Investors

The cost of investing in property in Greece is extremely attractive.  The buy-in prices right now are under GBP 40,000 for off-plan purchases.  Resale villas and flats can even be found in the GBP 20,000 range in some areas.  Even in Athens where the prices tend to be higher, it is feasible to find very attractive flats for well under GBP 50,000.  Keep in mind that higher-end properties do fetch higher-end prices of course.  The potential for growth in the property market in Greece remains quite high as well.  Rental yields are estimated in the 7% range in popular areas such as Athens and Crete.  The reasonable buy-in prices and attractive rental yields combine quite well to make buying property in Greece attractive.

Comparable and Favourable Cost of Living Makes Greece Very Attractive to Holidaymakers, Expats and Investors

Whilst the major Greek cities such as Athens tend to cost a bit more interms of living expenses, the overall living expenses for residing in Greece are considered below Northern European prices.  Major purchases on things such as automobiles are much more expensive, but the basics of living are not.  This is very good news for retirees and expats who want to cater to them.  Outside of the major cities expats report savings of as much as 30% over Northern Europe on the basic necessities of living.

Ease and Affordability of Access Raise Greece’s Appeal for Property Investors

Getting to Greece from European countries is generally not a problem at all.  With very easy access for EU citizens and reasonable airfares from major airports all over the world, travel to Greece is attainable for many.  To make this even more so the Greek government has recently made an appeal to low-cost carriers to make accessibility even more attractive.  Rigth now, an airfare from London to Athens is about USD 400 for a roundtrip which isn’t terribly high.  The ease of accessibility is very appealing for holidaymakers and expats.  This of course is good news for investors with buy-to-let strategies in mind.  The accessibility is being taken advantage of by holidaymakers.  The Greek tourism industry is valued at an estimated USD 51.8 billion for 2007.  Demand in Greece is anticipated to grow by nearly 4% per annum through to 2017 according to the World Travel & Tourism Council as well. 

Greece’s Legendary Geography and Climate make it a Favorie for Investors, Expats, Retirees and Holidaymakers

From the historic home of the gods on Mt. Olympus to its beautiful Aegean, Ionian and Mediterranean sea coastlines, the beautiful Greek landscape appeals to many holidaymakers, expats and retirees.  The country’s climate is considered ideal by many people who prefer warmer, milder weather patterns; Greece enjoys mild, we winters and very warm, dry summers.  The geography and climate help make Greece stand out as a tourism destination, which also appeals to investors wiching to target the nation’s tourism industry for their returns.

Greece’s Incredible History Keeps its Attraction Level High with Property Investors

The Greek culture is one of the oldest and most widely studied and fabled in the world.  From its arts and literature to its governmental philosophies and beyond, Greek history and culture has impacted countries all over the globe.  Interest in the country, its culture and history remains incredibly high.  This bodes well for its sustainable tourism draws.  With college courses and indeed complete lines of study dedicated to the study of ancient Greek history, the appeal of the nation has long been in place.  This is very good news for investors who are interested in catering to the holidaymaking market.

Favourable Tax Structure Makes Greece Very Attractive to Investors

The Greek government is working very hard to stabilise its property market and put programmes in place to protect buyers from unreasonable prices that have hurt other attractive markets.  Once such protection is a new capital gains tax set at 20% if property is resold within the first five years.  The number decreases to 10% after 5 years and 5% after 15.  Whilst this is not attractive for investors with buy-to-flip strategies, it is good news for those who are looking at strategies that involve holding purchases.  The concern of the Greek government with regard to keeping its property market stable is very encouraging for buyers and does inspire confidence in terms of sustainable and stable growth.

Ease of Relocation Makes Greece Attractive to Retirees, Expats and Investors

Greece welcomes foreign property investors, retirees and expats.  EU members are allowed to buy in the country and live in Greece permanently.  Visas and residence permits are required for stays longer than three months.  Whilst investors are welcomed, Greece does not look kindly on speculation.  The country has established rules that dissuade over-exuberant international buyers.  The overall landscape and atmosphere however, do make Greece quite attractive to buyers, expats, retirees and holidaymakers.  The buy-to-let potential and buy for eventual resale potential is high.  Early penalty taxes for flipping property too quickly do not make this particular strategy very attractive in Greece.

Greek’s Legendary Atmosphere and Friendly, Spirited People Make the Country Very Inviting Overall

Greek culture has been legendary for its warm, friendly nature since Homeric times.  The Greek people welcome holidaymakers, expats and investors interested in their culture.  Their friendly, spirited nature makes visitors feel welcome and wanting to return.  This is very encouraging for investors who want to appeal to holidaymakers and who require a sustainable base of interest.

From its beautiful coastlines to its mythical landmarks, Greece is a country whose history and legends have ignited the imaginations of many around the world for centuries.

The country’s constant holidaymaking appeal and affordable property market make it very attractive to investors with a variety of strategies possible.