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Around the World in 80k – Greece
Ancient Greece may have laid the foundation for culture and modern civilization, including democracy, philosophy, education and a series of literary and mathematical concepts, but it is foundations of an entirely different kind that now occupy the minds of savvy British buyers. Heritage is just one of many drawing cards of a country that also has blue islands, Mediterranean sunshine and now, direct budget flights from the United Kingdom to attract second-home buyers.
The real estate market in Greece and established one, with a strong market for regular domestic and international and boosting prices, which have been rising steadily over the last decade. "Eighty percent or more of the buyers are lifestyle buyers, which means there is a strong resale market – prices are realistic and not driven by investors, "says Spyros Mantzos a property in Greece. But with an established property market, and the strong appreciation of the euro, which Greece joined in 2001, properties for sale £ 80,000 are not as widespread as until a few months. However, if you know where to look, there are still deals to be had in the idylls of white houses in the Greek islands and the mainland.
With more than 150 of the approximately 2000 Greece inhabited islands that make up not to mention a team on the continent with cities, towns, ports and beach front, there is perhaps too much choice when deciding where to shop. John Barry, managing director of property specialists Greek Aegean Blue, says investors are still focused on traditional destinations established as Crete, Santorini, Corfu, Zakynthos and Mykonos. "In the last year we have also seen the first" structured products, derivatives in Greece offering a comprehensive suite of services including guaranteed rental income in the early years, providing a range of packages and amenities such as spas, marinas, sports facilities, etc., "says Batty.
This maturation of types of real estate products available to foreign investors, along with EasyJet takeover by GB Airways in December, considered a harbinger of budget flights in the country, is expected to have a stimulating effect on the market as the influx of visitors to the demand for vacation rentals and fuel, in turn, owned by the demand.
Greece also can thank the Olympics Athens to raise the profile of the country and encourage massive investment in infrastructure, which has improved significantly and its attractions. capital growth has been about ten to 15 percent annually in recent years, and rental yields can be as high as 7.5 percent as Mantzos. Of course, these vary depending property and location, with the argument that average yields Batty between four and six percent: "Some developers offer guaranteed income the rental of its plans to pure investors. In these cases, four to six years of rental is offered at an average of five percent annually. the most attractive destinations are the north coast of Crete, Zante, Kefalonia, Santorini and Mykonos, where higher yields can be achieved. Upcoming markets worth considering are the least developed island the northern Aegean Sea, including spores (mainly Skopelos and Skiathos) and Samos. "
Crete is the largest of the Greek islands and deservedly one of the destinations tourist destinations in the Mediterranean. Despite its popularity and price pressure on the upside, the properties of less than £ 80,000 are still can be found, with two-bedroom houses on the need to work from about € 50,000 (£ 38.300), according to Oonagh Karanjia of Crete property consultants. Renovated old stone houses can be started around the same price for a one bedroom property, while apartments a few meters from the beach start from as low as € 55.000 (42.150 pounds). For example, studios and one bedroom apartments in Makrigialos in the south-east of the island, about 25 minutes drive from Sitia, start from € 48,000 (36.800 pounds) and are only 50 meters from the beach. In Papagianades, a stone house renovated two-bedroom with patio, terrace and sea view is available through Crete Property Consultants € 91,000 (£ 69.750).
A property in Greece is the sale of a two-bedroom bungalow of 60 square meters in the village of Loutra 200 years, about ten minutes from the beach, surrounded by olive trees and panoramic country views € 104,000 (£ 79.700). The principal has an apartment Villas two bedrooms for sale in Drapanos Krystyna located in the hills inland from Kalives at the entrance to Souda Bay, with communal pool and views of the Mountains White € 93,000 (£ 71.250). If you fancy taking on a renovation project, Artec SA is the sale of a stone house of 60 square meters located on a plot of 180 square meters in the Apokaronas area, about 30 minutes from Chania airport, the construction permit for the restoration and expansion of the property is already up to € 55,000 (£ 42.150) home.
The green island of Corfu in the Ionian Sea on the west coast of Greece can also claim a higher fair share of domestic visitors, who come to enjoy its mild Mediterranean climate and many places of architectural and archaeological interest. Spiros Analytis, CEO of Corfu Property Agency, says a combination of planning laws, forestry and archaeological constraints prevented from becoming Corfu in a concrete jungle and the provision of the limits of the property, which keeps prices. "The limited supply of property is turned into the rental market as well. Rental accommodation (beyond accommodation in a large hotel, which is also filled to capacity during the summer months) is highly coveted. In private properties so both yield excellent rental income. "He adds that" the return of eight percent 6six are available by leasing through tour operators, and given the fact that there are excellent rental income has been made, has been increasing demand for such properties. "
Corfu Property Agency is selling a ground floor one bedroom apartment, 40 meters from the beach of Acharavi, in northern Corfu, with a large balcony for € 78,000 (£ 59.800). For off-plan property near the beach of St. George in the southwest of Corfu, the company offers a terrace of three, 38 square meters chalet one bedroom, each with a terrace area and small private garden for € 75,000 (£ 57.500) for the central office or € 85,000 (£ 65.150) for properties located at each end.
While the main islands attract a proportionately large share of visitors to Greece, its popularity has led to a second level of new islands that have begun to draw their own wave of potential real estate investors. Top of this list is Skopelos (when the film version of Mamma Mia was killed last year), which is attracting retirees quiet life Greek island holiday home buyers. The island is part of the Sporades chain and there are flights Direct from the UK to nearby Skiathos, where it is a 30-minute hop by hydrofoil to the port town and there is also a ferry service from the mainland. Sea Aegean Blue is selling a range of apartments in Skopelos Village, 500 meters from the beach, from € 97,000 (£ 74.300) for a one bedroom apartment. Apartments are located in the bay from Skopelos port city and capital owners can access from the city in less than ten minutes.
In the island of Samos in the Aegean Barrasford and Bird is developing a resort and spa at Halcyon Hills, offered guaranteed returns on rent when completed. Although it is by above budget for each buyers, the resort also offered on a fractional ownership that will cost £ 16,375 to £ 32,750 for 1 / 8 or 1 / 4 of the property.
The romance by the beach in the Greek islands may have attracted the most buyers of second homes, but is not an investment that was made for the purchase on the continent. In response to the Olympic Games in 2004, the property investment Obelisk expert says that "the demand for rental accommodation and has been driven, in turn, increased investor interest in new residential opportunities, especially in large cities Greece. "The scene of the Games Olympics and the historic capital of Athens has experienced a price increase of about ten to 15 percent in recent years, according to estate agents Res Des. The company has one bedroom apartments for sale from £ 69,000 Larissis or off plan properties of similar size in Athens from £ 73,000.
There are no legal restrictions to EU residents buying in Greece and the process is relatively simple, but rates and taxes of around ten to 15 percent above the price purchase should take in. This includes the transfer tax sale properties and VAT to 19 percent of new construction, municipal tax, counsel and expenses Notary and land registration. Greece, Piraeus Bank, which is an arm of the United Kingdom to deal with property investment in Greece and Bulgaria suggests that buyers should discuss reimbursement with your lender for the risk of potential exchange rate between the euro and the pound sterling can be covered from the beginning. This is particularly relevant given account of currency movements in recent months.
About the Author
Kathy Sandler for Homes Overseas – Property for sale in Greece, advice about buying property in Greece, overseas property investment advice and international property news.
International property experts since 1965.