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Greek Real Estate is No Holiday!
Think of Greece and is likely to have thoughts of hot Greek islands and cities full of archeological sites and monuments. This is a visitor paradise, so it may be wrong about property investments in Greece would focus purely Vacation. It is true that this is a strong demand from foreign investors, but Greece has much more to offer the real estate savvy investor.
The market Greek estate saw a boom in recent years focused on Olympic Games 2004 and its aftermath in 2005. investment in infrastructure was in Athens and across the country for the games, and have received international property investors. Since then, the housing market has stabilized and experienced moderate growth in the first part of 2007. The market is mature and annual property returns is estimated at 5-10% range for the coming years, according to the Hellenic Centre for Investment. Greece's economy has grown substantially recently, with a growth rate of 4.3% in GDP in 2006 and just over 4% for 2007 said that the Bank for Greece in its most recent interim report.
The real estate market for international investors in Greece, focuses on the two main cities, Athens and Thessaloniki and most important tourist centers. In recent years these two cities have seen some growth and there are many properties available.
The young and promising is commercial property in Greece and especially Athens. Buying property is of low cost, can provide monthly rent. How do the prices of the Greeks, long before housing prices join the rest in Europe is hard to say.
A new phenomenon in Greece is the commercial center, with the first opened in 2005 only in Thessaloniki. Athens had its first shopping center, commercial center of Athens, opened in October 2005. The shopping center is helping to boost development in non-traditional areas, as the suburbs and the edges of large cities. Traditionally, Greeks have focused on the center and the main shopping street, which has concentrated growth in these areas. With the proposed development of 10 shopping centers in the coming years, property investors are starting to broaden their horizons.
Greece is very popular for travelers and holiday resorts. This means that the popular vacation spots are also excellent locations for property investment. On the western side Greece in the Ionian Sea is the island of Corfu, one of Greece's most popular places for international travelers. There are a number of stations with units for sale and rental, and there are a lot of individual houses, as these two.
The island of Crete is fast becoming a popular place for development tourism, especially the western end around Chania. The Aegean Sea also has plenty of islands and resorts places until you find an idyllic beach and holiday home. Rhodes, Samna, Kos and Andros are only some of the hundreds of islands where you can find second homes or vacation spot.
About the Author
Author Nicholas Marr has written hundreds of articles concerning international real estate , he is the Chief Executive Officer of Marr International Ltd the company behind overseas property portal at http://www.homesgofast.com/home/Greece/
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