Think of Greece and you will probably have thoughts of hot
Greek Islands and cities full of archaeological sites and
monuments. It is a visitors paradise so you may be mistaken
in thinking that investment property in Greece would
revolve purely around holiday rentals. It is true that
these are in strong demand for overseas investors but
Greece has so much more to offer the savvy real estate
investor.
The Greek real estate market saw a boom in the past several
years focused on the 2004 Olympic Games and its aftermath
in 2005. Significant investment went into infrastructure in
Athens and around the country for the games, and
international property investors benefited. Since then the
property market has stabilized and seen moderate growth in
the first part of 2007. The market is mature and annual
property returns are estimated to range from 5-10% for the
next few years, according to the Hellenic Center for
Investment. The Greek economy has grown substantially
recently, with a 4.3% growth rate in the GDP in 2006 and
just over 4% for 2007 said the Bank of Greece in its most
recent interim report.
The real estate market for international investors in
Greece is focused on the two major cities, Athens and
Thessaloniki, and the major holiday resorts. In the past
several years these two cities have seen quite a bit of
growth and there are many properties available.
Up and coming is commercial property in Greece and
especially Athens. Buy To Let property is low priced and
can provide a monthly income. How long prices before for
Greek real estate prices join the rest of Europe is hard to
tell.
One new phenomenon in Greece is the mall, with the first
one opened in just 2005 in Thessaloniki. Athens saw its
first mall, The Mall Athens, open in October, 2005. The
mall is helping to spur development in non-traditional
areas, such as suburbs and the edges of the large cities.
Traditionally, Greeks have focused on downtown and main
street shopping areas, which has concentrated growth in
these areas. With the expected development of up to 10
malls in the next few years, property investors are
starting to expand their horizons.
Greece is very popular for holiday travelers and resorts.
This means that the popular vacation spots are also prime
real estate investment locations. On the western side of
Greece in the Ionion Sea is the island of Corfu, one of the
most popular locations in Greece for international
travelers. There are a number of resorts with units for
sale and rent and there are also plenty of individual
homes, such as these two.
The island of Crete is quickly becoming a popular place for
resort development, particularly the western end around
Chania. The Aegean Sea also has plenty of islands and
resorts places to find an idyllic beach and vacation home.
Rhodes, Samnos, Kos and Andros are just a few of the
hundreds of islands where one can find a second home or
vacation resort.
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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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