A Few Things to Consider When Buying Property in Greece

Buying property in Greece seems to have caught the fancy of numerous property investors across the globe. Many people, particularly those from the UK, have found investing in their own country’s property market a costly affair. Therefore, investing in foreign property has becoming an increasingly attractive option and is becoming a trend of sorts.

Many countries that were, until now, avoided by oversea property investors seem to have sprung into prominence, which includes Greece. Greece now has a large number of foreign nationals who have already invested in property and this number seems to be growing by the day. The property market of Greece is one of the fastest moving in Europe because of so many overseas investors rushing to buy property in the country.

As most people know, Greece is a popular tourist destination, and it is no wonder, with its sunny climate, stunning views and laid back approach to life. The cuisine is known throughout the world, for example: moussaka, feta cheese, and dolmades. And many homes have a bottle of Greece’s famous Ouzo in their drinks cabinet. The cost of living is 40% lower than the UK, and in today’s economic climate that is welcome news.

Many people want to enjoy the delights of Greece on a regular basis and are purchasing a holiday home…or two…in the country. Some visionary people are taking the concept of purchasing holiday homes one-step further. They are buying property in Greece and then leasing them to enthusiastic travelers. A large number of people travel to Greece every year and renting a holiday home can often be cheaper that staying in a hotel over a period of time. Holiday homes also tend to be more personnel than a hotel room, which is another reason why they are popular with travelers.

Greece is also popular with sporting enthusiasts, after all Greece is associated with the first Olympic games and the country has won many sporting laurels. Greece hosted the summer 2004 Olympic games and one of the many benefits to hosting the Olympics is the value of property increasing. Holiday homes are now being regarded as a valuable investment that promises good returns in the long-term.

There are many types of properties available on the market and the average Greek property prices are: new 1 bedroom apartment from €50,000 to €150,000; new 2 bedroom apartment from €100,000 to €300,000; and renovated property from €50,000 to €300,000 plus.

When buying property, Greece, has more to offer than just holiday homes. Many foreign nationals have invested in commercial properties in the country, especially in the more developed cities. Commercial properties include retail enterprises as well as office buildings, and since Greece became a member of the European Union, the demand for office buildings has increased.

Whenever buying property in Greece, the investor must bear in mind that investing in any overseas property requires adequate planning, for example: looking at the market situation; the best location to invest in; when to buy; and what type of property to buy – for example: low-priced single-family homes are difficult to find in the well-developed city of Athens, but are easier to find in other cities such as Larissa. There is help at hand to assist investors: local real estate agents can acquaint foreigners to the realities of the property market; there are English-speaking lawyers specialising in property sales; and oversea holiday clubs.
In conclusion, when buying property, Greece has plenty to offer investors because the property choices are wide and varied, the country is popular with tourists, and property investors are already making excellent returns on their investments.

Author: Annie Hewitt

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