Why to buy Property in Greece

Greece is not only the birthplace of democracy and the western civilization, but it is also a modern European country in the Balkan peninsula and one of the most attractive and desirable places in the world for tourism, holidays, for living or simply for investing. So it is not hard to imagine why buying property in so many parts of Greece is currently so popular among the citizens of so many other countries.

In the year 1990 Greece liberalized its legislation relating to the acquisition of real estate property by foreigners, and allowed all EU citizens to buy property even in the border areas of the country, which includes most of the best islands of the country, while the others need to apply to the authorities for a special license. This amendment boosted foreign investment in real estate property throughout the country. The successful organisation of Olympic Games of 2004 made Greece one of the most attractive tourist destinations, with record numbers of tourists and a boosting of its economy as a result of the foreign capital invested into tourism and property.

So today, there is a large variety of real estate property, land or buildings, in most districts of the country that can be bought. The Greek 1.400 islands are certainly the best attraction, and also an excellent place to invest in property. Moreover, the Greek coastline, 15.000 kilometres long offers fantastic opportunities for holiday houses or investment. Mainland of Greece has also a number of regions could interest the investors. For example, the peninsula of Peloponnisos is becoming increasingly popular due to the combination of a stunning mountain scenery with unspoiled virgin beaches.

Property prices across Greece are far lower than those in either Spain or Italy and this is one more reason that overseas buyers are increasingly interested in the Greek property market. The profits they are making from holiday rental yields and from the growth in the underlying value of their property are steadily increasing.

Investors are more interested in emerging markets and the high potential profits that could be provided by investments in Greece, don’t disappoint them. Greece is considered to be an emerging property market in itself as it enjoys steadily increasing international inward investment into its real estate sector.

There is one great difference that distinguishes investments in Greece, to investments in all other Balkan countries. In almost all other countries, a foreign investor is invited to buy land or buildings, usually in regions, cities or resorts of which he had never heard of them before! The only attraction, the only reason to invest there, is the promise of a quick rise in the resale value, and so a good turnover for his invested capital. But we know that this promise is not always kept.

In Greece a foreign investor is usually invited to buy at places of which the name is very well known to him, sometimes since its childhood. So many names of the Greek islands and mainland regions and cities are famous all around the world. Many of those names are linked to either the ancient Greek history or mythology, like Athens, Sparta, Argos, Mycenae, Epidauros, Laurion, Sounion, Delphi, Crete, Lesvos, Lefkas, Ithaka, Marathon, Salamis, or Nemea. Other islands are well known traditional resorts like Corfu, Rhodes, Kefalonia, or modern and trendy vacation places, like Mykonos, Paros, Zakynthos, Kos, Skiathos. Other islands are more quite and peaceful but still well-known throughout the world, like Patmos, Tinos, Chios, Alonisos, Skyros.

In the mainland there are regions like Attica, or others in the huge peninsula-island of Peloponnisos, there are regions named Arcadia, Achaia, Korinthia, Messinia, Argolis, Ilia, where the Olympic Games were born 28 centuries ago. There is also the world famous Macedonia, the Chalkidiki peninsula, Epirus, Thrace, and so many others!

This is all to show you, that each piece of real estate property in Greece has actually a “brand name” of its own, has its own value which is not related to changing market trends or mere speculation, but has a value that cannot be cancelled by the ups and downs of the market, and cannot be easily compared with investing in any other Balkan country, and may I add under my quality of the President of the International Union of Property Owners, in any other European country!