Greece enjoys a prestigious location in southern Europe, with borders on the Mediterranean, Aegean, and Ionian, Seas. The country is mainly mountainous, with mountain ranges extending into the sea as peninsulas, or as chains of islands, of which there are more than 2,000, in total.Over 8,000 miles of coastline much of which is covered by sandy beaches and temperatures in excess of 25°C during June, July and August, make Greece a haven for beach holidaymakers and water sports` enthusiasts. Greece, of course, also has a rich cultural heritage. The Parthenon, which stands above the capital city, Athens, dates from the 5th century BC, and there are countless other attractions spread across mainland Greece, and its offshore islands. Greece is considered an emerging market in terms of foreign property investment, and, as such, property values are still highly competitive when compared to some other European locations, such as Italy, or Spain. The Peloponnese the large peninsula which forms the southern part of Greece, south of the Gulf of Corinth for example, is developing into something of a "hotspot" for international property investment. The region features attractive scenery, both at the coast and further inland, and a large number of historical sights. It also features an established infrastructure, and is well positioned, for access to, and from, Athens for example, via the Athens - Tripoli national highway.
The rental market for
holiday homes in Greece is, however, in a strong and healthy position throughout the mainland, and the Greek islands. The long summer in Greece attracts couples and families as well as traditional, island-hopping backpackers with the result that rental yields, and capital appreciation, realised by holiday properties are steadily increasing. Athens, for example, has shown an increase in property prices of around 10% per annum, following the Olympic Games in 2004, yet a one bedroom apartment still only costs around £75,000.
Greece is a member of the European Union, so there is no restriction on the purchase of property by foreign nationals. Private landlords do, however, need to obtain a licence from the Greek Tourist Board, in order to offer holiday homes for rental on a short term basis. It is advisable to secure the services of an English-speaking solicitor, with knowledge of conveyancing procedures in Greece, as these are slightly different from those in the United Kingdom. Exchange of contracts, and completion, does not exist, per se, and official purchase transactions must be witnessed by a Notary Public, who will determine their validity. The use of a reputable property agent, based in the UK, may enable you to obtain a mortgage loan from a Greek lender at a preferential rate, and may maximise your chances of being accepted for a mortgage.
30.03.2008
