Country Guide: Greece
Why buy property in Greece?
Greece is well known for its wealth of political and philosophical history. Among the best-loved visitor sites are Delphi's Temple of Apollo, Athens' Parthenon, and the Cretan ruins of the Minoan city of Knossos.
There are over 1,400 Greek islands in the Aegean, and each one has a story to be uncovered, meaning the capacity for exploration and learning is almost infinite. If history is not your thing, then the stunning beaches and hot summers coupled with a low cost of living should convince you that this is a country worthy of your investment.
While Greece has always been a popular tourist destination, it wasn’t until the 2004 Olympics that Brits started showing much interest in investing there. However, with the Olympics-fuelled tourism boom came a demand for rental accommodation – and in its wake, Brits eager to invest in local property.
What's Greece's property market like?
Unfortunately, Greece was hit very hard by the recession and the government is still suffering from a large budget deficit, which prompted the European Central Bank and the International Monetary Fund to loan Greece €110 billion (£96.5 billion) in May 2010. The following October, Greek finance minister George Papaconstantinou said that there will be no need for a further bailout loan in 2013.
There may yet be a silver lining to this doom and gloom for property investors with an eye for a bargain: the economic situation is likely to bring with it declining property values, which could throw up some great deals on Greek holiday homes.
Popular areas in Greece in which to invest
The Greek islands are very popular with both investors and holidaymakers, and their properties' prices, which are higher than those of inland-mainland properties, reflect this. The islands remain largely unspoiled due to planning regulations, while airline services now fly directly from the UK to many of the more popular ones. On the larger islands, the property and rental markets are well developed.
The Peloponnese region is separated from mainland Greece by the Corinth Canal, although still accessible by way of motorway and rail links. The area is becoming increasingly popular with Brits due to its temperate winters and warm summers, sandy beaches and dramatic mountainous landscape.
The property-buying process in Greece
Once a price has been agreed for the chosen property, a ten per cent deposit is paid and a preliminary contract signed. The buyer's English-speaking lawyer can then perform all the necessary checks, before a final contract is agreed and signed in the presence of a notary. The purchase price is then paid and the change in ownership registered.
