Greece: A unique choice for property investors

The Greek property market considered to be one of the most attracting markets in the Mediterranean region, as long as this market can offer real estate investors the opportunity to create an integral and well diversified real estate portfolio just in one country.

All these opportunities available in Greece became known after the Athens Olympic Games in 2004.  The promotion of Athens, Greek mainland and islands to the entire world, attracted many international property investors and a great number of tourists, who visited mostly the Greek mainland.  Some regions in Greek mainland, which present most interest, are Athens with its north suburbs such as Kifisia, Ekali and Drosia and south suburbs including Palaio Faliro, Glyfada, Vouliagmeni and Varkiza, Piraeus with exceptional detached houses on Kastella hill offering panoramic view of Saronic Gulf, Thessaloniki also with its suburbs as Panorama and Chortiatis and last but not least Parnassos and its picturesque villages such as Arachova for those who prefer mountain tourism. Peloponnese Peninsula can be considered as an emerging market, while property investments there, are just beginning to return remarkable yields

Islands of Aegean and Ionian Sea constitute a separate category. There are several choices for a real estate investor as a country villa or a hotel purchase, which would provide remarkable rentals. Most popular islands are Paros, Naxos, Mykonos, Santorini, Kos, Rhodes in Aegean and Zakynthos, Kefalonia and Corfu in Ionian Sea. It must be noted that prices are quite affordable nowadays because many homeowners and commercial building owners need cash to meet their liabilities arising from economic crisis.

More analytically, the majority of demand is expected in Athens as the highest yielding assets are available there. Tourism accommodation is also of great interest, particularly for the Greek coastline and for resorts on Greek islands. The creation of a diversified portfolio requires the selection of properties of several regions. For instance, a commercial building in Athens provides the investor with rentals during the whole year, a property in Parnassos will ensure remarkable returns during winter, and an immovable asset on an island will accumulate high revenues during spring and summer.

Although there are not many restrictions imposed on the foreign freehold ownership of real estate in Greece, the property buying procedure requires the consulting of an experienced agent. Moreover, tax tips are indispensable for an investor in order not to pay a fortune at tax offices.