Purchasing a holiday residence in Greece

Greece undoubtedly plays a major role in the worldwide tourism. Both Greek national history and civilization, as shown from museums and archaeological sites, and unharmed natural landscape of Greek islands and other regions, attract millions of visitors each year.

Foreign people, who visit Greece, also show great keenness for Greek real estate market. Remarkable holiday homes, villas and apartments are provided, over a wide range of tourist places. These places are scattered all over its mainland (Athens, Arachova, Parnassos), the coastal area (Thessaloniki, Piraeus, Palaio Faliro, Glyfada, Vouliagmeni, Porto Heli) and several of its well-known islands (Paros, Naxos, Mykonos, Santorini, Rhodes, Kerkyra, Skiathos). It must be noted that all these regions are well developed, offering air links, sea routes or modern highways.

According to analysts, the interest launched with the admission of Greece into the European Union in 1981 and increased significantly with the return of Olympic Games in Athens in 2004. Both events proved crucial for Greek tourism and real estate market.

Nowadays, an important decline in property prices is observed due to the economic crisis and the liquidity problems faced by many residential owners. Consequently, it is not hard to buy a family house in Athens or in a suburb of the capital such as Vouliagmeni, Glyfada and Varkiza at south, or Kifisia, Ekali and Nea Erythrea at north.

At the same time, people can buy luxurious villas in the resort towns or islands as an investment option or as a long-term holiday destination. When deciding to invest in villas or farm lands across the Greek countryside there are two options. Firstly, luxurious detached residences can be sold to other buyers, at a handsome premium, after a couple of years. Secondly, many villa owners could lend their properties to holidaymakers, who visit Greece in huge numbers each summer. Thus, this market may ensure a great investment value to all those who wish to benefit of its buoyant trend.

People who might be willing to own a property in Greece will have to satisfy certain requirements before doing so. It is indispensable to create a Greek bank account, to be recorded as a tax payer in Greece, and in certain areas a prior permission to buy properties is required. The permission can be obtained from the chief administrative in the area of concern. It is worth mentioning that people coming from the European Union should more easily be able to purchase properties in their names, as compared to foreigners from non-EU countries.