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Article DetailsBuying Property in Greece for under £80,000 |
| Date Added: July 22, 2008 02:53:40 PM |
| Author: Homes Overseas |
| Category: Real Estate |
| Ancient Greece may have laid the foundations for modern culture and civilisation, including democracy, philosophy, education and a host of literary and mathematical concepts, but it is foundations of an entirely different kind that are now occupying the minds of savvy British property buyers. Heritage is only one of the many draw cards of a country that also has azure islands, Mediterranean sunshine and now, budget direct flights from the UK to attract second-home buyers. The property market in Greece is already an established one, with a solid internal and international property market to regulate and stimulate prices, which have been rising steadily over the past decade. “Eighty per cent or more of buyers of property in Greece are lifestyle buyers, meaning that there is a strong resale market – prices are realistic and not driven by property investors," says Spyros Mantzos of A Property in Greece. But with an established property market, as well as the sharp appreciation of the euro, which Greece joined in 2001, opportunities for buying property in Greece for under £80,000 are not as widespread as even a few months ago. However, if you know where to look, there are still property bargains to be had in the whitewashed idylls of the Greek islands and mainland. With over 150 of the 2,000 or so islands that make up Greece inhabited, not to mention a mainland teaming with cities, villages, harbours and beachfront, there is perhaps too much choice when buying property in Greece. John Batty, managing director of Greek property specialists Aegean Blue, says traditional property investors are still focused on the established destinations like Crete, Santorini, Corfu, Zakynthos and Mykonos. "Over the last year we have also seen the first 'structured products' arising in Greece, offering a comprehensive package of services including guaranteed rental income for the first years, furnishing packages and a number of exclusive services including spas, marinas, sport facilities etc," Batty adds. This maturation of the types of products available to foreign investors buying property in Greece, along with the takeover by EasyJet of GB Airways in December, widely seen as a harbinger of budget flights into the country, is expected to have a stimulatory effect on the property market as the influx of visitors fuels holiday rental demand and, in turn, demand for property in Greece. Greece can also thank the Athens Olympics for raising the country’s profile and stimulating massive infrastructure investment, which has improved its already significant attractions. Capital growth has been around ten to15 per cent per annum over the last few years, and property rental yields can be as high as 7.5 per cent according to Mantzos. Of course, these vary according to the property and location, with Batty arguing that average returns range between four and six per cent: "Some developers offer guaranteed rental incomes for their projects targeting pure investors. In these cases four- to six-year rentals are offered on an average of five per cent per annum. Most desirable destinations are the northern coast of Crete, Zakynthos, Kefalonia, Santorini and Mykonos where the highest yields can be achieved. Upcoming property markets worth considering are the less developed island of the northern Aegean Sea, including the Sporades (mainly Skopelos and Skiathos) and Samos." Crete is the largest of the Greek islands and deservedly one of the most popular tourist destinations in the Mediterranean. In spite of its popularity and relative upward price pressure, properties under £80,000 are still to be found, with two-bedroom houses in need of work starting at around €50,000 (£38,300), according to Oonagh Karanjia of Crete Property Consultants. Renovated old stone houses can start from around the same price for a one-bedroom property, while apartments a few metres from the beach start as low as €55,000 (£42,150). For example, studio and one-bedroom apartments at Makrigialos in the south-east of the island, around 25 minutes drive from Sitia, start from €48,000 (£36,800) and are just 50 metres from the beach. In Papagianades, a two-bedroom renovated stone house with courtyard, roof terraces and sea views is for sale through Crete Property Consultants for €91,000 (£69,750). A Property in Greece is selling a two-bedroom 60-square-metre bungalow in the 200-year-old village of Loutra, around ten minutes from the beach, surrounded by olive trees and with panoramic countryside views for €104,000 (£79,700). Foremost Villas has a two-bedroom apartment for sale at Drapanos Krystyna set in the hills inland from Kalives at the entrance to Souda Bay, with shared pool and views of the White Mountains for €93,000 (£71,250). If you fancy taking on a renovation project, Artec SA is selling a 60-square-metre stone house set in a 180-square-metre plot in the Apokaronas area, about 30 minutes from the airport at Chania; building permis ... |
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