The Hellenic Republic (Greece) has always been one of the most attractive places to live. From the earliest times, people settled there for its wonderful climate, excellent sea, and agricultural wonders.
Owning Greek real estate can give one the feeling of having bought a piece of history, provide the opportunity for steady and consistent capital gains, and provide a great lifestyle at affordable prices.
There really is no other place like it on earth. As the Greeks like to point out, the gods could have settled anywhere, but they chose Greece.
Different Markets
The real estate market in Greece is divided into two basic categories, commercial and residential.
However, in both cases, there are the well-developed areas of Athens and Thessaloniki, and then the tourist areas of the Greek islands and coasts.
In all cases, the market has been in a steady upward performance since the end of World War II.
The Greek real estate market is also as popular with non-Greeks as it is with Greeks themselves.
EU Florida
Similar to the Florida phenomenon in the United States, Greece is becoming an increasingly popular place for older Europeans and others to retire.
Medical care is as good as anywhere else in the EU, the local population is often multilingual and the climate provides summer for 8-9 months a year.
For sheer beauty and cleanliness, the Greek seas are unbeatable in Europe. Property prices are increasing at a moderate but steady pace.
The Commercial Market
By far the most developed real estate opportunities in Greece are the tourist sites in the commercial market.
Many hotels in Greece are now owned by non-Greeks, and in all areas; cities and islands/coasts. Typical bid and ask spreads are all in the double digits and can easily exceed 35% to 40%.
Greek and foreign banks in Greece are now lending substantial funds to finance commercial purchases. Tourism in Greece has been on the rise since the 2004 Olympics.
The Residential Market
The residential market in Greece is certainly dominated by the Greeks themselves; but only in the cities.
There are whole areas (Mani, for example, in the Peloponnese) that have become German and Swedish colonies. The areas near Thessaloniki (Porto Carras) are also fully developed with villas of all sizes and types.
Buyers typically don’t sell once the purchase is made, as they appear to be retirement deals.
There are a large number of reputable real estate brokers in Greece ready to help the potential buyer.
However, there is no substitute for traveling to Greece for an extended vacation and learning firsthand about the weather, geography, laws and regulations, Greek food and customs, and financial (banking) assistance.
Moving in Greece to investigate real estate opportunities
It is very easy to rent a car to drive around Greece. There are plenty of ferries that can transport you to the islands, and the road system, even to remote mountain villages, is well developed.
The Greeks are a hospitable people and take pride in entertaining visitors. As you research real estate opportunities, you may also meet the Greeks themselves and decide (as many have) that this is a great place to live and then retire.
