Why buy in Greece?

Here are some articles from recent publications showing the investment potential of real estate in Greece:-

The Telegraph Travel Awards 2008 and their poll of over 25000 readers placed Greece in second place in their Best European Country ranking (ref banbw.co.uk)
Greece now ranks ahead of the golfing paradise of Portugal and the traditional British holiday destination of Spain. This signifies that the injection of 40million euros by the country’s Minister of Tourism in 2008 is bearing fruit.  Greece shows that the turnover in the tourism sector has increased by 2.7% in Q2 2008 compared to the same period in the previous year.

According to Forbes.com, Greece is said to be predicting a 2.7% growth in its economy in 2009, a positive figure given the context of the worldwide ‘credit crunch’ and one that will surely be inviting for those looking to buy a home abroad either for personal holidays or as an investment purchase. This will be encouraged by new flights to the country and its islands by budget airlines looking to cash in on Greece’s increased popularity.

Irini Tzortzoglou, Deputy Branch Manager of Piraeus Bank UK, who offer mortgages on Greek properties, recognises the potential of 2009 for the Greek property industry,
”It is true that we cannot bury our heads in the sand when it comes to the global financial crisis, however it is important to look at the bigger picture and to recognise that different economies are set to fair differently during this time. Greece, for example, is one destination that is currently riding on a wave of popularity following a good year in 2008 and these positive results should see it through 2009 more securely than many European countries. As a second home destination, Greece has a great deal of potential and is still relatively undiscovered meaning that the ‘true Greek lifestyle’ is still very achievable, and 2009 looks like a good year to discover it.”

The information below can only mean that properties situated on the coast will increase in value as supply will not meet demand.

Greece signs agreement to ban development on the Mediterranean coast
(Source: OPP 12.2.08)

The environment ministers of 14 countries agreed in principle last month to ban the construction of residential and commercial developments within 100 meters of the Mediterranean coastline.

The ministers ratified the new Integrated Coastal Zone Management agreement, part of the Barcelona Convention, designed to reduce pollution along the entire 29,000 mile shoreline of the Mediterranean. No construction will be permitted within 100 metres of the coast in an effort to help protect the coastline from the damage caused by development and human contact.

The table below shows Greece entering ‘the top ten’ for the first time whilst historically popular countries such as Spain move down the table

Jet-to-Let Survey Results:

Editor of Jet-to-Let magazine, Dominic Farrell, said: “Given the current economic climate and the negative media coverage of property investment, this survey shows that investors can see beyond today and realise that property has few rivals in terms of medium to long-term prosperity and risk.

“Given a choice between equities or other financial instruments, I know where my money will remain. This is a moment of opportunity for investors and those who take action will reap the benefits in years to come. 
“We will not always be in a recession and the economic policies being adopted now will eventually bear fruit.  The catalyst for a recovery will be a return to lending by banks around the world.”

According to several recent reports by reputed industry sources, Greece’s economy and property market are geared up to survive the global downturn better than most in Europe, with The Telegraph putting Greece at the heart of a “new financial Europe”.

Property Abroad.com have stated “ with very little in the way of banking catastrophes being reported, and banks guaranteeing all deposits, Greece does indeed look sufficiently stable to weather the global financial storm relatively in tact. Greek banks have been among the best performing in Europe over the past few months, and the consistent availability of mortgage finance has seen continually rising property prices – on top of the impressive rise of more than 200% in the past 15 years. (news posted on March 4 2009 property-abroad.com)

"Kalamata offers warm winters, beautiful summers, sandy beaches, mountains and some of Greece’s most celebrated archaeological sites including Olympia and Epidaurus"

from www.homesworldwide.co.uk/travelgreece.