Published: 9th September 2013
Whilst not traditionally not considered a large market for overseas property investors, recent times have seen an increasing interest in the market for property in Greece. Attracted by the stable government and economy, increasing tourism revenues and relatively low property prices, an increasing number of investors are beginning to consider Greece as a viable investment option.
Of particular interest to both developers and investors have been the beautiful islands of the Aegean Sea, which have for many years been a popular summer destination for many North European holidaymakers. Here the superb climate, clear azure waters, white sand beaches and stunning natural scenery have proven consistently popular with large numbers of visitors, many of whom choose to visit the region time and again.
Today, islands such have Kefalonia and Crete have seen a number of new luxury developments being announced, aimed at capitalising on the increasing tourism revenues in the region. In particular, the superb new development at St Thomas on Kefalonia has proven to be of particular interest to investors from all over Europe.
As well as the strong tourism revenues generated by Greece’s many resorts, there are a number of other factors affecting the investor’s opinions. In particular, the relatively low price of property in Greece allows for considerable long term capital appreciation. Whilst there have been recent increases in the prices of property in Athens and other more popular areas, the prices of property on the Greek islands still remains relatively low, especially in comparison with other resorts in the Euro zone. These low prices, coupled with rental yields in the region of 6-7% ensure a considerable interest in the opportunities for investing in property in Greece at present. A trend which is only showing signs of increasing.