| Think of Greece and you will probably have | | | | priced and can provide a monthly income. How |
| thoughts of hot Greek Islands and cities full of | | | | long prices before for Greek real estate prices |
| archaeological sites and monuments. It is a visitors | | | | join the rest of Europe is hard to tell. |
| paradise so you may be mistaken in thinking that | | | | One new phenomenon in Greece is the mall, with |
| investment property in Greece would revolve | | | | the first one opened in just 2005 in Thessaloniki. |
| purely around holiday rentals. It is true that these | | | | Athens saw its first mall, The Mall Athens, open in |
| are in strong demand for overseas investors but | | | | October, 2005. The mall is helping to spur |
| Greece has so much more to offer the savvy | | | | development in non-traditional areas, such as |
| real estate investor. | | | | suburbs and the edges of the large cities. |
| The Greek real estate market saw a boom in the | | | | Traditionally, Greeks have focused on downtown |
| past several years focused on the 2004 Olympic | | | | and main street shopping areas, which has |
| Games and its aftermath in 2005. Significant | | | | concentrated growth in these areas. With the |
| investment went into infrastructure in Athens and | | | | expected development of up to 10 malls in the |
| around the country for the games, and | | | | next few years, property investors are starting |
| international property investors benefited. Since | | | | to expand their horizons. |
| then the property market has stabilized and seen | | | | Greece is very popular for holiday travelers and |
| moderate growth in the first part of 2007. The | | | | resorts. This means that the popular vacation |
| market is mature and annual property returns are | | | | spots are also prime real estate investment |
| estimated to range from 5-10% for the next few | | | | locations. On the western side of Greece in the |
| years, according to the Hellenic Center for | | | | Ionion Sea is the island of Corfu, one of the most |
| Investment. The Greek economy has grown | | | | popular locations in Greece for international |
| substantially recently, with a 4.3% growth rate in | | | | travelers. There are a number of resorts with |
| the GDP in 2006 and just over 4% for 2007 said | | | | units for sale and rent and there are also plenty |
| the Bank of Greece in its most recent interim | | | | of individual homes, such as these two. |
| report. | | | | The island of Crete is quickly becoming a popular |
| The real estate market for international investors | | | | place for resort development, particularly the |
| in Greece is focused on the two major cities, | | | | western end around Chania. The Aegean Sea also |
| Athens and Thessaloniki, and the major holiday | | | | has plenty of islands and resorts places to find an |
| resorts. In the past several years these two cities | | | | idyllic beach and vacation home. Rhodes, Samnos, |
| have seen quite a bit of growth and there are | | | | Kos and Andros are just a few of the hundreds |
| many properties available. | | | | of islands where one can find a second home or |
| Up and coming is commercial property in Greece | | | | vacation resort. |
| and especially Athens. Buy To Let property is low | | | | |