Tuesday December 23, 2014 Search
Weather | Athens
13o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Sun, sea and a lavish holiday rolled into one

By Leonidas Stergiou

It is often said that there are two categories of investors interested in upmarket Greek real estate.

The first comprises individuals, usually foreign, with high incomes. They are mostly businesspeople, with annual incomes in excess of 200,000 euros, looking for small villas, mainly on the islands, which cost more than 750,000 euros. Most come from Libya, the Gulf states, Israel, Russia, Scandinavia and the UK. They aim to spend one to three months a year at the property and let it out for the rest of the year, eyeing annual returns of around 5 percent. According to Algean, such a return is feasible and such properties are easily leased to Greeks or foreigners.

The second category is made up of investment funds targeting luxury villas and five-star hotels. They are usually based in the UK or Switzerland and invest no less than 1 billion euros. They have a short- to medium-term time frame, around five years, and are normally interested in properties and large plots on the islands. They are also willing to sink money into big hotels or a number of smaller units that are in close proximity to create one big unit. Islands with a busy tourist season are preferred, though there is also interest in Athens and the region of Attica in general.

The surplus of new summer homes in Greece remains stable at approximately 50,000 properties as a result of the slowdown in construction. Moreover, supply of high-caliber summer properties remains low. Experts believe that the surplus will not be large enough to cover demand in the coming years and that this is an area which will attract an increasing number of investors.

What people are looking for in a luxury summer home in Greece is pretty standard: a building made using quality construction materials, at least three bedrooms and a swimming pool. Any additional amenities, such as proximity to an airport and good beaches, are considered pluses.

However, in the market the term luxury is not just used to refer to expensive services and products. For example, an expensive car may not be considered luxurious if it is not associated with something that gives its owner a certain image or profile. So a luxury product must be both expensive and attribute its owner with the characteristics that will place him or her in a certain social sphere. A 5-star hotel, with all the bells and whistles, may not be deemed luxurious unless it is also defined by a certain culture and, more importantly, is manned by staff who have been expertly trained to speak to guests in a certain manner: usually polite, though not obsequious. Staff need to show that they enjoy their work, they shouldnt show it if they feel tired or fed up, and they are expected to take the initiative.

ekathimerini.com , Thursday August 7, 2014 (21:59)  
October data show fleeing bondholders
Expired debts to the state soar to more than 72 bln euros
First four contracts to fund small firms signed by IfG and banks
Investors putting plans on hold
Govt seeks better result in second presidential vote as bribe claim probe shelved
With all political parties now actively preparing for the prospect of snap elections, MPs are to vote in the second ballot of a critical three-phase presidential vote at noon on Tuesday. The...
Civil servants to grade evaluation scheme
As of Monday, Greek civil servants are now able to have a say in the public sector evaluation scheme that is currently undergoing fine-tuning by the Ministry of Administrative Reform. By log...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. October data show fleeing bondholders
2. Expired debts to the state soar to more than 72 bln euros
3. First four contracts to fund small firms signed by IfG and banks
4. Investors putting plans on hold
5. Govt seeks better result in second presidential vote as bribe claim probe shelved
6. Civil servants to grade evaluation scheme
more news
Today
This Week
1. Greek parliament vote in balance after Samaras election offer
2. Euro shaky on ECB and Greece, dollar keeps edge
3. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
4. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
5. Draghi starts squaring QE circle in month of persuasion for ECB
6. Klaus Regling stresses debt sustainability through commitment to reforms
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. On the edge but not gutless
5. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
6. Greek PM offers compromise solution with elections by end-2015
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.