Tuesday March 31, 2015 Search
Weather | Athens
14o C
09o 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 shouldn’t 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)  
Russian firms to bid for Greek oil and gas drilling tender, says energy minister
How Grexit bill could dig deep into ECB pockets
Greek retail sales dip in January for third month in a row
Greek jobless rate inches up to 26 pct in December
Government to propose committee to examine Greece´s memorandums
The SYRIZA-led government is expected to submit a proposal for a parliamentary committee to examine the handling of the Greek debt crisis by previous administrations. The proposal, which may...
Senior member of Merkel´s bloc resigns over Greek bailout
A senior member of German Chancellor Angela Merkel's conservative bloc announced Tuesday he was stepping down in a dispute over the government's response to Greece's debt woes. Peter Gauweil...
Inside News
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZA’s progress since its start cannot and never will be able to stomach the leftist party’s coalition with Independent Gree...
EDITORIAL
A pointless debate
Monday’s parliamentary debate between the country’s political leaders left a lot to be desired. There was no information whatsoever about the coalition government’s proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Russian firms to bid for Greek oil and gas drilling tender, says energy minister
2. Government to propose committee to examine Greece´s memorandums
3. Senior member of Merkel´s bloc resigns over Greek bailout
4. How Grexit bill could dig deep into ECB pockets
5. Greece, EU/IMF lenders end round of technical talks without deal
6. Hospital doctors give deadline for new hires, back pay
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. A pointless debate
3. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
4. Greek government proposes measures worth 3.7 bln
5. Investment guru Mark Mobius rules out Grexit, advises sell-offs
6. Shops to open Sunday ahead of Easter holidays
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.