Property Buying, Selling, Renting A Holiday or Second Home on the Greek Islands
A Holiday or Second Home on the Greek Islands
There is probably not one of us who has not had the dream of owning a property on the Greek Islands. To wake up in the morning where life is slower, the cost of living cheaper, friendly locals, fantastic weather.... oh, and those wonderful whitewashed houses and views. Greek Island property can offer you all of this and right now putting your money in property, with low prices on offer and a better future return than leaving it in the bank, makes sense.
Importantly, the Greek Islands have never been just a fad with property buyers but have established themselves over many years as a reliable second home investment destination. One of the most critical factors for property purchasers, is that the Greek property market grows at a steady pace, with none of those dramatic ups and downs which so many other European countries experience. Thousands of foreign buyers have purchased holiday homes on the isles, for the lifestyle and inexpensive cost of living, combined with a glorious climate.
Most second homes are bought with a view to taking as many holidays as possible at the property and, frequently, with a view to retiring there. Profits from any resale of such a home should be considered in the long term. Not only is Greek Island property a good option for retirement but is also an excellent way to pass on an investment which accumulates to your children.
What do you want?
When looking at the Greek Islands for a second or holiday home, you need to decide what you want to get out of it. Are you looking for a holiday / retirement investment or want to make money out of it from rentals? There are many questions you need to ask yourself before you can start your research. At the end of the day, budget will be of paramount importance and you might find yourself looking at property inland which offers much more for your money. It is all too easy to get caught up in sun-kissed beaches and forget about the serious pros and cons of access to the property, flight options, property maintenance, whether the town is a summer resort and then closes in winter, are there other expats around...
For buyers considering a 'buy to let', then factor in what holidaymakers renting your property expect. As an absentee owner, you may want to make the most out of your financial investment. You'll need to be clear in your mind who your holidaymakers will be. Many holidaymakers want sea and beach, so frontline property may be the best invesment. Golfers want to play 18 holes nearly every day, so access to a nearby golf course or having a property on a golf complex would be a must. Hikers will enjoy excellent footpaths, so inland will be best for them. Assess your potential renters first to determine what and where to buy in a tourist-savvy location to match what they want.
Why?
The charm of the Greek Islands is undoubted and the fundamentals of property purchase are sound.
- high quality lifestyle
- great all year climate
- stable economy with EU longevity
- world-renown culture and history
- untapped tourism potential (winter, inland)
- superb beaches for summer tourism
- affordalbe property prices with stable price increases
- adsl and fast internet connection widely available
- improvements in infrastructure
- tourism / leisure market actively promoted and backed by the government
What to buy
One could hardly say that property on the Greek Islands is "dirt cheap". However, it is affordable, particularly considering the upmarket cachet of the location. Holiday homes on the islands are excellent value for those who consider location, weather and quality lifestyle of ultra importance.
Second homes are actually abundant and buyers will find that a like for like comparison with property in Italy or France, demonstrates how good Greek property prices are. Another consideration is the strict planning controls exercised on the islands which have avoided the mass over-development of other countries.
A property for renovation or something ready to move in? Renovations offer you a lot more for your money but unless you want to spend all your holidays building and decorating, then perhaps this is not for you. Of course, you can get a builder in but you will be absent and it is difficult to be sure they are following your wishes. Having said this, it can be ideal to buy a home for renovation if you don't mind taking your time or want a low-entry priced property. Furthermore, you can do the place up as funds allow and in exactly the way you want it to be. Inland properties can also be a great way to get an insider's view on what a de-stressed Greek village lifestyle is really like.
A lot of new build property in the Greek Islands is geared to suit foreign buyers who are seeking a ready to move in property.
Many new builds are sold fully furnished and equipped with everything you need to just dump your suitcase and get on with enjoying your holday.
Location
The old estate agents' mantra "location, location, location". The largest demand for property on the Greek Islands is inevitably for seafront homes. Of course, these types of second homes come with an associated price tag. If the price of a view of the sea seems overwhelming, then there are plenty of other properties available. Inland traditional homes and new builds can be found all over the islands and at the end of the day, whichever island you choose for your property purchase, your home will never be far from the sea.