Greece Investment: Economy
Those buying Greece property and land will be interested in Greece’s recent economic record. Greece is currently experiencing a sustained period of stability with GDP growth of 3.5% predicted for 2008 and 2009. Greek unemployment figures are decreasing and along with increased affluence comes increased demand for property in Greece. This adds to the resale potential for property investment in Greece.
Greece hosted the 2004 Olympic Games, an event that led to huge investment in Greece and the benefits of which have been widespread, particularly in Athens where the market for Greece properties for rental grew enormously. Greece has been a member of the EU since 1981 and is also a member of the Black Sea Economic Committee, both of which have stimulated business investment and by extension, Greece property investment
Greece Investment: Tourist Industry
The Greece economy was not the only beneficiary of the Olympics: tourism figures received a huge boost from the Games and this tendency has continued. The number of visitors on holiday in Greece increased by 9% in 2007 when 14.5 million tourists visited Greece. Athens, in particular, has seen dramatic increases in tourism, but given that Greece offers such a wide range of tourist attractions – this is a land with something for everyone – all corners of the Greece mainland and islands have experienced increases. Hand-in-hand with growing tourism are added opportunities for property investment in Greece.
Greece Investment: Property Market
Those making Greece property investments have seen high capital gains in recent years – Greece home prices rose by a massive 214% from 1993 to 2006. Greece properties are particularly popular with the British who own a staggering 80% of Greek homes. As well as second-home buyers, investment in Greece real estate also includes buy-to-let property in Greece – expected rental yields are between 2.5% and 4.1%. Hot spots for rentals catering for those on holiday in Greece include Corfu, Rhodes and the Peloponnese Peninsula to the south-west of Athens. The capital itself offers excellent Greece property investment potential, for both long- and short-term rentals. For more information, download the Greece Land and Property Investment Guide.
