To revive the ailing housing market, the Greek government has recently offered residence to non-EU investors purchasing worth over €250,000. The residence plan, which is similar to measures adopted by Hungary, Spain and Portugal, is valid for five years and open to renewal.
Mr. Kosta Kioleoglou who is a Tegova Certified Expert Property Valuer and holds a masters degree in civil engineering from the National Technical University of Athens and who is also the chief property strategist at T Taylor Scott International says..."Property demand in Greece remains depressed. For the First 2 quarters of 2013 residential real estate transactions in Greece fell in number, volume, and value. Just in the first quarter of 2013, the total number of residential real estate transactions plummeted by 24.5% to 4,976 from the same period last year. "
According to the Bank of Greece and independently verified by Taylor Scott International in May 2013, the total amount of outstanding housing loans in Greece dropped 4.9% to €72.56 billion from the same period last year.
Greece continues to endure double-digit year-on-year house price declines, with the Greek economy facing its sixth year of recession. It is expected to contract by another 4.2% during 2013.
In the Greek capital of Athens, the average price of apartments plunged by 12.6% (-12.6% inflation-adjusted) during the year to end-Q1 2013, according to the Bank of Greece. During the latest quarter, i.e., quarter-on-quarter during Q1 2013, house prices in Athens fell by 2.6% (-0.6% inflation-adjusted).
Taylor Scott International research shows all cities experienced house price falls:
In Thessaloniki, the second largest city, house prices dropped 8.3% (-8.2% inflation-adjusted) y-o-y in Q1 2013. House prices fell 1.2% during the latest quarter (which means that they rose by 0.9% in inflation-adjusted terms).
In “all other cities”, residential property prices plunged 11% (-11% inflation-adjusted) during the year to Q1 2013. Quarter-on-quarter, house prices dropped 2.9% (-0.9% inflation-adjusted).
In “all other areas”, house prices fell by 10.9% (-10.9% inflation-adjusted) y-o-y in Q1 2013. In a quarterly basis, house prices dropped 0.7% (+1.4% inflation-adjusted) in Q1 2013.
Taylor Scott International calculates that residential property prices in Athens have been falling since 2008, mainly due to the adverse effects of the global economic and financial meltdown.
In 2008, residential property prices fell by 0.77% (-3.57% inflation-adjusted)
In 2009, house prices fell by 4.21% (-6.04% inflation-adjusted)
In 2010, house prices dropped 5.83% (-10.4% inflation-adjusted)
In 2011, residential property prices plunged 8% (-10.49% inflation-adjusted)
In 2012, house prices plummeted by 13.1% (-14.08% inflation-adjusted)
Taylor Scott International’s Guide to buying a property in Greece..
According to Taylor Scott International some people like Greece; most people love it. Yes, it’s steeped in history and has stunning scenery and beaches, but it’s the people, their friendship and generosity, that make visitors fall so in love with the place that they return time and again, before buying a holiday home or relocating entirely.
The Greek debt crisis on our screens last year has created an unfairly poor impression, and, in reality, although the Greek population is suffering under the austerity measures, the effect on the already simple Mediterranean lifestyle on the islands that draws second-home owners is generally yet to be seen and tourism on the islands remains strong.
The recession has seen off the building of large holiday home developments and also produced some great bargains if you can pay cash. Taylor Scott International reports a shift away from second-home owners towards the 55-plus age group seeking a permanent move, others are buying with a very long-term view.
Property hot spots in Greece by Taylor Scott international...
Hundreds of Greek islands vary in look, price, accessibility and weather. The Ionian Islands on the eastern side, just across the sea from Italy, include Corfu with its rolling green hills and Italian-style townhouses from €120,000. Corfu’s northeast coast has been dubbed “Kensington-on-Sea” for its high-end visitors including Prince Charles and David Cameron. Another Ionian island is Kefalonia, still remembered fondly from Captain Corelli’s Mandolin, Taylor Scott international has apartments from under €100,000 and country villas from €250,000.
Mainland Halkidiki has become during the last years one of the most popular areas ,attracting thousands foreign investors. The decision to invest in Halkidiki in terms of high quality tourism, will be extremely beneficial for the potential investor due to the continuous flow of tourist arrivals in Thessaloniki, the lack of high class hotels in the Thessaloniki wider area proportionally to the locals and visitors population and finally the wide range of theme holidays that Halkidiki has to offer. Taylor Scott international has starting prices in Kassandra (Halkidiki) for one bedroom apartments from € 135,000 and beach side villas from €300,000.
For more information on how to qualify for a property based residency permit in Greece, please contact Taylor Scott International at its Athens office on +30 210 968 1952 or email greece@taylorscottinternational.com
Mr. Kosta Kioleoglou who is a Tegova Certified Expert Property Valuer and holds a masters degree in civil engineering from the National Technical University of Athens and who is also the chief property strategist at T Taylor Scott International says..."Property demand in Greece remains depressed. For the First 2 quarters of 2013 residential real estate transactions in Greece fell in number, volume, and value. Just in the first quarter of 2013, the total number of residential real estate transactions plummeted by 24.5% to 4,976 from the same period last year. "
According to the Bank of Greece and independently verified by Taylor Scott International in May 2013, the total amount of outstanding housing loans in Greece dropped 4.9% to €72.56 billion from the same period last year.
Greece continues to endure double-digit year-on-year house price declines, with the Greek economy facing its sixth year of recession. It is expected to contract by another 4.2% during 2013.
In the Greek capital of Athens, the average price of apartments plunged by 12.6% (-12.6% inflation-adjusted) during the year to end-Q1 2013, according to the Bank of Greece. During the latest quarter, i.e., quarter-on-quarter during Q1 2013, house prices in Athens fell by 2.6% (-0.6% inflation-adjusted).
Taylor Scott International research shows all cities experienced house price falls:
In Thessaloniki, the second largest city, house prices dropped 8.3% (-8.2% inflation-adjusted) y-o-y in Q1 2013. House prices fell 1.2% during the latest quarter (which means that they rose by 0.9% in inflation-adjusted terms).
In “all other cities”, residential property prices plunged 11% (-11% inflation-adjusted) during the year to Q1 2013. Quarter-on-quarter, house prices dropped 2.9% (-0.9% inflation-adjusted).
In “all other areas”, house prices fell by 10.9% (-10.9% inflation-adjusted) y-o-y in Q1 2013. In a quarterly basis, house prices dropped 0.7% (+1.4% inflation-adjusted) in Q1 2013.
Taylor Scott International calculates that residential property prices in Athens have been falling since 2008, mainly due to the adverse effects of the global economic and financial meltdown.
In 2008, residential property prices fell by 0.77% (-3.57% inflation-adjusted)
In 2009, house prices fell by 4.21% (-6.04% inflation-adjusted)
In 2010, house prices dropped 5.83% (-10.4% inflation-adjusted)
In 2011, residential property prices plunged 8% (-10.49% inflation-adjusted)
In 2012, house prices plummeted by 13.1% (-14.08% inflation-adjusted)
Taylor Scott International’s Guide to buying a property in Greece..
According to Taylor Scott International some people like Greece; most people love it. Yes, it’s steeped in history and has stunning scenery and beaches, but it’s the people, their friendship and generosity, that make visitors fall so in love with the place that they return time and again, before buying a holiday home or relocating entirely.
The Greek debt crisis on our screens last year has created an unfairly poor impression, and, in reality, although the Greek population is suffering under the austerity measures, the effect on the already simple Mediterranean lifestyle on the islands that draws second-home owners is generally yet to be seen and tourism on the islands remains strong.
The recession has seen off the building of large holiday home developments and also produced some great bargains if you can pay cash. Taylor Scott International reports a shift away from second-home owners towards the 55-plus age group seeking a permanent move, others are buying with a very long-term view.
Property hot spots in Greece by Taylor Scott international...
Hundreds of Greek islands vary in look, price, accessibility and weather. The Ionian Islands on the eastern side, just across the sea from Italy, include Corfu with its rolling green hills and Italian-style townhouses from €120,000. Corfu’s northeast coast has been dubbed “Kensington-on-Sea” for its high-end visitors including Prince Charles and David Cameron. Another Ionian island is Kefalonia, still remembered fondly from Captain Corelli’s Mandolin, Taylor Scott international has apartments from under €100,000 and country villas from €250,000.
Mainland Halkidiki has become during the last years one of the most popular areas ,attracting thousands foreign investors. The decision to invest in Halkidiki in terms of high quality tourism, will be extremely beneficial for the potential investor due to the continuous flow of tourist arrivals in Thessaloniki, the lack of high class hotels in the Thessaloniki wider area proportionally to the locals and visitors population and finally the wide range of theme holidays that Halkidiki has to offer. Taylor Scott international has starting prices in Kassandra (Halkidiki) for one bedroom apartments from € 135,000 and beach side villas from €300,000.
For more information on how to qualify for a property based residency permit in Greece, please contact Taylor Scott International at its Athens office on +30 210 968 1952 or email greece@taylorscottinternational.com
