Overseas private buyers are looking for investment opportunities in Greece
17 September 2012
Savills Hellas has identified that overseas private investors have placed Greece on their radars, especially with regards to second home properties in prime tourist destinations, and they are looking for bargain deals. The most sought-after areas of Greece are the well established tourist locations, such as the Dodecanese Islands (mainly Rhodes, Kos), the Cyclades Islands (mainly Mykonos, Santorini, Paros), the Ionian Islands (mainly Corfu), Crete (South Aegean Sea), Chalkidiki (North Greece) and the Peloponnese.
Alexandros Moulas, a Valuer and Property Advisor at Savills Greece, in an interview for Cityscape magazine explains: "Investors have always been cautious with regard to Greece’s ‘diachronic symptoms’ such as bureaucracy, tax/legal system, instability and lack of incentives, which have currently been intensified because of the increased risk related to scenarios about the country’s possible exit from the Eurozone. Due to the lack of financing, the Greek market has turned into a cash buyer market. Equity buyers are looking for best prime properties at attractive prices. We have noted that price levels are about 30 - 40% below the peak year of ‘08, and we could say that they are now at the same levels of 2000/2001 (Greece’s Eurozone induction).”
"Greece has always been, and will continue to be, a popular tourist destination and the tourism industry in fact concentrates the highest demand from both local and foreign investors. Seafront properties (large development plots, villa complexes, hotel units etc.) on island and mainland prime touristic locations are now in demand. The interest comes from countries like Russia, Ukraine, Serbia, Kazakhstan as well as USA, Australia, Italy, Austria and Israel", Moulas explained in the same interview.
Savills Hellas believes that there is great opportunity for Greece to become an established global high-end tourist destination. During the last years, some of the world’s best resorts have started to operate in the country, including the Costa Navarino luxury resorts on the west coast of Peloponnese (Pylos area, Messenia) operated by Starwood Hotels & Resorts and the Amanzoe Resort managed by Aman Resorts on the east coast of Peloponnese (Porto Heli, Argolida). There are also 5-star resorts around Greece which dispose of 5-star hotel units, signature golf courses, exclusive villas, casinos, marinas as well as potential for future development. Indicatively, the best examples are the Porto Carras Grand Resort in Chalkidiki (North Greece) and the Elounda Beach Hotels & Villas in Crete (South Aegean Sea).