Crisis - Opportunities for investors
Greece is going through a deep economic crisis, and to get out of it will not be an easy way. This is definite goes beyond any statistics. Of course, it’s happened due to debt crisis, which has affected also Eurozone, and the "strong economic” countries of Europe. Even countries that are industrially developed should take measures of reductions of budgetary expenses.
Even through these crises in Greece there are great opportunities for those who are interested to invest in real estate, especially in areas with unique natural beauty that in our country is in abundance mainly due to the extensive coastline, lots of islands and diversity of the landscape. We should also note the beautiful mountain areas, ideal climatic conditions, number of sunny days a year, great cuisine and the famous hospitality.
Strain on liquidity, which is currently observed in the economy, and the fact that the banks suffer from the consequences of debt restructuring in general stopped originate and the state trying to increase their income introducing a series of real estate taxes, which in some cases have become a heavy burden for its owners. Recently on the completed property market appeared a lot of great offers at attractive prices, which owners are ready to negotiate with the interested buyers on additional discount.
Only in Attica the last few years appeared thousands of free, modern and luxury houses at competitive prices. The region where lives 50% of the population and where is placed the main political and financial institutions, offices of the leading Greeks and foreign companies. Because of the crisis from Attica were removed enterprises of some multinational corporations, as well as several banks with their staff. Due to all these appeared very attractive prices on the commercial properties market. Thus, the real estate market offers to the interested investors a large variety of commercial properties according to their high requirements.
After 2008 prices showed a significant decrease. Here should be marked that during this period in Greece has been considerable improved transport infrastructure, reducing the distances between main destinations and increasing the trip quality, make them more comfortable and safe. Experts believe that in many cases, prices have fallen by 50% and as a result currently there are very attractive objects for sale. On specific note that only in the second quarter of this year, prices have fallen by 5%.
According to the Greek news agencies and real estate companies working with foreign clients, the interest of the foreign investments presents an increase. This statistics could be just a simple interest, but shows a further upcoming flow of investors and individuals who understand that invest today you invest in future profit. Attica, Peloponnese, Western Greece will soon become the center of investors attention, which will provoke a new price increase according to the demand increase and supply reduction.
That's why this situation is favorable for those who are willing and able to invest in the Greek market. For example in the Cyclades , the region 's with unique natural beauty, the number of transactions decreased by 40 % to 70 %, this fact led to the loss of property prices by 15% and in some cases by 30%. On the islands of Mykonos and Santorini, prices fell by 40%. In Rhodes, which is a world-class resort island, the property prices have fallen by 30%, on the Ionian Sea islands by 20%. The Peloponnese , with its amazing natural beauty and infrastructure, property prices showed a fall of 30% , and in the islands of the eastern Aegean Sea 25%.
Legislation that prevents the purchasing of property by citizens of non EU countries is in the past. Today, everything moves at a different pace, following the logic way of Fast Track for those who want to invest in our country. Greece is doing efforts to overcome the bureaucratic obstacles that were developed over the last decades. These efforts come from all sides that will create favorable conditions for everyone who want to do business in our country. Russia, China and Western Europe are interested in both purchasing property and entrepreneurial activity.
As for entrepreneurial activity so for investment "timing” is very important. Those who are willing to invest in Greek property should do it in next three years in order to start to make profit when Greece will become to come out from crisis.
And that day is not so far, regarding intensive developments of other industries, such as energy.