Peloponnese offers The Greek Property Buyer an Alternative Opportunity

The Peloponnese in Greece is one of the Jewels in the Crown for Greek properties and is often missed when people are searching for property to buy in Greece and it really should be added to your list of searches along with the traditional searches like Crete, Rhodes, Corfu and other well known Greek property hotspots.

An example of those little know places is Stoupa which is 35 Km from Kalamata, the capital of Messinia county.
Stoupa is a romantic and picturesque place, where the peaceful silver green of the olive groves meet the crystal clear turquoise of the Messinian Bay.

It has one of the most beautiful beaches, where there are traditional fish taverns, and the seas are crystal clear and shallow, with sandy beaches and seabed.
Stoupa along with the Peloponnese has the benefit of the airport of Kalamata which is well situated to accessing and exploring this beautiful region.

Greek Real Estate Best European Investment

Intrnational Herald Tribune reports that Greek Real Estate defies the market doldrums with Greek Islands Property being favoured by increasing numbers of Europeans looking for luxury invrestments in Greece…..


Greek real estate boom defies market doldrums
By Niki Kitsantonis Published: International Herald Tribune July 22, 2008
ATHENS: Increasing numbers of affluent Europeans are buying or building luxury properties on the Greek islands, even as the market for top-end holiday homes in other European destinations like Spain and Bulgaria remains stalled, Greek real estate agents say.

Industry experts explain that the range of available properties - from extravagant new villas to bargain plots - has been attracting foreign buyers, some of whom say their investments have doubled or even tripled in value in just a few years. "The islands have something for everyone, and they are close to home for Europeans, so foreign interest is strong," said Yannis Perrotis, head of CB Richard Ellis-Atria real estate consultants in Athens.

There are about 70,000 foreign owners with property in Greece and, while there are no official records of house purchases by foreign nationals, there is a lot of anecdotal evidence that the numbers are continuing to grow.

The British and the Germans make most purchases, according to agents, who agree that the slump in the British housing market and a weak pound have had little impact on top-end property sales. Next are the French, Italians and Scandinavians. There have been fewer U.S. buyers since the dollar fell against the euro, but fast-growing interest from newly wealthy Russians is absorbing the slack.

Agents say most of these customers pay €4,000 to €10,000 per square meter, or $590 to $1,470 per square foot, for new top-end properties, depending on the cachet of the location. These prices, up by about 20 percent since a 2005 real estate boom, are three times as high as those for similar structures in the fledgling second-home markets of Turkey, Bulgaria and Croatia and significantly higher than those for equivalent properties in Spain, where prices have plummeted in the past year.

Also, they note that the price of land on the islands and subsequent construction costs are a fraction of the expense of buying something new from a developer. For many prospective buyers, however, completing a sale on one of the several hundred Greek islands can be a Herculean task. "Many are turned off by the endless procedures," Perrotis acknowledged.

He and other agents complain that inadequate national laws governing real estate purchases and an incomplete national land register causes complications and delays, complaints that also are heard from developers trying to build luxury vacation complexes.

By early next year, a new national zoning law is expected to clarify where construction is allowed and where it is forbidden, although the minimum plot size required for building, now 4,000 square meters, or nearly an acre, is not expected to change.

Any prospective buyer must hire a lawyer who can navigate the land register and deal with forestry and archaeological authorities. For older buildings, a civil engineer should be enlisted to check the structures' resistance to earthquakes, which are common in Greece.

Just as the islands have different characters - some tranquil, others lively; some with strong Venetian or Ottoman influences, others distinctively Cycladic, with white-washed villas - they also have different rules. "Some islands require more paperwork, others are stricter about issuing building licenses, so it is best to talk to an agent first," said Giorgos Zappas of Re/Max Properties in Athens.

Generally, EU citizens face the same requirements as Greeks, and all buyers must pay taxes of 19 percent on new construction or about 10 percent for older properties. "There is some extra paperwork for non-EU citizens, like Americans and Russians, but we help with that," Zappas said.

Prices for new luxury homes vary. On the popular Aegean islands of Paros, Naxos, Rhodes and Crete, they range from €3,000 to €7,000 per square meter. More tranquil spots, like Antiparos, Patmos and Tinos, have a similar price range.

On the more cosmopolitan Mykonos and Santorini, the sky is the limit for property costs. Foreign interest in Santorini is more or less restricted to areas around the caldera, the large central lagoon that was created by a massive eruption 3,600 years ago. Most villas with caldera views cost €3 million to €4 million.

Prices are similar on Mykonos, where a well-positioned new home costs €7,000 to €15,000 per square meter. A magnet for jet-setters since the 1960s, the island is divided into two zones - blue, where building is allowed, and brown, where it is not.

But there are a lot of "unofficial" rules too.Roy Elsbury, a 52-year-old British property developer, said his first attempt to buy on Mykonos was aborted when the seller asked for payment under the table. "Coming from an environment where everything is done by the book, it was a shock," he said.

Elsbury's second attempt was successful. In 2005 he bought two 100-square-meter villas on a cliff overlooking Mykonos's famed Elia Beach. Now the renovated 20-year-old properties have doubled in value and are worth €1 million each, he said.For Keith Miller, 59, an NBC-TV correspondent, building in Greece was surprisingly trouble-free.

With a good lawyer and "a great deal of homework," Miller built two villas on the Ionian island of Corfu. He paid €60,000 for the land, which is in the island's coveted northeast region - called Kensington-on-the-Sea because of its growing population of wealthy Londoners. And he spent €500,000 to build the villas.

The larger property - a 500-square-meter villa built in 2005 - has tripled in value to €1.8 million, according to Aylesford International, a London-based agency. He rents it out for €7,000 a week in the summer, which covers the maintenance cost on both properties.

Corfu has one of the largest expatriate communities of all the islands, accommodating 20,000 Britons alone.

The Ashcrofts, a British-Corfiot couple, recently finished renovating a 400-year-old mansion, a relic of the island's Venetian occupation. "It was a real challenge to do it in the original style but we got there in the end," Alex Ashcroft said.

He and David Ashcroft, both 65, bought the property 14 years ago for the equivalent of £56,000, or $112,000, and said they had spent "about double that" on renovations. Now, they say, their home has been valued at €1 million.

On postcard-pretty Hydra, between the Argolic and Saronic Gulfs, near Athens, a few wealthy Europeans have renovated neoclassical buildings, albeit with difficulty. Cars are banned, so donkeys are used to transport materials, said Alex Calothis, who runs an agency for foreigners scouting Hydra and the southern Peloponnese. Calothis said many Britons had inquired about old houses for renovation but then ended up buying new. "The lure of a no-hassle, key-in-hand villa usually outweighs the romantic dream," he said.

The Peloponnese - a peninsula connected to the mainland by a narrow strip of land - is attracting buyers, particularly Germans, despite the damage caused by severe fires last summer.

The Peloponnese, Crete and Paros have been besieged by developers building luxury complexes with golf courses and "clusters" of high-end villas. Last year, about 400 villas were built just on Paros, an island that totals only 200 square kilometers, or 75 square miles, with a full-time population of about 13,000.

The authorities say the recent increase in property sales is just the beginning. "Demand for luxury homes within complexes is constantly rising," said Giorgos Souflias, the country's public works minister, who insists that Greece will not overdevelop its coastland as Spain has done.

But Dimitris Bailas, prefect of the Cyclades island group, including Mykonos, wants the islands' character preserved. "Authorities should offer incentives for the renovation of original buildings, not allow construction on every hill and beach," Bailas said.

Easier Travel and hidden Gems in Greece.

Hidden Gems in Greece are found on the Greek island of Kefalonia, easier travel to the Greek Islands now make available the Gems of Kefalonia available to those seeking that something specila for their holidays this summer…

If you’re searching for the perfect destination for a relaxing holiday, Kefalonia’s Karavados Beach Hotel is the destination you are looking for. The family run hotel prides itself in keeping in with traditional Greek hospitality and has become a firm favourite with British holiday makers, who have enjoyed this beautiful Greek island and will continue to do so.

Situated just 2.0 km from the picturesque fishing village of Karavados, the Karavados Beach Hotel is set in an enviable position amongst green hills, and overlooks the clear blue waters of St Thomas Beach just 300 metres away.The hotel offers some of the best traditional Greek and Kefalonian cuisine to be found anywhere on the island and also hosts special events like Greek night with live Greek music and dancing. The hotel’s bar offers guest a perfect place to relax for pre-dinner or after dinner drinks and Ivan’s special cocktails.The hotel has been designed and built to sensitively combine local traditional architecture with modern standards, offering the utmost comfort to guests. Benefiting from a substantial part-renovation just last year, the 53 rooms and 23 studio apartments at the Karavados Beach Hotel all enjoy air conditioning, radio and a balcony or terrace, and every room is with a breathtaking view of either the impressive mountain range or a seaside view across the crystal clear waters of the Ionian sea.2008 looks set to become a record breaking year for the hotel as more holidaymakers discover this hidden gem. A truly warm and hospitable hotel situated in a perfect position on one of the most beautiful islands of Greece.

Article by Easier Travel .

Mamma Mia! puts Greece on map

Greece sees surge in tourism following the huge success of Mamma Mia, is Greece the new destination for Hollywood stars for Peirce Brosnan and Meryl Steep Greece comes with a resounding yes after both declaring they have never had a better time on a film location anywhere, Greek culture, food and and fabulous weather all played their part in making everyone’s stay in Greece a time to remember.

If you haven't booked your summer holiday yet, the chances are you may end up plumping for a trip to Greece after the success of hit movie musical Mamma Mia! has led to a surge in summer holiday bookings to the country.

According to a survey by online hotel booking site, hotels.com, the number of sun seekers searching for a Greek holiday has risen by a whopping 70%.

The film version of the successful musical was shot in a number of stunning locations across Greece, from the mainland region of Pelion to islands including Skiathos and Skopelos.

Alison Cooper, director of communications at hotels.com confirmed the rise in popularity of holidaying in the Greek isles saying: 'The idea that films can put a destination 'on the map' has long been established. The Lord of the Rings had a dramatic effect on New Zealand tourism.'

Incredibly Ms Cooper also revealed that cult film Borat saw Hotels.com searches for Kazakhstan soar by 300%

Remember Kefalonia and Captain Carelli’s Mandolin with Nicolos Cage?

Guaranteed Rentals In Greece, Greek Real estate combats todays mortgage obstacles.

Greece offers more now to home buyers with all inclusive guaranteed rental packages to assist with mortgage payments on your Holiday home in Zakynthos, situated in the National marine park these Greek holiday properties offer a real opportunity to purchase your own piece of Greece culture and heritage.

The Kalamaki Court is an exclusive holiday complex set in the stunning countryside of Kalamaki. It is a unique new concept in townhouse living where each unit offers the quality and feel of a luxury villa but with the convenience, security and price of a holiday apartment. The Kalamaki Court was built in 2007 and consists of high quality two-storey holiday homes, set within secure gated grounds accessed only by the residents by an intercom system, offering some of the highest quality holiday properties for sale on the beautiful Greek Island of Zakynthos. The villas are located in a small quiet courtyard amongst olive groves and pine woods and only a five minute walk from tavernas and shops, with the heart of Kalamaki a few minutes walk further.
The complex consists of one bedroom townhouse of 48sqm at the price of 120,000 Euros and a two bedroom townhouse at the price of 140,000 Euros.

ONE BEDROOM TOWNHOUSE: Its ground floor has its own UPVC front door entrance which opens onto an airy open-plan living and dining room with fully fitted kitchen base and wall units. The kitchen has spacious in-built storage cupboard, the living room opens onto large veranda with poolside view and marble stairs lead to first floor. The first floor landing to bathroom and large open-plan bedroom, the bathroom is fully fitted with white bath, wc and basin and there are UPVC windows and fly screens throughout.

TWO BEDROOM TOWNHOUSE: Its ground floor has its own UPVC front door entrance which opens onto an airy open-plan living and fully fitted kitchen base and wall units. The kitchen has spacious floor to ceiling height in-built storage cupboard, WC with sink and area for washing machine, the living room opens to large veranda with poolside view and marble stairs lead to first floor. The first floor landing with doors to bathroom and bedrooms, both double bedrooms have spacious fitted wardrobes and verandas with poolside and countryside or sea view, the bathroom is fully fitted with shower, WC and basin and UPVC windows and fly screens throughout.

The townhouses are available furnished or unfurnished.

The communal areas consist of two large communal swimming pools with flag stone surroundings and sun loungers, a children's pool, landscaped grounds and gardens with barbeque area & outside showers, a number of parking spaces, with overspill parking to the rear of the site and an attractive 2 metre stone wall & fencing surrounding entire complex providing security and safety. For the communal places there is full maintenance of grounds, gardens & exterior of properties and full property & rental management services available for your rental clients.

This stylish new holiday complex built in 2007 with an 80% LTV Mortgage package available with 10 year interest only payment. Bookings for 2009 already secured which will automatically be transferred to new owners if interested to buy to let. The potential rental income is between 5%-8% based on last year's rentals. The popular resort of Kalamaki is located in the EU protected National Marine Park of Zakynthos, which means that new developments are highly restricted. Due to this fact, the capital appreciation of these units is expected to be significant (5-10% annually).

The distances from town is 5km, from nearest beach is 1.5km, from nearest resort is 500m and from the airport is 4km.

MORE INFORMATION

How to buy property in Crete?

· For older properties, a 10 per cent deposit is paid at the time of a pre-contractual agreement. Nothing should be paid until a legal search is carried out by a lawyer. It is advisable to update the "topograph" (plan) of the property, asking neighbours to agree and sign on the property's limits.

· The purchase contract is always executed in front of a notary and registered with the Land Registry. You must declare your property every year to the government via an E9 document.

· Taxation is very complicated. Put simply, purchase costs are 10-14 per cent on an older property. Stamp duty is calculated on the "assessed" or "tax value" of the property, which is usually much less than the market price. 19 per cent VAT is payable on newbuilds.

· Capital gains tax is payable on properties bought after January 2006 - on a sliding scale,for example, 20 per cent in five years.

Property in Crete: The island where time no longer stands still

Buy in Crete before it hits the big time, says Liz Rowlinson of the Daily Telegraph.
Liz Rowlinson wrote recently in the Daily Telegraph about the opportunity in Crete today, below you will extracts from Liz’s recent article
Thirty years ago, the north-east coast of the Greek island of Crete was discovered by British visitors when it was showcased in Who Pays the Ferryman?, a BBC drama series. Now, if The Island, Victoria Hislop's bestselling novel is dramatised - as it surely will be - the region around Elounda will become fashionable again. Or so those in tourism or property hope.

"If the book is made into a film, the effect would be similar to that on Kefalonia after Captain Corelli's Mandolin," says Theodoros Frangos, of the Blue Palace Hotel, which overlooks Spingalonga, the former leper colony of the novel's title. Crete attracts around 35 per cent of visitors to Greece.
Inland from 1,000km of coastline, there are ancient sites, gorges and villages which are little changed in centuries. Only one place - Malia - has a reputation for the excesses of cheap package-tourism.
"People have always bought in Crete because they love the lifestyle and the people from Crete are in a world of their own which is totally self sufficient from mainland Greece and their hospitality is second to none.
"Many buyers still want the traditional village house, although the past few years have seen much new development," she says. "The low cost of living is attracting would-be Spanish purchasers and Easyjet's take-over of GB Airways' Gatwick-Heraklion route gives people the impression that Crete is more accessible."
The long, sandy beaches and lusher north-west of Crete has attracted most of the tourism, and newbuild complexes have mushroomed west of Heraklion, the island's capital and main airport, around the towns of Chania and Apokoronos
Leptos Estates suggests that west is best for investment and predicts 20 per cent per annum increases for its new resort-style projects, such as Aphrodite, in Malerne Beach, where four-bedroom villas are selling for €434,000 (£344,276).
But in the drier east, the topography of mountains dropping into the sea has restricted mass development and the area around Elounda and the regional centre of Aghios Nikolaos is associated with small, upmarket projects.
A new airport mooted at Sitia could open up the far east of the island.

For some people, Crete will be prized for its traditional way of life and they will endure the hassle that can come with the title deeds of an older property to restore something historic.
A village "wreck" (straw on the floor; bats included) costs €35,000 (£27,764). You can drive for miles from village to village without seeing another car.
Whatever you budget Crete has something to offer everyone.

GoldAcre Estates Greece

Opportunites are now available to buy some stunning properties on the Island’s of Zakynthos and Kefalonia with the collaboration of two new developers.These new additions now allows GoldAcre Estates to offer properties from the Aegean Islands to the Ionian Islands. GoldAcre Estates new office in Patras is on a recruitment campaign to find suitable candidates to assist with our expansion program within Greece.
For further information contact via email elenap@goldacre-estates.com or visit www.goldacreestatesgreece.com

International Real Estate Market

International markets continue to be affected by the major banks restrictions on lending although this has also bought some stunning opportunities to acquire some lovely properties at very realistic prices, it is envisaged that the markets will be a little slower certainly until the end of the year, the ECB has recently announced that it will not be making any rate reductions in the next two months as it feels that there is no need to support rates in the current environment as some markets are slowly recovering.Some European banks have not been affected by the credit crises and have funds available which is making purchasing overseas property in some locations a lot more easily.
Choosing the correct location for your overseas purchase is vital in avoiding pressures of International circumstances as some are experiencing now, key factors are length of season, for rentability, as it does not matter what the circumstances are people will always take a holiday and look for quality property to rent.