The Greek Holiday Home and Rental Market.

Its current Position and Future Trends

The Greek holiday home market never used to be “flavor of the month”, however, over the past decade it has joined the handful of established Mediterranean second home destinations.
A buoyant market on a human scale…
Since the Greek property market opened to foreign buyers in the early 1990’s, thousands of holiday homes in Greece have been coveted -and ultimately purchased- by British, German, and other western European buyers. During the same period, the Greek property market has enjoyed steady growth rates of 8-12%. The Greek economy is, notably, one of the fastest-growing in the euro zone; and, thanks to the country’s stable and predictable economic growth, the real estate market can be relied upon to grow at a realistic pace as well, rather than in extreme upswings and drastic downturns all too often seen in up-and-coming markets.
Though pocket change is hardly enough to buy property in Greece, holiday homes here are, by comparison, still an excellent value for overseas buyers in search of that ray of sunshine and the downtempo lifestyle that goes with it. These are available in abundance; in fact, Greece is the perfect alternative to the traditional Mediterranean “favorites”: it is accessible, safe, beautiful, loaded with character, and prices in like-to-like comparisons of Greek and French or Spanish property can be up to 50% lower. There is a large variety of holiday homes for sale, but massive residential developments are not the norm. In most cases, summer homes in Greece retain their local style since, as a rule, the most sought-after locations for second homes are the islands and smaller villages where because of building rules, properties built are in the local traditional style. And, for supporters of “green” architecture, the sublime climate in Greece provides the perfect grounds for bioclimatic structures, maximizing the benefits of sun and breeze to create energy-efficient, sustainable homes with reduced maintenance costs.
Since a significant percentage of holiday home buyers originate from Western Europe, it comes as no surprise that a lot of new construction is customized to suit these buyers’ preferences. The concept of homes that are “ready to wear” has caught on, as travel times between Greece and the rest of Europe have diminished and popping over to Greece for a weekend is no longer utopian; fully equipped homes, sold turnkey with everything from furnishings to linens and cutlery sets, ensure that the fortunate owner can spend all weekend by the pool rather than curtain-shopping for the house. Similarly, the concept of Buy-to-Let properties is taking shape; while property management and guaranteed rentals are in an early stage of sorts, they are increasingly available in, primarily, tourist-savvy locations. This is an important feature, considering that holiday homes usually belong to absentee owners wondering how to make the most out of their investments while, at the same time, enjoying the peace of mind that comes with knowing their property is looked after while they are busy working to fund it.
It is rather unfair that Greece, one of the most mountainous countries in Europe, has settled in people’s collective conscience strictly as a Sea-and-Sun destination. As a result, the overwhelming demand by overseas buyers is for summer homes, with seafront properties carrying the respective price tag and giving credence to global real estate’s “Location, Location, Location” mantra. Still, inland traditional and newly-built properties abound and they are an excellent alternative for those who can’t afford a seaside property, but don’t mind driving to the beach and yearn for an insider’s take on the famously relaxed village life. After all, even on the larger islands, the beach is never too far away.
What’s next?
Is this buoyant market heading for a plateau anytime soon? Well, as in most situations, the answer is “It Depends”. At the moment, Greece is basking in the limelight. The 2006 tourist season ended with a record number of tourists visiting the country (an 8,5% increase compared to last year, according to The Economist), a promising statistic after a slower tourist influx in the previous couple of years, and despite the lack of any long-term marketing campaign on a national level. It is imperative that Greece waste no time capitalizing on the momentum generated by the very successful 2004 Olympic Games and the subsequent, priceless, visibility abroad. Furthermore, developments in Greek Real Estate are teeming with promise. Demand for holiday homes is expected to outnumber supply, keeping property prices rising, and real estate professionals expect holiday home prices to increase up to 10% over the next few years. It is no coincidence that so many large development companies with solid track records in commercial and urban real estate have delved into holiday home projects; their high quality developments with a western flair in select locations aim to attract discerning foreign buyers and investors.
Improvements in infrastructure and construction, largely because of the 2004 Olympic Games, have been tremendous. Thanks to new transportation and road networks, travel times have diminished and previously remote areas are within reach. Soon to be completed is one of the largest road construction projects in Europe, the Egnatia Motorway in northern Greece; a gateway to southeast Europe and the Balkans, it will provide a quick East-West link. Other significant developments with a favorable impact on the Greek holiday home market include:
A nationwide Land Registry in progress which, upon completion, will greatly simplify the home buying process ADSL / Broadband internet connections are now widely available and enable individuals to conduct business away from home Mortgages with low interest rates are also widely available to both Greek and foreign buyers Improvements in the leisure industry, such as golf courses, which are gaining in popularity and becoming the highly marketable focal point of many new developments
Naturally, all that glitters is not gold. Newly introduced taxation laws (Capital Gains and/or Value Added Tax on select properties) may, according to some, have a deterrent effect on property purchases; whether or not this will be the case remains to be seen. Also, Greece must keep working to remain on the map of competitive Mediterranean real estate. The truth is that with the exception of a marketing campaign around the time of the Olympic Games, Greece is unfortunately not advertised enough, however the country’s list of charms is long:

Clean, beautiful beaches
A perfect 4-season climate
Low crime rate
A stable economy and long-standing EU membership
Lack of internal strife Ancient history and a world-renowned culture
An all-around very high quality of life Untapped potential of winter tourism
An overseas homebuyer usually visits Greece, and first falls in love with it, as a tourist.
More tourists equal more homebuyers -it’s a simple logic.
Just as important, on the service level, is the need for integrity and professionalism. The real estate sector is no exception. The estate agent’s experience, professional affiliations, and language / communication skills (especially for foreign buyers) are of key importance for a painless, fruitful homebuying experience.

IDYLLIC PRINES: New Development for sale in Rethymno, Crete, Greece

Just a fifteen minute drive inland, from the cosmopolitan centre of Rethymnon, brings you to Prines Villas, our development of four detached houses. Prines, a small picturesque village, retains strong influences from the Venetian period with its narrow streets, and typical stone houses with beautiful facades. The village, with all its amenities, is just a five minute walk from the development. The area features several of the nicest sandy beaches of West Crete only about 3km distant. The airport of Chania is 60km away and that of Heraklion around 80km.

The two-storey houses are being built to the highest specifications, using the best of local materials, incorporating some traditional features and natural stone. They blend with the surroundings, becoming one with the community of which they are part. The surrounding area is very green and is excellent for cycling and hiking. The development is constructed on a 1200m² plot surrounded by olive trees. The four houses are each two-storey, with terraces and balconies plus a car parking space. The plot sizes range between 222.23 m² and 326.58m²; the living spaces having between 116.81m² and 117.35m² with large basements. The spacious ground floor area is open plan with a breakfast bar providing a divide between the kitchen and living/dining areas. There is a cloakroom, with wc and wash basin, next to the staircase leading to the first floor and the three bedrooms. The master bedroom has an en-suite shower, wash basin and wc. The family bathroom has twin wash basins and a bath.

Jennifer Aniston Will Visit Greece This Summer

Image courtesy of images.askmen.com

Jennifer, whose family name is Anastassakis, is even believed to have bought a DVD to help her learn the language.

Jennifer Aniston is to visit the home of her Greek ancestors. The 39-year-old former 'Friends' actress - whose father John was born on the island of Crete - will travel to Greece this summer in a bid to get in touch with her roots.

A source said: "She can't wait to go back and see where her ancestors lived, and learn about her heritage. "She has always wanted to go on the trip and wants to do it before she turns 40 next year."

Jennifer - whose family name is Anastassakis - is even believed to have bought a DVD to help her learn the language before she travels to the European country. The Hollywood star has previously credited her family with helping her deal with fame.
She said: "There's a warmth to my family and Greeks in general. They have always helped me to keep things real. "My grandmother was always the centre of the family. I would love to be that figure. The grandmother of the family, the godfather of the clan."

Courtesy JAVNO

Panoramic Loutra: New Development for sale in Chania, Crete, Greece From 97740 euros

The small attractive village of Loutra nestles in a verdant landscape of low hills with spectacular sea views to the north. Approximately six kilometers southeast of the city port of Rethymno, on the road to the historic monastery of Akardi, it sits bathed in reflective sunlight from the silver-green olive trees cultivated here since Minoan times. Arranged around its pleasant and convivial public square; and with ample shopping facilities for residents and visitors alike, Loutra is noted for its surviving period architecture. Here you can find many fine examples of Venetian period buildings.

The project Panoramic Loutra is located just seven minutes walk from the village square. Here we are developing four unobtrusive residential apartment complexes and one family house. In all there are sixteen modern, luxurious units of between 54m² and 117m² area; each having either its own private pool and/or access to a communal pool. There is ample private and communal space for all to enjoy the typical Cretan al fresco lifestyle, with the shaded terraces, balconies, patios with pergola and small garden areas.

Greece’s National Day saluted by Bulgaria’s Sofia Echo

Greek National day March 25th Sofia Echo takes a look at the Greek community in Bulgaria, greek property and history in the Ionian Islands, GoldAcre Estates and holidays in Greece sunshine Islands

In honour of Greece’s National Day on March 25, The Sofia Echo takes a look at the Greek community in Bulgaria, business relations between the two countries and opportunities to explore and relax

Article courtesy of Greek national tourism organisation tourism office in Sofia, Bulgaria

Where the sky is blue and the history rich
The archipelago of 11 islands large and small strung out along the west coast of mainland Greece is known as the Ionian Islands. The six large ones are Zakynthos, Ithaka, Corfu, Cephalonia, Lefkada and Paxoi, the small ones being Antipaxoi, Ereikousa, Mathraki, Othonoi, Meganisi and the cluster of uninhabited islets to the south of Zakynthos, the Strofades. Together with Kythera, which is cut off from the rest, opposite the southern Peloponnese and the shores of Lakonia, as well as neighbouring Antikythera, they constitute the Heptanese.

The historic past of the Ionian Islands, known to us from the lines of Homer’s Odyssey, goes back millennia. Ithaka was home to the cunning King Odysseus, some of whose adventures took place in the Ionian Sea, while Corfu (ancient Corcyra) is identified with the Homeric island of the Phaeacians. Important landmarks in the history of the Heptanese are their colonisation by Peloponnesians and Euboeans in the mid-eighth century BCE; involvement in the Peloponnesian War between Athens and Sparta (431-404 BCE); subjugation by the Romans in 197 BCE; Venetian occupation (1204-1797); Septinsular Republic (1800-1807); French occupation (1807-1814); British Protectorate (1814-1864); union with Greece (1864).

These islands, totalling 2200 sq km in area, with their wonderful natural environment, abundant water, fascinating towns and villages, mild climate, inviting bays and beaches, crystal-clear seas, and archaeological sites, are set like jewels in the vast blue Ionian Sea. Their ease of access, modern tourist infrastructure, diverse cultural and folklore events, facilities for sport and entertainment, cosmopolitan ambience and warm-hearted inhabitants complete their attraction.

Corfu

Corfu, which is identified as the Homeric island of the Phaeacians, Odysseus’ penultimate stop on his voyage home to Ithaca (Odyssey vi), is one of the best-known and most highly developed tourist islands in the Mediterranean. Its combination of a cosmopolitan character and couleur locale, its aristocratic town and picturesque villages are the principal poles of attraction for visitors.
The northernmost of the Ionian Islands, Corfu, is 611 sq km in area and has 200km of coastline. Its terrain is fertile, with lush vegetation and lots of water, vast olive groves, vineyards, pine forests, orchards of fruit trees and vegetable gardens. The geomorphology of the coastline varies. Steep, rocky cliffs on the west and gentle shores on east and north, ending in tranquil bays in which the greenery of the land is reflected in the limpid waters of the Ionian Sea.
Human habitation can be traced back to the Palaeolithic Age but the island enjoyed a particular heyday in the eighth century BCE and was enhanced as a great maritime and mercantile power later. During the Peloponnesian War it allied with the Athenians but later came under Spartan influence. From 229 BCE to AD 337 Corcyra was occupied by the Romans. In 1537 it suffered a devastating attack by Barbarossa. In more recent times the island experienced many conquerors (Venetians, Russians, Ottomans, French, British, Italians), which fact largely explains the diversity of its monuments, witnesses to the long and troubled course of the island’s history. On May 21 1864, Corfu was united with Greece, along with the other Ionian Islands, while during World War 2 the town of Corfu was badly damaged by incendiary bombs.
Corfu (also spelt Korfu) has a splendid cultural tradition, particularly in the arts and letters, which continue to be cultivated to this day.

Paxi

This is the smallest large island in the Ionian Sea, just 25 sq km in area, with a coastline of 46km. It lies seven km south of Corfu and its history is closely linked with that of its neighbour. Indeed, according to one myth, the two islands were originally joined together and rent asunder by a blow from the trident of the sea god Poseidon.
The whole island of Paxi (also spelt Paxoi; also referred to as Paxos) is a delightful microcosm that gives the impression of an endless olive grove alongside which are beautiful villages and beaches. In 2004, it was declared Cultural Village of Europe.
LefkadaYou do not have to travel by boat to Lefkada. It can be reached easily by motor vehicle by crossing the two small bridges over the channel that separates it from the opposite coast of central Greece.
The island is 295 sq km in area and has 117km of coastline. Its terrain is mainly mountainous, with Elati as the highest peak (118 m), a few plains, dense vegetation cover in the eastern and southern parts. The east coast rolls gently to the sea and is sheltered and bordered by verdant islets. In contrast, the west coast is steep and forms small coves with golden sands. The lagoon just outside the town is an important wetlands habitat with rare fauna and flora.
The island was settled in the Neolithic Age; the first inhabitants were Lelegians. At that time it was part of central Greece, but tradition has it that the Corinthian colonists who founded the city of Leukas in the sixth century BCE cut through the isthmus that linked the peninsula with the mainland.
During the Peloponnesian War, Leukas supported the Corinthians. Later it was subjugated by the kingdom of Macedon and subsequently became a Roman province (197 BCE). In Byzantine times it fell into decline and after the sack of Constantinople by the Franks (1204) it became part of the Despotate of Epirus. It subsequently came under the rule of the Ottoman Turks until 1684. It was united with Greece in 1864.

Kefalonia

Generously endowed by nature, a place with rare geological phenomena, mysterious caves, interesting subsoil, therapeutic springs and subterranean water, with superb beaches, traditional villages and rich archaeological finds, Kefalonia (also spelt Cephalonia) is an island of unique experiences. In 2001 John Madden shot the film Captain Corelli’s Mandolin on location in Kefalonia. The largest island in the Ionian Sea at 786 sq km and with 254km of coastline, Kefalonia lies opposite the west coast of the Peloponnese. To its north-east is Ithaca, from which it is separated by a narrow sound, the Straits of Ithaca. The two islands comprise the prefecture of Kefalonia.
Its terrain is basically mountainous with Ainos, a national forest park, as its highest peak in the south-west (1628 m). The island essentially comprises four interconnected peninsulas and has a highly indented coastline with deep bays. The rich woodlands and the extensive vineyards that produced the delicious Kefalonian wine have been renowned since Antiquity. The Kefalonians have the reputation of being the most-travelled Greeks, since for centuries they have been ploughing the seas as mariners and merchants, or voyaging as migrants to all corners of the earth. The island also has a flourishing tradition in arts and letters, boasting a number of eminent creative spirits.
Its name is possibly due to the mythical king Kephalos, while the first mention of the name of the “Kefallanians” is in Homer. The island was first inhabited in prehistoric times and in about the sixth century BCE it was divided into four kingdoms, which went to war with one another: Krane, Same, Pronnoi and Pale. By the time the Romans gained power in Greece, Kefalonia became a Roman province, while during the Byzantine Age it was plundered repeatedly by pirates. The pillage continued throughout the 11th and 12th centuries at the hands of the Normans and the Crusaders. Kefalonia was subsequently conquered by the Ottomans, the Venetians and the French. Then came the period of the Septinsular Republic, under the suzerainty of the Sublime Porte, and not long after of British rule. It was finally united with Greece in 1864.

Ithaca

An island known worldwide from Homer’s Odyssey, a mythical and symbolic place, the desired homeland of return for King Odysseus and his companions.
Ithaca (also spelt Ithaka) covers an area of 96 sq km, has a coastline 101km long and lies two nautical miles east of Kefalonia. Its western part is mountainous and treeless, with precipitous coastal cliffs, whereas the east has rich vegetation and slopes gently to the sea. Myth has it that the island, inhabited by man since prehistoric times, is named after Ithakos, son of Poseidon and Amphimile. During the Mycenaean period it acquired great power, as is attested by the Homeric epics (Iliad and Odyssey). Nevertheless, despite archaeological investigations, the Homeric capital of Odysseus and his palace have not been found, possibly because of the catastrophic earthquakes that have struck the region many times since time immemorial. An important turning point in Ithaca’s history was its capture by the Normans and later by the Orsini family (12th century). During the ensuing centuries its fate was the same as those of the other Ionian Islands.

Zakynthos

The Venetians’ Fiori di Levante (flower of the East), Zakynthos (or Zante) is known not only for its natural beauty but also for the turtle Caretta caretta.
Myth has it that the island was named after the first founder-hero, the Arkadian Zakynthos. It enjoyed a great heyday during the Classical period, but because of its strategic position was attacked many times and captured successively by the Macedonians and the Romans.
In the Byzantine Age it was plagued by pirates; afterwards came the Venetian occupation; in later times its fortunes followed those of the other Ionian Islands, until their union with Greece in 1864.
Zakynthos covers an area of 406 sq km; its coastline is 123km. On the east side of the island the vegetation is luxuriant and there are tracts of plain, whereas the west part is mountainous. The east coast is smooth and sandy, whereas the west is steep and rocky.

APHRODITE’S GARDEN LEFKOGIA: New Development for sale in Rethymno, Crete, Greece

The project is situated west of Lefkogia, facing southwest to the Libyan sea, overlooking the bay of Plakias. The plots are well above sea level so you actually look down over a spectacular, uninterrupted 360o panoramic view to the sea. You will always have to keep pinching yourself to check if you are dreaming or not. The homes are surrounded by the green olive groves, vegetable fields and vineyards of this cultivated area. The eight detached stone villas are to be built on a gently sloping site which in total area is 17,427m2. Each house stands in a generous plot ranging from 1,900m2 to 2,500m2.

The 8 villas are to be developed on 2 levels. Four of the homes are to be of two storeys, and the other four will have a split level design allowing access to roof terraces from the bedrooms. The large terraces, barbecue areas and pergolas give excellent space and privacy for each villa. The use of local Akoumia stone allows the properties to blend harmoniously into the local environment. Also, as the development is outside the village area, the homes sit on very large plots in compliance with Cretan planning laws. The individual pools range in size from 35m2 to 80m2 and complement the 100m2 villas perfectly. For storage, each home comes with a basement giving a further 50-70m2 of usable space.

More Information on this new development : http://www.goldacreestatesgreece.com/eng/property/new-details.asp?ID=39

or email us : mailto:info@goldacreestatesgreece.com?subject=Aphrodite´s Garden

New Website for Finding Greek Homes Launched by GoldAcre Estates

A new website has just been launched for finding real estate in Greece, at www.goldacreestatesgreece.com.

GoldAcre Estates is proud to announce the launch of its new website for finding Greek homes, at www.goldacreestatesgreece.com. Shrewd investors have long seen real estate in Greece as an opportunity. But now, Greece is emerging as the new destination for holiday and retirement homes. It is anticipated that the real estate market in Greece will experience exponential growth in the coming years.
"Though the recent slump in property markets along with the rise in euro interbank interest rates has caused alarm in many European countries, real estate in Greece is in much better shape than its Spanish and UK counterparts," says John Goldacre, Managing Director for GoldAcre Estates. "The time is right to fully exploit the opportunities that Greece has to offer."
The Greek market place is very consumer orientated which will be one of the drivers of the Greek homes market in the future. Greek families hold huge land banks that have been amassed over many years and it is anticipated that these will start to be released. In addition to this, Greek families and communities that are spread throughout the world such as the United States and Australia are starting to realize the value of the property that has been held in their families for generations.
GoldAcre Estates, one of the leading Canary Island Real Estate companies, has recognized the long term opportunity that Greece has to offer, as it has been involved in real estate in Greece for more than 8 years.
"Greece offers some of the most diverse beauty that can be found anywhere, with over 2,500 islands, ski resorts and some of the most beautiful beaches and coves that can be found not only in Europe, but the world," says Goldacre. "Together with the ancient monuments and history make Greece an irresistible place for a permanent vacation home, investment or place to retire."
GoldAcre Estates’ new site, www.goldacreestatesgreece.com, is a comprehensive site that not only includes up-to-the-minute property listings, but the latest Google map technology and tourist information. The property information is identified by region, covering the whole of mainland Greece including the individual islands and ski resorts.
Greece is well served by many airlines. There is also an abundance of charter airlines that serve destinations throughout Greece both in the summer and winter months.
Elena Panagopoulou has been named new Operations Manager in Greece, charged with implementing GoldAcre Estates’ total customer satisfaction policy.
Crete is already experiencing a building boom by the Cyprus based developers. In other regions of Greece, European development companies are building a mixture of quality properties that offer excellent value for the money. The main difference with the Greek real estate, says Goldacre, is that it is sustainable.
"The Greek homes market is no flash in the pan. Buyers will experience continual and steady growth over years to come because of factors like flight accessibility, European support and inward investment by the Greek government. Greece’s short winter makes it an ideal place for retirement and vacation homes. And, with the diversity of property and locations, it ensures that the Greek real estate market is the marketplace of the future."
About GoldAcres Estates
GoldAcre Estates’ success is based on total client satisfaction and is the main driver throughout its expansion into the Greek homes market. The company has scheduled a long term investment program which will eventually see a network of 10 offices throughout mainland Greece and the key Greek Islands. For further information, please visit www.goldacreestatesgreece.com or e-mail john@goldacre-estates.com.