REAL ESTATE MARKET IN GREECE

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REAL ESTATE MARKET IN GREECE

• by
• HARRY ZEPIDIS

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WHY SHOULD ONE INVEST IN GREECE?

• PLEASANT CLIMATE
• ENJOY A VARIETY OF SCENARY
• GREEK HOSPITALITY
• High quality of service

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Industrial buildings

• Greece had not been industrially developed. Thus
  a minimum availability of standardized industrial
  buildings
• Parallel to this, land is expensive

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Tendencies

• Modern Manufacturing materials
• High antiseismic construction
• The energy supplying networks are underground
• Possibilities of environmental friendly
  technology are offered

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also

• Managing services of high quality
• Technical services by experts
• 24 hours security service
• Gardening/ maintenance

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greeks

• Usually (80) live in houses of their own
• Tend to offer their older residence for rent, in
  order to buy a new modern house with a loan
• They are not in dept as other Europeans

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bank interests

• remain stable
• remain at low levels
• provide stability to the selling prices
• The credit system tends to financing residence
  buying
• It represents 18 of the National Income

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Athens

• Zapphire thee,
• the ring of the earth est thou
• Kostis Palamas
• (great greek poet)

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Cheap and expensive areas
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Western Athens and Piraeusare cheaper areas

• More expensive are the center, Sounion, northern
  Athenian suburbs and the coast line

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New areas are

• Safer
• Well planned
• With trees, gardens, parks etc
• Easily accessed by highways
• Easy access to central city points

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The last five years

• Have been characterized by growth
• and by rise of prices

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WHY INVESTORS HESITATE?

• Lack of motivation
• Bureaucracy
• Many properties are vague in status after the
  second world war

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Athens 2004

• The Olympics back to their birthplace
• Accommodation for any visitor
• Opportunities for new investors in a small, well
  known country

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Offices in the center of Athens

• The few old building offered in the center are
  very expensive but extremely popular

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Tendency of the market
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Shops on the islands

• Expensive
• Myconos/Santorini rental rates
  50euros/sqm/month
• Cyclades rental rates 40euros/sqm/month
• Islands near Athens
• Rental rates 30euros/sqm/month

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eptanisa

• Apart from Corfu ,
• Cefalonia is becoming popular in the last years

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Invest in a hotel

• Great variety of sizes
• Cyclades, Crete, Eptanisa, Chalkidiki, Athens
• From 20 bed capacity to 500
• Return of capital within 10 years

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golfers

• Golf players are the best paying clients in the
  market worldwide
• Every golfer spends three times more than any
  average tourist
• They travel much in order to play in different
  play courts

• The climate in Greece is excellent and available
  for playing

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Deutsche bank estimates that

• In 2003 14 fall
• In 2004 0,2 fall
• In 2005 5,7 rise
• In 2006 4,4 rise

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crete

• It has both a city and country way of life
• It is the largest island of the country
• It is one of the richest areas
• And has one of the best technological research
  institutes in Greece

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Difficulties observed

• Inflexibility of the tax system
• The actual selling prices are practically unknown

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Metropolitan subway

• The metro upgraded new popular areas such as
  Neos Kosmos etc
• Made transportation more rapid, popular and
  practical

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