Green Property Investments in Greece

Green Property Investments in Greece

Whilst the green movement in Greece was long held up by the usual bureaucratic assault course, the fires of 2007 provided an impetus for change. The government, often lampooned, is actually in danger of getting something right. In a refreshing display of forward thinking, the government announced plans to assess the viability of green energy in Greece. For a pilot study, they chose the isolated island of Aghios Efstratis, some 80 km northwest of Lesbos. For environmentally minded folk, green property investments in Greece are becoming a genuine possibility.

The island, commonly known as Ai Stratis, has a long and sometimes notorious history. It is named after St Eustatius, a ninth century dissident from the Byzantine Empire, whose grave is found on the island. This reputation as a place of exile continued, and it housed communists during the 1930’s. The island served as a prison under the fascist regime; the composer of Zorba the Greek, Mikis Theodorakis, was held there in the 1970’s.

The Green Experiment

Ai Stratis is set to become only the third island in the world with a 100% green energy supply. Whilst the island only has a population of about 300 permanent residents, many tourists make the eight-hour ferry journey from Athens, and the population can be five or six times greater in the tourist season. This provides an excellent opportunity for studying how renewable energy can cope with fluctuating demands and an irregular supply.

Two things that Greece possesses in abundance are sunshine and steady winds throughout most of the year, especially amongst the islands, which have the added burden of relying upon imported fuel oil and diesel for electricity generation. Not only are the photo-voltaic-cells and wind turbines designed to provide domestic electricity, but the island is earmarked for electric-powered transportation.

Can we make a Green Property Investment in Greece?

Buying green property in Greece

For the property investor, there are few available properties in Ai Stratis, so there is no immediate benefit for those seeking a green lifestyle. However, the movement is picking up pace and a few of the larger islands plan to follow very quickly. Nisyros and Tilos are the next step up in the size of project and Samos, popular with property investors in Greece, already has some wind turbines. The authorities there are waiting for the Ai Stratis results with interest.

For potential homeowners and businesses interested in green property investments in Greece, the project carries a lot of potential.

National Technical University Paper on Renewable Energy in the Greek Islands

Balkan Travellers Article on the Ai Stratis Project