Property Investment Hotspots in Greece

THREE GREEK PROPERTY HOTSPOTS

Outside Athens, the Greek property market tends to be much more of a slow gainer, and real estate rises slowly but steadily. This tends to make investment a long haul rather than a quick gain, whatever the multitude of commercial magazines and estate agents claim. Despite this, there are a few Greek property hotspots that may well produce benefits over the next few years.

THE PELOPONNESE

Whilst many areas of the Peloponnese, such as the Mani and Monemvasia, are expensive tourist spots, there are still a few areas where a cheap house or renovation project can be found. With European funding, the Greek government is rapidly upgrading the infrastructure and transport links, bringing the whole area within easy reach of Athens.

House prices are rising rapidly, as Athenians buy second homes, and a new road can double the value of a property. Of course, Greek government works slowly, so you may have to wait a four or five years, but you can always use the house as a holiday home. Lakonia, Pylos and Neapoli are just three of the areas that may well see mini-booms in the next few years, depending upon the outcome of the current global economic crisis.

If you do not mind property a long way from the sea, Arkadia is a beautiful area, and is set to see the next wave of commuter belt activity spreading out from Athens. It is possible to find a house for less than 50 000 Euros and, if you are not afraid of a little renovation, less than 30 000 is possible. The prefecture capital, Tripoli, is set to become the capital of the Peloponnese, making this one of the prime Greek property hotspots.

WESTERN CRETE

The Eastern and Central parts of Crete have been saturated, and the building boom is long since over. Buying houses here is more for a holiday home rather than investment potential. In the Chania area, away from the tourist areas, there are still some real bargains, especially if you do not mind a renovation project. Buying a serviceable old house, fixing it, and selling it is still a real possibility, although the risk is that an inland house is always going to be slower to sell than on the coast. Again, the mountains make a wonderful and scenic backdrop for a holiday home, so try not to be too fixated upon the sea.

NORTHERN GREECE

When most people think of Greece, they think of sunsets, blue seas, and whitewashed houses perched precariously on a cliff. What few realize is that this is only a tiny part of this patchwork country, and there are vast differences between the various regions, as with any other country. Northern Greece makes up the bulk of the country, and is a beautiful and rugged mountainous region.

The present commuter belt stretches as far north as Thebes, and also snakes out along the main road connecting Athens and Thessaloniki. Outside this area, the roads are under constant upgrading, especially since Eastern Europe joined the EU, and there are some beautiful houses available at a rock bottom price. Whilst there is no guarantee that you will make a fast buck, you will have a vacation home that is warm in the summer, but near to ski-slopes in the cold winter.