Fractional Ownership – Greek Property Investment on the Cheap?
Fractional ownership is a relatively new concept, based around the idea of buying a part share in a property. There is a little confusion between fractional ownership and timeshare, but the two ideas are slightly different. Fractional ownership gives you a portion of the deeds, rather than the mere right to occupy the property for a number of weeks in the year. This ownership allows you to take advantage of any rise in value, and promises to avoid some of the pitfalls associated with the notorious timeshare industry. In a way, most Greek properties are fractionally owned, and are often shared between many family members.
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Often, Hollywood is a great friend to Greece, and films shot in the Greek Islands give the country a lot of free publicity. Zorba the Greek made Crete into the most desirable location in Greece, Shirley Valentine promoted Mykonos, and Captain Corelli’s Mandolin boosted tourism in Kefalonia for many years afterwards. Recently, the film Mamma Mia, based upon the works of ABBA, filmed on the island of Skopelos, promises to have the same effect. This small island, lying near its better known neighbour, Skiathos, is set to become a major tourist destination, despite the one hour ferry journey.
THE STATE OF THE GREEK PROPERTY MARKET
As the economic crisis deepens and intensifies, the first tentative figures showing the current state of the Greek property market are beginning to surface. A slowdown was always expected, so the question concerned only the degree. The 2008 Q4 figures show that the world economic crisis had some impact, but the figures are certainly not disastrous. Overall, property prices are holding steady, although the inherent difficulties of the Greek market make any investment advice tentative.
GREEK DREAMS AND RETIREMENT HOMES
Everybody loves Greece, the epitome of sun, sea and sand mixed with a rich history and culture culture. Millions of tourists flock to the islands, and fall in love with the romantic Greek dream. Some decide, reasonably enough, to buy a holiday or retirement home, swayed by the relatively low price of Greek property. Greece is a wonderful country for relaxation, but it is important not to let passion sway financial decisions. Take a deep breath and do some research before deciding upon the perfect home.
