Corfu has long been a popular tourist destination and it’s this tourism draw that leads many tourists to buy properties on the island. The local authorities are keen to ensure that Corfu keeps it’s charm in tact and so the land is not over-developed – single houses in the north must sit on a minimum of a one-acre plot, and Corfu Town, with it’s stunning architecture, is now a protected Unesco world heritage site.

There are plenty of properties to attract all sorts of people. A large villa on the coast will set you back around $10million. At the other end of the scale, there are properties in the countryside with an acre of land for around $250,000. The tourist appeal means that for those not planning to live in the country, there is plenty of rental potential – and the rental prices are remaining steady despite the global worries.

The one downside is the access to the island. During the tourist season through summer, many airlines fly direct providing easy access to most properties. However during the off-peak season, most carriers do not fly to the island direct so overseas property owners may find themselves having to change at Athens before flying in to Corfu – a small price to pay for owning a property in such a beautiful, unspoilt island.

Because the authorities are so intent on ensuring Corfu’s charm is not spoilt by over-development, it is likely that property prices will remain buoyant and continue to rise and that the island will remain popular with the tourists thus ensuring a healthy, consistent rental income. For foreign property investors who are looking for a safe property investment, Corfu is definitely one place to consider.

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Greece is currently just one of two countries in Europe that does not have a land register and Public Works and Environment Minister Giorgos Souglias has announced a new process for listing millions of unregistered properties around Greece. The new process is expected to see around three million Greeks declaring their properties for inclusion in the first comprehensive land register compiled for the country.

People who own property in 107 areas are required to start submitting paperwork so that their property can be included on the land registry. The deadline for completing the paperwork for people living in Greece is 30 September 2008, whilst those living abroad have until 30 December 2008 to complete all the necessary paperwork.

To register one property costs 35 Euros, with a further 20 Euros payable for extra registrations such as separate storage rooms or parking bays. For property owners who need some help or advice on the forms, there are 76 land registry offices dotted around the country who will be able to help. The forms can also be filled in online.

Read our free guides to property in Greece here.

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Compared to nearby countries such as Spain and Portugal, property prices are surprisingly low even though there have been recent changes in laws to free up some of the restrictions on foreign buyers buying Greek properties. There are relatively few overseas property investors in the country as the market is still in it’s infancy therefore now is an ideal time to invest.

EU nationals are permitted to purchase property in most Greek regions although if you are planning to buy near a border, you may require special permission. Mortgages are freely available in Greece so it is advisable to research whether you are better off getting a Greek mortgage, or a mortgage from your home country. Greece also has a number of islands which can be purchased whole, although these tend to go for a premium price.

If you are buying a Greek property valued at over €12,000 you will be required to hire a lawyer. If you are buying a Greek property for under €12,000, it is still advisable to hire a local lawyer who will be able to guide you through all the relevant laws, customs and bye-laws.

Once you have found a property in Greece that you would like to buy and a price has been agreed, a pre-contract agreement is signed and a deposit of 10-30% is normally put down. If the buyer breaks the pre-contract agreement, the buyer will lose their entire deposit; if the seller breaks the pre-contract agreement, the deposit will be returned to the buyer along with a penalty fee (which is normally around the amount of the deposit and should be written into the pre-contract agreement).

The buyer’s lawyer will then check with the Land Registry that everything is in order. A Greek tax number must then be obtained by the overseas buyer from the Greek Tax Authorities. Once this tax number has been obtained, the sale can proceed. The contract must be witnessed by an authorised Notary, and the remainder of the monies owed will now be transferred.

It is wise to budget around 10-15% of purchase price for fees – the Notary fee alone is normally around 2% of the property purchase price.

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East Crete is a lot more peaceful with foreign buyers in the area buying because of the culture – it’s a place where foreigners learn the language and customs and enjoy the wildness of their surroundings. In turn, the locals are welcoming the influx of foreign buyers who are helping to keep the tiny villages alive. Thousands of homes in the region have been left to Mother Nature as many parents have sold their houses to help fund their childrens’ education or careers.

Many of the houses are small and cheap and many are in need of renovation. For just $50,000, you can buy a house with a sea view, mountain spring and garden however you will need to spend money on restoring the property – budgeting the same amount as you paid for the house would be a wise move.

If you are after something a little more modern, an eco-friendly development is already planned, housing a golf course, conference centre and six villages with 7,000 beds. The planned development will ensure that the local flora and fauna do not suffer because of the new construction work.

With plans for the airport in Siteia to start accepting international flights and with many investors and tourists looking for places off the beaten track, prices in the area are slowly starting to increase. This means that buying a house now could see great return on income in the near future.

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When it comes to amount of shopping space per resident, Greece ranks as one of the lowest countries with just 50 square metres of retail space for every 1,000 people in 2006. The EU average is more than 150 square metres for every 1,000 people.

Real estate developers have watched the first mall with interest, and it looks to be a lucrative way to develop land. The major sticking point is whether the local population will decide to leave their small, downtown shopping areas in favour of longer journeys to reach these large shopping malls. With downtown shopping areas having fairly high rents, there is a large demand for cheaper rent, so the new breed of shopping mall should have no difficulty in attracting the retailers, at least, to move in. As a comparison, commercial rent in the centre of Athens can reach up to about $350 per square metre per month; shopping centres tend to be much less – maybe as little as $65 per square metre per month.

Two of the proposed areas for retail redevelopment are sites built for the 2004 Olympic Games. The Galatsi Olympic Hall held the table tennis and rhythmic gymnastic events but by the end of 2008 will be turned into a huge shopping centre. A multistory building in northern Athems that was built for broadcasting the Olympics is being turned into 40,000 of shopping heaven with work scheduled to be complete by 2009. This project is being headed by Lamda Development, and it was one of their earlier works that started the shopping mall trend.

Lambda Development opened up a mall towards the end of 2005. It housed over 200 stores across 58,000 square metres with shops, restaurants and cinemas all under one roof. The mall gave local Greeks huge selection of products at a convenient place. In a city where traffic congestion can get really bad, over 2,000 parking spaces for shoppers is a strong lure too.

Greece is in the middle of a strong economic growth period along with increased credit and a drop in unemployment have helped to fuel retail activity. The country’s GDP is expected to rise by 3.9% this year, one of the highest rises in Europe. This is also drawing other European brand names into Greece, increasing the demand for retail space.

It’s not all good news though – developers have to struggle through a minefield of outdated laws, zoning restrictions and a lot of red tape before they can start to build. Greece also has one of the highest property transfer taxes in the EU – running between 9 and 11% – which the buyers must pay and this does deter some spending.

However, if you can deal with some of the mind-numbing bureaucracy and red-tape and are not averse to a little risk, buying up some prime real estate and developing it into the next big shopping mall could see huge returns on investment.

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There are two major types of area to look at when considering a house purchase in Greece – do you want to go for one of the more developed cities such as Athens or Salonika, or would you rather go for one of the tourist areas on the islands and coasts? The choice is mainly a personal choice as both areas perform well, inline with each other.

The cities have a mix of both tourists and locals, giving a healthy rental market. The coastal and island areas tend to be more touristy, therefore do not expect to have your property continually rented throughout the year.

Greece is an ideal place to buy if you are looking for a holiday home, or future retirement home. The country has a thriving tourism industry which looks set to remain steady for years to come. Although property prices in Greece may not show the double digit rises that other European countries are currently experiencing, the market is steadily increasing and is generally considered as a lower risk because of the lack of massive price inflations. If you are looking for a lower-risk property investment in country with 9 months of sunshine and a multi-lingual population, Greece may be the answer.

Want to learn more on Greece? We suggest one of the following two books:

If you are looking to buy a book on buying property in Turkey, we suggest one of the following two books:

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Overall, new properties tend to be slightly smaller than other Mediterranean countries and also more expensive, which means returns on Greek properties may not be as high as other countries. However, if you choose wisely, there is still money to be made in the market. Rhodes is an ever popular tourist island and a new-build two-bedroom apartment will cost in the region of £65,000. If you prefer somewhere slightly more rural, a fully restored property will be around £100,000.

Athens is also a good bet as it has good all-year rental potential due to it’s location. It is well served by many airlines and has a thriving tourist trade. Since 2004 when it hosted the Olympic Games. Athens property prices have risen by 10%. Although it is unlikely that this steep trend will continue, it is believed that prices will still increase albeit at a slower rate. A one-bedroomed apartment in the Capital city is around £75,000.

Another hot-spot is Crete. Again, this has many tourists thanks to the stunning weather. For £30,000 you can buy a two-bedroomed apartment and should benefit from good rental income most of the year.

Currently, house prices in Greece are growing at a slow and steady rate, showing few signs that they will follow other European country’s massive house price inflation. This means that proeprty is still relatively cheap and is set to increase steadily over the medium to long term, making Greece a superb prospect for investment – particularly for tourist rental income.

If you like to see a list of properties for sale throughout Greece, please click here
If you would like to read more about Greece, we suggest buying one of the two following books:

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1. Own a piece of history in Greece Greece has a rich and diverse history. From ancient times through to modern, people have settled in Greece for it’s amazing weather, stretches of coastline,...
2. New land registry process for Greece Foreign property investors in Greece should be aware of a new programme of registering real estate in Greece which began at the start of the...
3. Greece: A guide to the property buying process Greece is a popular tourist and investor destination, however the is surprisingly still a lot of potential in the property market. Membership of the EU...