17 January 2008

Invest in tourism..invest in Greece

Despite the fact that Greece is one of the three most popular holidays destinations for Britons it also offers a great range of places for property investment goals. With the internationally identified tourism thriving for a long summer period as well as the cheap accessibility by foreigners Greece comprises a goal for many investors who aim at holiday property investment.

Moreover, the beautiful beaches, the numerous established touristic resorts built around splendid natural scenery and the people flocking in masses every single year make Greece a location with high investment perspectives and profit potential.

Commiting though to Greece for investment property arises additional issues... cost is a considerable problem for those interested in fast investment return as related taxes and transaction costs add up to 20% on the top of purchase price. In addition, high levels of unemployment and an unflexible labor market in conjunction with falling international interests incured in property investment section should make byuer to double think the big committment decision.

Consequently, it's of crucial importance to take into account and factor in all the above issues as well as the fact that we are entering an uncertain period for property market worldwide which means that some investments may have to be held for a longer period than planned so as to give a satisfactory ROI for the investor.

2 comments:

  1. Anonymous6:40 AM

    You mention that costs add up 20% to the purchase price. Is this a fixed rate? Relevant to the purchase cost?

    Thanks for the clarification.

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  2. REBUSiness5:10 AM

    Property taxation is a complex issue that requires professional advice but in general greek property purchase tax ranges from 9-11% plus an additional 2% depending on the city based property.
    On the other side transaction costs consist of transfer tax, notary fees and registration fees with all of them paid by the buyer and giving 9-10% to the purchase price.

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