Why buy a Greek property now
Greece has been in need of structural reform for many years. After joining the euro public spending soared and wages more than doubled. It was living beyond its means.Â When the financial downturn hit, the financial markets stopped giving money and the problems exposed.
A corrupt political system with massive tax evasion and a legal system suited to these means stood out. The IMF and EU have finally started to seal the bottomless money eating pit. The minimum wage has been slashed, unemployment is soaring and building construction has ceased as the banks have stopped lending money.
All this may seem horrible and is if you are a native but to an investor this may be a dream time to buy a Greek property at a discounted price.
If you are contemplating on buying a new Greek property the best time to buy is now. There are many unsold Greek properties. This can be attributed to many factors. Prices have plummetedÂ so at the moment you will get the pick of the best unsold Greek properties.
Construction will not pick up quickly as borrowing money from the banksÂ is too expensive. Therefore buy now rather than later as you will pick the best now.
You can also buy an old Greek stone house or villa / apartment in need of renovation. Prices of second hand homes have decreased as well and the cost of refurbishing is rock bottom.
If thinking of buying a Greek property this is the best time. The construction sector is the worst hit, unemployment is huge and supplies are cheap and wages cheaper.
See this crisis as an opportunity to buy your house in the sun cheaply. Donâ€™t forget thatGreecestill remains one of the most beautiful parts of the world and foreigners will continue to visit us for that.
Tips not to forget when buying
- When buying land you need a surveyors report and drawing stating that itâ€™s buildable and signed by the forestry department stating that
- Paramountto find a credible contractor / designer. Once you get the building permit and dig a hole within your property with your choice of designer/contractor youâ€™re stuck with them. To get electricity the contractor / designer will have to sign for it. IfÂ your choiceÂ is not trust worthy youâ€™re doomed
- When buying a house or villa check for the legalization of the Â illegal structures. Most Greek buildings had some illegal structure Â in order to make them bigger.Â With the new legislation law nearly everything constructed till now can be legalized by January 2013. If needed ask for an independent review
- Donâ€™t take your surveyors report for granted. Have an independent surveyor measure it again.Â Many parcels have been shown larger
- Always remember to work with credible contactors. These things are not problems when working with professionals