There is no definite answer as to why this latest upsurge may have taken place in the Greek property market, but the analysts attribute two major geopolitical events for this transformation. The first one was the admission of Greece into the European Union in 1981, and the second one, the return of Olympic games in Athens in 2004. Both events proved crucial in helping out the Greek tourism and its real estate market to resurrect themselves in the eyes of the global community. A whole lot of new construction was undertaken during the Olympics campaign, which subsequently became the selling ground for the Greek real estate.

From what we understand about today's Grecian real estate, it is hard to buy a low-cost single family house in Athens, where the demand to supply ratio for such units is much higher compared to the other regions of the country. This leaves out the buyers with an option to buy apartments in Athens, which are easier to locate in the Greece property since the 2004 Olympic games ended here. At the same time, people can buy luxurious villas in the resort towns as an investment option or to have extended holidays there.

Buyers eye the hectic profits these days, when deciding to invest in the villas or farm lands across the Greek countryside. Villas can be sold to other buyers at a handsome premium later. On the other hand, many villa owners lend their properties to holidaymakers, who flock in huge numbers after each winter season. Thus, the market for Greece property provides with a great investment value to all those who might be willing to cash in from its buoyant trend.

Anybody who might be seeking to own a Greece property will have to fulfill certain conditions before doing so. These are, having a Greek bank account, being enrolled as a tax payer in Greece and getting a prior permission to buy properties in certain areas. The permission to buy properties can be obtained from the chief administrative or judicial officer in the area of concern. It should also be noted down that, those hailing from the European Union should easily be able to own properties in their names, as compared to those from the non-EU countries.

Posted by Ted Easterly on December 13, 2008 at 12:00 AM

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