Greek Property Recommended as One of Safest for Investment
Greece has been recommended as one of the safest destinations in Europe for property investment. The country's rich history and popularity with tourists will oversee solid long-term price growth according to overseas property specialists Azure Overseas.
Azure director Frank Crowley said:
"Between the Greek gods, Greek Mythology, the Parthenon and the Acropolis, Greek history is among the most prominent and revered in the world. Yet property is comparatively cheap on a like for like basis to other places in Europe, comparing a property that would cost £200,000 - £220,000 in Spain during high times, was being sold in Greece for £150,000 - £180,000.
"The important landmarks will prevent over-development in those regions, and the country's importance in Europe will ensure property prices grow over the long term. Also tourism to Greece has grown massively in the last few years, and will continue to do so. This means that rental yields in the country are strong and growing."
Overseas property portal Property Abroad revealed that Greece property was the 4th most popular with those searching to buy overseas property in June, though it had fallen back one place from being 3rd most popular in May.
"We forecast that growth will return to Greek property next year, at an annual rate of 10%, rental yields have been unwavering even this year at 6-8% on quality holiday property," Frank added.
The International Monetary Fund is forecasting a 0.2% contraction in the Greek economy, but this could be avoided if the tourism season goes better than expected. It was revealed this week that the Greek economy grew by over 2% last year, when many of Europe's other established economies fell into recession.
Michael is a staff writer for Write About Property
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