Greek-Americans sometimes engage in real estate transactions involving Greece. This could include the sale or purchase of a Greek rental property. One thing individuals living here in the U.S. who are thinking of buying or selling a property in Greece that is aimed at being rented out to others may want to know is what the rental market is currently like in Greece.
Recent data from RE/MAX provides some insights on this. Nationwide, rents are down 1 percent in Greece as compared to last year. However, rent trends have varied considerably in different parts of Greece. Some areas (like Corfu) have seen big decreases in rents, others (like Volos) have seen sizable increases and, in others (like Mykonos), rents have held fairly steady.
Demand for renting varies among different types of property. The type of rental property that seems to be the most popular among renters in Greece overall, based on the data, are smaller rental spaces (1-2 bedrooms) that are older but renovated. Again though, each region has its own particular trends on this front.
So, when it comes to real estate transactions involving rental property in Greece, region can play a big role in what kinds of market-related considerations arise.
In addition to the traditional considerations involved in a real estate transaction, like market considerations, there can be added concerns for individuals here in the U.S. when engaging in a transaction involving property in another country, like Greece. All real estate transactions can have their complicated aspects, but international real estate deals can have their own special complexities. In part this is due to having to navigate the unique laws and processes of the country the property is located in. So, when looking to purchase a rental property or other type of real estate in Greece, a Greek-American may want the help of an attorney experienced in legal matters related to U.S.-Greek real estate deals.
Source: Greek Reporter, “Greek Rent Prices: It is Cheaper to Live in Mykonos These Days,” Mary Harris, Sept. 7, 2016
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