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Holiday home market heating up in Greece

The real estate market in a country is not one uniform thing. There are many different types of real estate properties and each type can have its own unique trends and issues. So, some sectors of a real estate market in country can be experiencing very different trends from the market as a whole.

This can be seen in Greece. The Greek real estate market was among the things that got hit hard in the economic crisis Greece recently experienced. While forecasts for the market as a whole project a relatively slow recovery, some sectors of the market seem to be bouncing back faster.

One sector of Greek real estate that appears to be seeing a boost in activity lately is the holiday home market. An analyst with a property company estimated that there was at least a 10 percent increase in transactions in this sector from 2015 to 2016. The analyst also noted a recent increase in interest in this type of luxury property from foreign investors from various different countries.

Among the things that may lead an investor to be interested in this type of property include the desire to have a home to spend vacations and visits to Greece in and a desire to try to gain income from the property through leasing it out when they are not using it.

One wonders what impacts the heating up of this market will have on Greek Americans who own a holiday home in Greece or desire to buy or sell such a property.

Many legal matters could arise for a Greek American in relation to a Greek holiday home. For one, transactions to buy or sell such property can have all kinds of complex and important legal issues connected to them. Also, efforts to gain an income stream from such property by leasing it out could have a range of legal concerns related to them. What kind of legal guidance a Greek American has when dealing with such matters can be extremely impactful.

Source: ekathimerini, “Holiday home market rebounds,” Nikos Roussanoglou, Jan. 18, 2017

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Hahalis & Kounoupis, P.C. - Greek Law Group
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