Cycladic Island Holiday Homes Most in Demand in the Mediterranean 

Mykonos, Paros and Santorini remain among the leading destinations in the Mediterranean, further establishing their investment dynamics in the post-pandemic holiday home market, according to Algean Property, who completed an annual review of 30 locations across the Mediterranean region.

In the report, Algean said that in the last few years, the holiday home market in the Mediterranean has steadily evolved from a promising real estate segment into the most dynamic and active sector of the real estate industry in this area.

“Demand across Mediterranean holiday destinations skyrocketed during the pandemic, with Greece, Spain and France leading the race. Yet, there are exceptions to this narrative with some locations experiencing small increases in yields and others experiencing a more substantial increase, mostly explained by rent figures growing faster than the sale price,” it said.

Insights Greece - Cycladic Island Holiday Homes Most in Demand in the Mediterranean 
Report by Aegean Property

For another year, Mykonos tops the list of best performers with an average gross yield of 7.4%. Paros (7.1%) is one of the destinations that were able to increase its yield compared to 2019 (6.5%). Although prices increased, rent growth outpaced sales prices growth resulting in a higher yield, further closing the gap with Mykonos. Overall, Paros has been able to benefit from Mykonos’s spillover effects with the islands being geographically near to each other. 

“This has allowed for new investments and more luxurious projects being built, increasing sales price while the greater number of tourists and pent-up demand from the pandemic has allowed rents to rapidly grow,” the report said.

Santorini’s sale price and rents experienced a slight increase compared to 2019 but overall performance remained the same with 2019 (6.3%). Skiathos and Tunisia share the 4th and 5th spot with sale prices, rents and yields remaining unchanged compared to 2019 (6.0%). 

The sixth spot is reserved by Porto Heli (5.3%) which was able to increase yields compared to 2019 (5.1%) as a result of a slight decrease in sale prices, whereas the Dalmatian Coast remained in the 7th spot with sales prices, rents and yields remaining unchanged compared to 2019 (5.1%). 

The top 10 destinations are completed by Chalkidiki, Chania and Kefalonia which all share the same yield of 4.8% with Kefalonia experiencing a significant increase in its yield compared to 2019 (4.1%) explained by rent growth outpacing sales price growth. 

The remaining 20 destinations recorded the following average gross yields: Elounda (4.6%), Zakynthos (4.6%), Rhodes (4.5%), Montenegro Coast (4.5%), Corfu(4.3%), Nice (4.3%), Turkey – Mediterranean Coast (4.3%), Athens Riviera (4.2%), Marbella (4.2%), Turkey – Aegean Coast (4.0%), Mallorca (3.7%), Saint-Tropez (3.7%), Messinia (3.6%), Sardinia (3.5%), Tel Aviv (3.4%), Ibiza (3.3%), Cannes (3.3%), Capri – Amalfi Coast(3.3%).

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s Greece 

Corfu Ranked One of the Best Destinations Worldwide for a Holiday Home

Corfu ranks among the top global destinations for a holiday home, according to a ranking of 50 cities put together by comparethemarket.com

The Greek island takes position number 6, gaining points for its low crime rate and competitive property prices, while Heraklion in Crete was ranked in 16th position and Athens further down in 31st place.

“We’ve analysed locations around the world based on factors such as things to do, affordability, and the local weather,” the site said.

At the top of the list comes Venice, followed by Paphos (Cyprus), Abu Dhabi, Dubai, and Funchal (Portugal).

Cyprus’ Larnaca also finished in the top ten, taking ninth place.

According to the data provided, the average cost of living for a family of four in Corfu amounts to $2,910, versus $3,691 in Venice, $2,560 in Paphos, and $2,865 in Abu Dhabi.

Property prices also differ significantly. In Corfu, the average price of property comes in at $1,647, versus $4,930 in Venice, $1,837 in Paphos, and $2,836 in Abu Dhabi.

More at comparethemarket.com.au

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s

Top 10 Tips for Buying a Home in Greece

Buying a house anywhere can be a daunting task but particularly so in a country like Greece where laws constantly change and the economy experiences large swings.

Sotheby’s has put together a list of Q and A’s for those interested in getting a place under the Greek sun, providing some basic information on what buyers need to be aware of. 

We have picked the top ten points from the list to help buyers make decisions with more confidence. The full list from Sotheby’s can be seen here. 

1. Do I need a lawyer/solicitor to buy a property in Greece?

No, not anymore as a legal requirement. However it is highly advisable as solicitors carry out legal due diligence and conduct a property title check going back over 20 years; they ensure the property is free of any mortgage notes, claims, expropriations, rights-of-way, and, in general, any legal encumbrances. In addition, solicitors ensure that all property taxes burdening the vendor have been paid.

2. Do I need a notary to buy a property in Greece?

Yes. A notary public is a government-appointed lawyer who processes and certifies all real estate transactions, including drawing up and reviewing all official documents, to ensure the legal transfer of the property.

3. Do I need an accountant when buying a property in Greece?

Yes. It is essential to hire an accountant early on to help you with tax returns and explain property taxation.

4. Do I need a land surveyor when buying a property in Greece?

Yes. Property Surveyors ensure that all acts associated with the building licensing of the property are based on lawful planning permissions. They are usually outsourced by the appointed Greek Law Firm.

5. Do I need a Tax Registry Number (AFM) in order to buy a property in Greece?

Yes. This tax number (AFM) is mandatory for all property buyers, including foreigners and permanent residents abroad. It is issued on the spot at tax offices, free of charge.

6. What is a property’s Tax Assessed Value?

The Tax Assessed Value is the estimated monetary value of a property according to the Greek tax authorities. As a general rule, a property’s Tax Assessed value is significantly lower than its purchase price. The property’s tax assessed value bears no relation to taxes paid. Transfer taxes are paid on the purchase price.

7. Do I need a Greek bank account?

It is not necessary but it is convenient. All Greek banks have very efficient web banking systems in the English language.

8. Can you walk me through the buying process?

The process is fairly quick and uncomplicated. As a general rule, you must: – Appoint a Greek Lawyer (Your Greek lawyer will outsource the Notary Public and the Surveyor) – Sign a Letter of Intent which outlines the deal in principle and allows sufficient time for the purchase due diligence to take place, usually between 2 to 4 weeks. – Sign the pre-contract detailing terms of sale and payment schedule or the Final Notarial Purchase Contract.

9. How much are closing costs?

Closing costs, including all fees and taxes, are an estimated 10% on top of the purchase price.

10. Do I have to file tax returns in Greece once I’ve become a property owner?

Yes. The Greek state has mandated that all property ownership in Greece must be declared by filling out a form called E9 and submitting it to the Greek Tax Authorities. This is mandatory for every property owner in Greece, even for those who live abroad and have never filed tax returns in Greece or do not have an income in Greece. It will be taken care of by your Greek accountant or your Greek lawyer.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s 

Staying at a Traditional Farmhouse on Patmos

We arrived on Patmos Island in mid-June. This was our first visit here and as we arrived late evening, the first thing we caught sight of was Skala, the largest settlement and the main port of Patmos. Nicoletta, our host was there to pick us up and lead us to Langada, her traditional farmhouse in upper Kampos.

After a few minutes of driving, we saw a lush green estate with a traditional farmhouse built around a small chapel and a central patio; developed during the centuries- in perfect harmony with nature and the ambiance of total tranquility- it overlooks Kampos beach. We immediately felt closer to nature, closer to God and an inner peace came over us. 

We were curious about its history. Who built it, why, and when exactly? Nicoletta, a tourist guide herself, narrated the story for us. 

  • Insights Greece - Staying at a Traditional Farmhouse on Patmos
  • Insights Greece - Staying at a Traditional Farmhouse on Patmos
  • Insights Greece - Staying at a Traditional Farmhouse on Patmos

“In 1971, my mother, Dolly Kontogianni, set foot at the port of Patmos island for the first time. It was love at first sight. She was immediately captivated by the island’s special energy. She soon found a plot in Chora, the island’s medieval capital, where she was planning to build a traditional island mansion. Dolly was a restless spirit and loved houses! She never stopped exploring the island’s homes and plots until she discovered the 40-acre estate ‘Langada’.

There she found a farmhouse in a ruinous condition; according to the chapel’s lintel, it was built in 1698. It is said that the chapel and the room next to it had been used by generations of monks from the holy St John monastery; they wished to lead an ascetic life and their aim was to cultivate the land. The estate belonged to 30 heirs. As you can imagine, the buying process was very complicated.

Dolly finally managed to acquire the property in 1973. She slowly started restoring the house, strictly following the traditional building techniques and architectural style. She was fully dedicated to this project which lasted five years. Since then, we have spent numerous summer and easter holidays here with friends and family,” says Nicoletta. 

Today Langada is a large property divided into two parts (Langada 1 & Langada 2) by the central courtyard and the chapel. Guests can rent the entire property or choose only half of it.

  • Insights Greece - Staying at a Traditional Farmhouse on Patmos
  • Insights Greece - Staying at a Traditional Farmhouse on Patmos

We spent two nights at Langada 2, which offers two bedrooms, two bathrooms, a kitchenette, a sitting room, a beautiful courtyard, and a garden. The first bedroom is situated on the ground floor. It features a large traditional built-in double bed and an en suite bathroom. Exiting the bedroom, you will find a traditional sitting room that leads to the beautiful garden overlooking Kampos beach. The kitchenette and second bathroom are located at the back of the house. The kitchenette leads to a small courtyard with a dining table. The second bedroom, featuring a double bed, is on the upper floor and enjoys a large veranda with an unobstructed view of Kampos and the sea- we couldn’t get enough of this. The whole experience is as if we travelled back in time. It’s amazing to see how the houses were built back then. 

Langada 1, consists of two bedrooms, two bathrooms, a spacious fully equipped kitchen, the central patio and chapel, and a front terrace. The master bedroom is a suite consisting of two parts, a sitting area with a sofa that converts into a double bed, and the sleeping room with a second double bed. The room also features an en suite bathroom with a shower. The second bedroom has a large traditional built-in bed and a sitting area. The spacious kitchen has a contemporary yet indigenous character and it used to be a traditional kitchen with wood stoves and a chimney. We had the chance to see the other home too and were able to see the wonderful renovations Nicoletta’s mother made to the entire property. 

Apart from our veranda, outdoors we also enjoyed the beautiful and picturesque central patio, which features a large table and a built-in low sofa under the trees. The home’s indelible traditional architecture, the experience of the past, and the tranquility all formed an unbeatable, exclusive experience for us on Patmos island.

*All images by Polina Paraskevopoulou © (Copyright)