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Good starter info here on foreign ownership in Greece for overseas investors:
ReplyDeletehttp://www.athensguide.com/dorian/buying-property.htm
One third of all land in Greece is up for sale as the debt-crippled country tries to raise money from state assets, a state official reportedly said Wednesday – but little of it will help those wanting to snap up a dream home in the sunshine.
ReplyDeleteGreek authorities are touting billions of euros worth of government-owned land in order to finance international bailout loans totaling $227 billion over the next few years.
However, most of the sites are in industrial zones or tied to facilities such as airports, highways and energy firms, according to a report by Turkey-based news Web site Hurriyet Daily News.
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The report said Greece is targeting its immediate neighbor, Turkey, as potentially a large source of investment.
“One third of Greek land is on sale,” the report quoted Panos Protopsaltis, head of the Privatization Program of the Hellenic Republic Asset Development Fund, as saying.
Customers flock to Greek farmers selling cheap spuds
The organization is offering some 50 billion euros worth of assets for sale, and hopes to generate nearly 19 billion euros in cash by as early as 2015, the report added.
A truck assembly plant, sewage works and ports are also up for grabs, along with land on some of the country’s islands popular with tourists.
But tough rules on property transactions in Greece, coupled with an absence of spare land in the most sought-after areas, make it unlikely the country will see a huge influx of private buyers looking to take advantage of the 30 per cent drop in house prices over the past three years.
“Unless you have the cash to buy outright it is very difficult because the Greek banks simply aren’t lending,” UK-based property investment consultant Simon Conn told msnbc.com. “In addition, there are requirements such as having the legal documents translated into your own language. Also, buyers need to be careful. There is a reason a piece of land or building plot is up for sale in the first place; if it seems too good to be true, it probably is.”