Real estate in Greece is becoming a hot commodity for people looking for a safe investment that will pay for itself soon and provide a steady stream of income. Greece is one of the most popular tourist destinations in the world and the recent financial crisis has greatly affected the real estate market, which is why one can get prime real estate practically for peanuts. When it comes to properties, holiday villas in Greece are currently selling like hot cakes. Any investor worth his or her salt is looking to buy or even a build a villa in Greece.
The reason why owning a villa in Greece is such a good investment, is the fact that Greece attracts millions of high-income tourists each summer. Those tourists are looking to spend their vacation as luxuriously as possible and they are willing to pay a lot of money in order to stay in a private and fully furnished villa. Furthermore, a lot of retirees are also choosing to spend their retirement in Greece, mainly because of the amazing weather and the famous Greek summers. They are also looking for luxurious properties that they can buy or rent.
As you can probably tell, owning one or several Greek villas is one of the best investments currently available in Europe. Most investors however do face a serious dilemma when it comes to villas in Greece: should they buy one that is already built and furnished, or should they build one from scratch? Let’s have a look at the pros and cons of each case.
Buying an already built villa
The villas in Greece were built by very wealthy Greeks who were forced to sell them or default on their loans when he crisis erupted, With that being said, you can guess that they are located in prime locations and that they are very luxurious. In fact, many were designed by world-famous architects and they have been featured in magazines and documentaries. As you can probably tell, the major advantage of already built villas is the fact that they are complete and fully furnished, which means that they can start earning you money the very next day after the purchase is completed. So, chances are that you will be able to get your hands on some amazing villas which you can then easily flip for profit or rent out to tourists.
The major downside of buying an already built villa however is the fact that it was probably built to be a summer house. This means that it may not have the kind of amenities and features that a tourist would be looking for. As a result, you might have to make some renovations which can be quite costly. Also, the rich and the famous – especially the nouveau-riche – are not known for their good taste, which means that you might have to change a few things in your newly acquired villa in order to tone down the kitsch factor a bit.
Building a villa
First of all, buying land in Greece can be quite cheap, which is great news for people looking to build luxurious villas on the property they own. Then there’s of course the benefit of being able to build a villa that will be perfect to sell or to rent to tourists. Finally, there are several perks tied to investing a lot of money in Greece. You and your family could be awarded with an honorary Greek citizenship and passport, for example.
The major downside of building a villa is of course the red tape and the paperwork involved, but you could always hire a lawyer to stand in for you and take care of it.