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Buying a villa in Greece vs building one from scratch

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.

Looking to buy Mykonos villas?

If you are interested in the tourist or the real estate industry you might have noticed that a lot of investors and businessmen have set their sights on a tiny island in the Mediterranean called Mykonos. This small island has always been one of the most popular tourist destinations in Greece, a country known for attracting millions of visitors each year. What sets Mykonos apart from all the other islands and popular destinations in Greece, is the fact that it’s not a place that attracts families and middle-income people. Simply put, Mykonos is a playground for the rich and the famous.

Every summer the island is chock-full of high value tourists which range from successful businessmen to some of the most famous singers, actors / actresses and supermodels on Earth. This essentially means that Mykonos is full of rich people who are no strangers to splurging money on luxury and fun during their vacation, which is why there are so many villas on the island, all those celebrities will need somewhere to stay, after all. 

This of course does raise a question: since Greece is going through a very bad financial crisis, where did those villas come from and who exactly is selling them? Those questions are important – you don’t want to buy a villa only to find out that it was the epicenter of a criminal empire – they are also very easy to answer and the answers might make you want to invest in one even more. So, who is selling Mykonos villas and what does that mean for potential buyers? Well, let’s start with the sellers:

Greek celebrities and businessmen

For a few decades, every Greek celebrity or successful businessman had to build a lush villa on Mykonos. It wasn’t mandated by law or the state, but it might as well have been judging by the amount of villas on the island. These people used to spend their summers there in ridiculous luxury, hosting extravagant parties and events such as wedding receptions and fashion shows for their famous friends.

So, why are they selling the villas now? The recent economic crisis has made many businessmen a bit strapped for cash, so it’s not unusual for them to exchange some of their extravagant properties and possessions for cash in order to keep their businesses afloat. Also, many villa owners simply chose to default on their loans rather than be faced with the new and quite harsh property taxes imposed by the governments during the crisis. Finally, some people just decided that they couldn’t afford to own and maintain said properties any more.

Foreign celebrities

They say that people tend to fall in love with Mykonos when they visit it and judging by the number of villas built by foreign celebrities in the island, that saying is probably true. A lot of them came to the island as guests or visitors and they liked it so much that they decided to spend a few summers there, which is why they built their very luxurious and opulent villas. Seeing as celebrities tend to fall in love a lot though, after spending a few summers on the island some decided that it was time to find another summer paradise in Greece or another country and so they decided to sell their villas and move on. The best luxury Mykonos villas are definitely one of the most preferred options when it comes for celebrities to spend their vacations on the island.

What do those two types of owners mean to a potential buyer?

Simply put, the people who built those villas and who are currently selling them, don’t cut corners and they spare no expense when it comes to luxury and living well. In other words, you can be sure that you will buy properties so luxurious that anyone would pay good money to live in them, either as a guest or an owner.