Buying property in Greece seems to have attracted the interest of numerous real estate investors around the world. Many people, particularly Grundvermögen those from the UK, have found that investing in their own country’s property market is a costly proposition. Therefore, investing in foreign real estate is becoming an increasingly attractive option and is becoming a kind of trend.
Avoided by foreign real estate investors
Many countries previously shunned by foreign real estate investors appear to have come to the fore, including Greece. Greece now has a large number of foreign nationals who have already invested in real estate and this number seems to be growing by the day. Greece’s real estate market is one of the fastest moving in Europe with so many foreign investors rushing to buy property in the country.
As most people know, Greece is a popular tourist destination, and it’s no wonder, with its sunny climate, stunning views, and laid-back attitude to life. The cuisine is known all over the world, for example: moussaka , feta cheese and dolmades. And many households have a bottle of the famous Greek ouzo in their drinks cabinet. The cost of living is 40% lower than in the UK and in today’s economy, that’s welcome news.
Many people want to enjoy the delights of Greece on a regular basis and buy a holiday home…or two…in the countryside. Some visionary people take it a step further when buying a vacation home. They buy property in Greece and then rent it out to avid travelers. Many people travel to Greece every year and renting a holiday home can often be cheaper than staying in a hotel for a longer period of time. Vacation rentals also tend to be more personal than a hotel room, which is another reason why they’re popular with travelers.
Greece is also popular with sports enthusiasts
Greece is also popular with sports enthusiasts, after all Greece is associated with the first Olympic Games and the country has won many sporting laurels. Greece hosted the 2004 Summer Olympics and one of the many benefits of hosting the Olympics is the appreciation of real estate. Holiday homes are now considered a valuable investment that promises good returns in the long term.
There are many types of property on the market and the average Greek property prices are: new 1 bedroom apartments from 50,000 to 150,000 euros; new 2-room apartment from 100,000 to 300,000 euros; and renovated properties from 50,000 to 300,000 euros plus.
When it comes to buying property, Greece has more to offer than just holiday homes. Many foreign nationals have invested in commercial real estate in the country, especially in the more developed cities. Commercial property includes both retail businesses and office buildings, and since Greece joined the European Union, demand for office buildings has increased.
When buying real estate in Greece, the investor must keep in mind that investing in real estate abroad requires proper planning, for example: looking at the market situation; the best location to invest; when to buy; and what type of property to buy – for example: cheap family homes are hard to find in the well-developed city of Athens, but easier to find in other cities like Larissa. There is help on hand to assist investors: local Grundvermögen can acquaint foreigners with the realities of the real estate market; there are English-speaking lawyers specializing in real estate sales; and holiday clubs overseas.
In summary, Greece has a lot to offer investors when it comes to buying property as the property selection is wide and varied, the country is popular with tourists and property investors are already getting excellent returns on their investments.
Morocco is rich in history
Rich in history, Morocco is considered a magical and mystical world that attracts travelers and tourists alike. Rabat, the Moroccan capital, is a modern city that still retains its old-world charm. The coast is very popular with tourists , and destinations like Casablanca (made famous by the 1942 American romantic drama) and Marrakech are popular with everyone. Morocco is expected to grow in popularity as a tourist destination, hence investors are predicting that property prices will continue to appreciate.
attract world , such as Saidia and Tangier. Currently, the property market in Morocco is emerging as one of the most rapidly developing markets with huge investment potential, which is particularly good news given the UK economic climate today. The Moroccan government takes an active role in improving the real estate market. They have implemented various initiatives such as the King’s Vision 2010 to boost the country’s tourism and infrastructure, which in turn will improve the country’s real estate market and economy.
You have decided where to buy a property in Morocco
Once you have decided where to buy property in Morocco, the next step is to seek legal advice so you don’t make any costly mistakes. If you want to convert your real estate investment into a property for sale, you have to pay tax on the income, with the first three years being tax-free. If the property is sold within five years, a capital gains tax will be levied based on the sale price less the purchase price. There is good news in terms of taxes: as the two countries have a UK-Morocco tax treaty in place, this protects the investor from liability for capital gains in either country.
When it comes to choosing the type of property to buy, be prepared to invest the time, effort and dedication, especially if you are looking to find an unusual traditional style of property. Know your budget and stick to it, and take photos of every property you look at so you can remember each one. Once you have found your property, you must make a verbal offer to the seller through the agent; Remember that negotiation is rarely an option when buying property in Morocco. The seller then decides whether to accept the offer or increase the price. It is your decision whether you want to proceed with the sale of the property or withdraw. If you wish to proceed, the next step is to draw up a compromis de vente (“a preliminary contract signed by the seller and buyer of a property, containing a two-way promise tantamount to a provisional contract of sale” ) carried out by a notary (ministry official). Once you receive the compromis de vente , you have two weeks to change your mind. If you want to proceed, you still have to follow a few steps and then you can enjoy the property.