Archive for September, 2010
Buying Property In Greece For Under 80000
Ancient Greece may have laid the foundations for modern culture and civilisation including democracy philosophy education and a host of literary and mathematical concepts but it is foundations of an entirely different kind that are now occupying the minds of savvy British property buyers. Heritage is only one of the many draw cards of a country that also has azure islands Mediterranean sunshine and now budget direct flights from the UK to attract secondhome buyers.
The property market in Greece is already an established one with a solid internal and international property market to regulate and stimulate prices which have been rising steadily over the past decade. Eighty per cent or more of buyers of property in Greece are lifestyle buyers meaning that there is a strong resale market prices are realistic and not driven by property investors” says Spyros Mantzos of A Property in Greece. But with an established property market as well as the sharp appreciation of the euro which Greece joined in 2001 opportunities for buying property in Greece for under 80000 are not as widespread as even a few months ago. However if you know where to look there are still property bargains to be had in the whitewashed idylls of the Greek islands and mainland.
With over 150 of the 2000 or so islands that make up Greece inhabited not to mention a mainland teaming with cities villages harbours and beachfront there is perhaps too much choice when buying property in Greece. John Batty managing director of Greek property specialists Aegean Blue says traditional property investors are still focused on the established destinations like Crete Santorini Corfu Zakynthos and Mykonos. “Over the last year we have also seen the first ‘structured products’ arising in Greece offering a comprehensive package of services including guaranteed rental income for the first years furnishing packages and a number of exclusive services including spas marinas sport facilities etc” Batty adds.
This maturation of the types of products available to foreign investors buying property in Greece along with the takeover by EasyJet of GB Airways in December widely seen as a harbinger of budget flights into the country is expected to have a stimulatory effect on the property market as the influx of visitors fuels holiday rental demand and in turn demand for property in Greece.
Greece can also thank the Athens Olympics for raising the countrys profile and stimulating massive infrastructure investment which has improved its already significant attractions. Capital growth has been around ten to15 per cent per annum over the last few years and property rental yields can be as high as 7.5 per cent according to Mantzos. Of course these vary according to the property and location with Batty arguing that average returns range between four and six per cent: “Some developers offer guaranteed rental incomes for their projects targeting pure investors. In these cases four to sixyear rentals are offered on an average of five per cent per annum. Most desirable destinations are the northern coast of Crete Zakynthos Kefalonia Santorini and Mykonos where the highest yields can be achieved. Upcoming property markets worth considering are the less developed island of the northern Aegean Sea including the Sporades mainly Skopelos and Skiathos and Samos.
Crete is the largest of the Greek islands and deservedly one of the most popular tourist destinations in the Mediterranean. In spite of its popularity and relative upward price pressure properties under 80000 are still to be found with twobedroom houses in need of work starting at around 50000 38300 according to Oonagh Karanjia of Crete Property Consultants. Renovated old stone houses can start from around the same price for a onebedroom property while apartments a few metres from the beach start as low as 55000 42150. For example studio and onebedroom apartments at Makrigialos in the southeast of the island around 25 minutes drive from Sitia start from 48000 36800 and are just 50 metres from the beach. In Papagianades a twobedroom renovated stone house with courtyard roof terraces and sea views is for sale through Crete Property Consultants for 91000 69750.
A Property in Greece is selling a twobedroom 60squaremetre bungalow in the 200yearold village of Loutra around ten minutes from the beach surrounded by olive trees and with panoramic countryside views for 104000 79700. Foremost Villas has a twobedroom apartment for sale at Drapanos Krystyna set in the hills inland from Kalives at the entrance to Souda Bay with shared pool and views of the White Mountains for 93000 71250. If you fancy taking on a renovation project Artec SA is selling a 60squaremetre stone house set in a 180squaremetre plot in the Apokaronas area about 30 minutes from the airport at Chania; building permission for restoration work and extension of the property is already in place for the 55000 42150 home.
The verdant island of Corfu in the Ionian Sea off the west coast of Greece can also claim a fair bulk of the countrys visitors who come to enjoy its mild Mediterranean climate and numerous architectural and archaeological attractions. Spiros Analytis managing director of Corfu Property Agency says a combination of planning laws forestry and archaeological restrictions prevents Corfu from being turned into a concrete jungle and limits supply of property which maintains prices. “The limited property supply rolls over to the rental market as well. Rental accommodation beyond large hotel accommodation which also fills to capacity during summer months is highly soughtafter. Privately owned properties thus yield excellent rental income.” He adds that “returns of 6six to eight per cent are available through rentals via tour operators; and given the fact that there is excellent property rental income achieved there has been in increase in demand for such properties.
Corfu Property Agency is selling a groundfloor onebedroom apartment 40 metres from the beach in Acharavi north Corfu with a large balcony for 78000 59800. For offplan property near the beach of St George in southwest Corfu the company is offering a terrace of three 38squaremetre onebedroom cottages each with a veranda area and small private garden for 75000 57500 for the middle cottage or 85000 65150 for the cottages on either end.
While the main islands attract a proportionately large quota of visitors to Greece their popularity has spawned a second tier of emerging islands that have started to draw their own wave of potential property investors. Top of this list is Skopelos where the film version of Mamma Mia was shot last year which is luring quietliving Greek island retirees and holidayhome buyers alike. The island is part of the Sporades chain and there are direct flights from the UK to nearby Skiathos; from there it is a 30minute hop by hydrofoil to the port town or there is also a hydrofoil service from the mainland. Aegean Blue is selling a range of apartments at Skopelos Village 500 metres from the beach starting from 97000 74300 for a onebedroom apartment. The apartments are situated on the bay opposite the capital port town of Skopelos and owners can walk into the town in under ten minutes.
On the island of Samos in the Aegean Sea Barrasford and Bird is developing a resort and spa at Halcyon Hills which will offer guaranteed rental returns when completed. Although it is above budget for individual buyers the resort will also be offered on a fractional ownership basis that will cost from 16375 to 32750 for 1/8 or 1/4 of the property.
The beachside idyll of the Greek islands may have lured the majority of secondhome buyers but there is an investment case to be made for buying on the mainland. In response to the Olympics in 2004 property investment expert Obelisk says that “demand for rental accommodation was boosted and in turn heightened investors’ interest in new residential opportunities particularly within Greece’s major cities.” The scene of the Olympics and the historic capital Athens has seen sustained property price rises of around ten to15 per cent in the last few years according to estate agents Des Res. The company has onebedroom apartments for sale in Larissis starting from 69000 or similarsize offplan properties in Athens starting from 73000.
There are no legal restrictions on EU residents buying in Greece and the process is relatively simple but fees and taxes of around ten to 15 per cent on top of the purchase price must be factored in. This includes transfer tax on resale properties or VAT at 19 per cent on new builds municipal tax lawyer’s and notary fees and land registration. Greece’s Piraeus Bank which has a UK arm to deal with property investment in Greece and Bulgaria suggests buyers should discuss repayments with their lender so that the potential exchange rate risk between the euro and sterling can be covered from the start. This is particularly pertinent considering the currency movements in recent months.
About the writer: Kathy Sandler for Homes Overseas “>http://www.homesoverseas.co.uk/propertyforsaleingreece/1155″> Property for sale in Greece property investment advice and international property news.
Bulgarian Property Sale
Bulgarian property sale statistics will blow you away if you take a look at them. Over the last year Bulgarian property sale records have been broken again and again as the real estate boom has really taken off and investors the world over are inquiring on how they can get in on all of the Bulgarian property sale opportunities. Off plan properties as well as mortgages have a lot of people realizing that they can take the leap and invest in a Bulgarian property sale. Whether you are an experienced investor or someone who is just looking to get some nice property in Bulgaria a Bulgarian property sale opportunity now can mean that you can get a great property for a great price that will grow in value and allow you to cash in if and when you want to.
If you are an individual who is looking for a Bulgarian property sale you should know that homes and commercial space is selling fast. If you see a Bulgarian property sale opportunity that you are interested in you should jump at it without delay. Many individuals are losing out on Bulgarian property sale opportunities because they want to think about the investment for too long and then a experienced investor that knows he has all of the financial backing he needs comes and takes the Bulgarian property sale opportunity for himself. When you are shopping for a new home new vacation home or even a commercial property you should know what you want what you can afford and that you are ready to buy so that you can buy the Bulgarian property sale that you want without worrying about someone else getting a hold of it first.
If you are an investor you will likely not find it difficult to find a Bulgarian property sale that you are interested in yet the same rule applies. Before you look for a Bulgarian property sale seriously you should know what you want that you have the financing you need and most importantly how much you can afford. Approaching a Bulgarian property sale with all of this knowledge will likely take some time and research but when you have all of this information you will find that you are able to select the best Bulgarian property sale to invest in. Knowing what you want as an investor can really help you limit where to look for a Bulgarian property sale. For instance if you know that you only want to invest near ski resorts you can look near Bankso and such but if you only want to be along the coast in beach homes and such than you can look there. All of the research you put into Bulgarian property sale opportunities will pay off when you are able to find the right Bulgarian property sale for you because it will pay off big.
Bulgarian property sale statistics are through the roof but eventually things will slow down a bit. The idea is to find your Bulgarian property sale now so that you can invest while the economic growth is still going strong. The nice this is that it doesn’t appear as though you will be hurt by inflation when you invest and this is what makes a Bulgarian sale really stand out.
About the writer: Art Graham is a real estate developer in Costa Rica and offers a fully finished quality product at http://www.labuenavidacondos.com
Building Your Own House: Planning The Bedrooms
If you are plainning to build your own house how large should a bedroom be?
At least large enough so that the bed can be moved around or turned around in it. Large enough for a fullsized bed and a chest of drawers a night stand a chair and perhaps a dressing table. Perhaps 8′ x 10′ inside measurement might be considered as the absolute minimum.
Most building codes do not permit rooms smaller than 80 square feet in area and this would just meet that requirement. Certainly a room 9′ x 12′ would be much better while 11′ x 14′ or 12′ x 14′ would seem rather spacious. In an ordinary house a room 12′ x 16′ would be adequate for almost any master bedroom.
A bedroom isn’t greatly in need of a view as a person usually isn’t often in a bedroom during the daylight hours and then he usually isn’t looking out the window.
People are in the living room usually in the evening when the landscape is dark unless the view is over towns or villages where the lights make an interesting pattern.
The kitchen should if possible open on the sunrise.
When one is working at the sink an occasional glance out the window overlooking an inspiring view can be very refreshing. The breakfast nook should also have a good view if at all possible.
There should be at least half as many bedrooms as there are people in the family and a guest room is an important adjunct if it can be managed. Two boys can occupy the same room when they are small but of course the ideal is for each child to have his own room when he gets older if at all possible.
Perhaps the master bedroom should be large enough so that two beds can be put in it in hot weather. When it is cold probably only one of them will be used.
Where there are small children the mother will probably want their room to be near hers but for adults if bedrooms can be separated from each other one noisy or restless person will not bother the others quite so much.
A private bath for the master bedroom is a good idea but not an absolute necessity. A good rule to follow is to have at least one bath for each two bedrooms.
A threebedroom house should have two baths. In the morning rush hour when the children are hurrying to get ready for school and Dad has to shave and mother has to do her hair enough bathrooms will save a lot of frayed nerves. Better economize somewhere else and have enough bathrooms.
A guest room can be kept to the minimum. A private bath with the guest room will be greatly appreciated by the guests but if this strains the budget too much some compromise will have to be worked out. A smaller room with the private bath would be much better than a large room without it.
Try to keep the guest room somewhat isolated from the rest of the house so the guests can be off to themselves at times. This will give them more opportunity to rest and will permit the regular activities of living to go on with less interruption.
Storage
Organized storage space is very important in designing a house. When you move in where are you going to put the suit cases? Well! Where are you going to put them? Of course there is no place to put a trunk. A closet or wardrobe for a bedroom must have a rod to put the clothes hangers on.
A piece of V” pipe or a piece of electric conduit is much better than a round wooden pole as the hangers slide more easily on the pipe and a piece of wood gets black looking if not painted and if painted the paint gets scraped and scarred very soon.
Shelves at one end of a wardrobe are very convenient in order each pair easy to get without disturbing the others.
Where at all possible it is a good idea to have separate wardrobes particularly in the master bedroom. A man likes to have a small place in the house that he can call his own. A man will not usually need as much room as his wife or daughter does for clothes but it helps to keep the arguments down if he has some space of his own. Even if he may not have many pairs of shoes a rack for them should also be planned.
With building costs the way they are every square foot of floor space must be used to the best possible advantage. Of course a place for laundry heating plant and storage of larger items must also be found.
If you decide to borrow money to buy property always use a mortgage calculator to get the best mortgage.
About the writer: Brittney Jackeline is a well known professional writer. She has won appreciation especially for good writing about Spanish Real Estate topic like Spanish Property.