Greek revival: self-build investment opportunities to create island homes

 

It is still a difficult time for Greece and the local economy, but opportunities for savvy investors and buyers to buy plots of land in some spectacular locations are at an all-time high and create contemporary homes that could include mixed use schemes.

The Greek government recognises that tourism and overseas investment is essential to boost its economic revival and the sale of land by private owners is a way of generating funds, but also offers a chance to introduce ongoing revenue into the local communities with new residents and second home owners.

Idyllic island plots for sale

Chelsea-based agent Aylesford International has been instructed to sell the Upper Megaloni Plot, on the Greek island of Zakynthos. Priced at €950,000 (around £820,000), the nine-acre (36 stremma) plot offers space for three separate houses each with its own private pool and a communal tennis court whilst maintaining a generous space between each house.

The lie of the land

The site can never be overlooked because of the lie of the land and it has some of the very best views on the island. This plot offers panoramic views spanning the whole of the east coast and central plain of Zakynthos, Cephalonia to the north and the Peloponnese to the east.
[crb_image link=”https://www.buyassociation.co.uk/advice/property-investment-starter-course/” image=”https://cdn2.hubspot.net/hubfs/1717782/Asset_Store/WebCTA/cta.jpg” align=”left”]
The plot would allow for building three separate large villas, a family estate with a main villa and two guest cottages or even a boutique hotel with individual suites, a restaurant and pool/spa complex. The hotel development option offers potential for more buildable space than if it were simply the site for individual houses.

New build vision with a sea view

Andrew Langton, chairman, Aylesford International and Corfu homeowner for many years, said: “There are more attractive opportunities in Greece than there have been for probably 10 years. Some islands, of course, are more valuable than others – property prices on Mykonos tend to be slightly higher as the island attracts a similar ilk of foreign buyer as other trendy European hotspots such as Ibiza.

“Many buyers do want direct sea access and for this – and this is where it’s worth looking at opportunities to buy land – you could find land for between €200,000 and €400,000 (around £170,000-£345,000) on which you could build a house worth around €1m.”

Buyer beware when complying with Greek regulations

For overseas purchasers, the buying process requires you to register any funds with the Bank of Greece that you are bringing into the country to make your purchase and permission needs to be given to proceed. You may also need to open a Greek bank account, for the funds to pass through. Buyers will also require an ‘AFM’ tax registry number from the Greek tax authorities.

If you’re a non-EU national, you need to check that you are permitted to purchase the plot of land or property and this can involve gaining permission from the local council if it lies on certain Greek islands. With these obstacles out of the way, the normal buying procedure begins.

CityGreens, Solihull, Birmingham

City-style apartments directly on Birmingham's largest park

  • Limited pre-launch prices.
  • ZERO ground rent
  • Excellent tenant demand

£182,000 - £419,000

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Greek revival: self-build investment opportunities to create island homes

Greek revival: self-build investment opportunities to create island homes

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.