The question often gets asked whether it is worth it to invest in a holiday home in one area or another. The answer is, can you imagine settling down there? While a home can be a great investment, our current economic climate tells us that any housing market can fail, even in the most stable areas of the world. Therefore, if you are going to make an investment, you should be prepared to stand by that, in good times or bad.
Its much easier to stand by a bad investment if you truly love the location and the holiday home itself. While you might not make a profit, and might even lose some money in the long run, you will still have the joy of vacationing at a low cost in a place that you enjoy. If you think that you could fall in love with part of Greece, than go for it.
Athens is the capital of this country, and therefore has interesting opportunities and a more stable housing market than a vacation town. Its a vibrant city, with a blend of old and new architecture that create a beautiful tapestry of a cityscape.
If you are looking for a house near the beaches, there are a ton of options. Corfu, Crete and Halkidiki are all highly regarded areas for their beaches and secluded cloves. Busies towns like Zante and Rhodes offer beaches with a more active vibe, including bars and nightclubs. For a more historical area, check out Kefalonia, which full of archaeological remains.
If you are cautious, feel free to check out the history of the housing market in the areas you are interested in. Beware of new hot spots – while the market might be hot now, that can quickly change. You might be raking in money for the first few years, but will ultimately have to face the long-term consequences of your decision. Best to fare on the side of caution if you cannot lose the money you invest in a risky vacation property.
Keep in mind the regulations that are in place for out-of-country buyers. Find a reputable agent that can guide you through the process. Its not unusual to buy out-of-country property, but you need the right person to help you figure out the legal and financial steps in order to buy with minimal difficulties. With a bit of help and a bit of confidence, you’ll be living it up in the holiday home of your dreams.