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Q: Greek property agency set up guidance ( Answered 5 out of 5 stars,   0 Comments )
Subject: Greek property agency set up guidance
Category: Business and Money > Small Businesses
Asked by: trellis-ga
List Price: $20.00
Posted: 21 Dec 2003 03:46 PST
Expires: 20 Jan 2004 03:46 PST
Question ID: 289217
My brother and his wife (UK citizens and residents) have vacationed on
many Greek islands over many years. They're looking at a career change
and one option is to develop the market for UK citicens seeking second
homes in Greece and its islands. There is a thriving market in Spanish
and French properties, but few operations in Greece. So the question
is: "From the perspective of there being few existing operations
acting as agents UK to the [Greece second/retirement/holiday/timeshare
home] market, what are the challenges a prospective agent [with the
profile of my brother and his wife] is likely to face if they chose to
establish a business serving this market"

My suspicion is that there are reasons there aren't many companies,
such as  there's a major problem like a legal minefield or cultural
issue. Else why is the sunny Greek climate not more popular?

To get top rating an answer needs market analysis thinking and
research. A list of the more common links would probably duplicate the
research we've already done. This question is being asked/answered as
an Xmas preesy for them. So there's a tip if we can have it for
delivery by Xmas day.
Subject: Re: Greek property agency set up guidance
Answered By: belindalevez-ga on 21 Dec 2003 08:41 PST
Rated:5 out of 5 stars
<Greek property agency ? set up guide. 


The article, ?A real estate bonanza for Greece??, discusses the
opportunities and problems within the Greek property market.

As the baby boomers reach retirement there will be greater demand for
retirement properties and second homes. Some countries like Spain have
recognised the value of developing this market. In 2002, an estimated
30,000-40,000 Spanish properties were bought by people from the UK.
Just 3,000 foreign nationals bought property in Greece.

The reasons are as follows:
Lack of supply of properties.
Zoning policies restricting development outside of  urban areas.
Buyers reluctant to buy properties that may fall foul of the law.
Illegal developments are commonplace, making prospective purchasers wary.
Lack of promotion of properties to foreigners.
Complex legalities.
Problems with getting all the owners of a property to agree to sell.
To build on a plot of land it needs be at least 4,000 square meters.
Problems associated with olive trees (you may own the land but not the trees).
It has only been possible to buy property in Greece without a Greek
partner since 1990.

This article also discusses what needs to be done to remedy the situation.

Challenges faced would be:
1. Finding an adequate supply of properties.
2. Building local relationships to encourage the locals to do business with them.
3. Gaining an intimate knowledge of property values.
4. Gaining a thorough knowledge of the property buying process
including any likely problems.
5. Checking that the property is legally built.
6. Promoting the properties, particularly faced with the competition
from long established operators selling property in other countries.
7. Instilling a sense of confidence in buying property in Greece.
8. Guiding the purchasers through the buying process.
9. Providing translations.
10. Having a thorough knowledge of financing. Making contact with
local banks and UK companies that can provide mortgage facilities.
11. Setting up the business, getting a license to act as an estate
agent, finding premises, establishing the legal framework of the
business, accounting, taxation etc.

Tourist numbers.

Greece is a less popular tourist destination than Spain and France. In
2002 the British made 12.5 million and 12.1 million trips respectively
to these countries. In 2002, British trips to Greece slumped 8% to
just under 3 million (Source: Travel Trends 2002).,3604,1093886,00.html

Travel Trends 2002 ? full report.

2003 arrivals

The characteristics of second home owners.

According to a report by John Gilbert, in 2000, an estimated 2% of UK
households owned a second home. Second home owner tend to earn over
36,400. Two thirds are aged over 45. Half were aged 45-64. 55% are
couples without dependent children.

The boomer market

UK ? Baby Boomer Fact Sheet.

U.S.- Market for Boomers Turning 50.
Nearly 10 million boomers are already 50 plus. The market is estimated
at $930 million. This market report costs $2,750.

Demand for property a maintenance service. has identified a demand for a property maintenance
service. They have set up a company to inspect properties for absent
owners, arrange repairs, cleaning, and to act as a mailing service for
utility bills.

Hellenic homes offers new and restored properties for sale. They have
both a UK and Greek office in Crete.

Crete Property Consultants.

Savvaidis & Associates.
In business since 1983.

Skopelos Property

Grecian Properties

Pelion Property Consultants

Symi Real Estate Agents

Kissamos Property Consultants

Legal matters.

Greek laws dealing with purchase of  property in Greece.

Taxes related to doing business in Greece.

Setting up a business in Greece.

Professional associations.

The Hellenic Association of Realtors is the only professional real
estate body in Greece.

Federation of Overseas Property Developers, Agents and Consultants.>

<Additional links:>
<Embassy of Greece London.>

<British Hellenic Chamber of Commerce.>

<In 1998, second homes accounted for 40 percent of all private
accommodation of holiday trips in Greece.>

<Buying property ? case study.>

<Search strategy:>

<greece "second homes">

<"business in greece">

<greece problems property>

<Hope this helps.>
trellis-ga rated this answer:5 out of 5 stars and gave an additional tip of: $10.00
Excellent. Just what I wanted. Thanks.

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