With more than 6,000 islands off the coast of Greece and their economy once again in dire straits, you would think these islands would come up for sale more often.
However with prices ranging from £1 million to over £100 million, cash investors and millionaires are the only ones who normally get a chance to have a slice of these beautiful property investments.
And given their wealth, they are best equipped to weather the storm of the economy…
Yet according to Greek property agents sales do happen, albeit under the radar…
In 2010, it was rumoured that Giorgio Armani bought Skorpios for £124 million, whilst currently the tiny island of St Athanasios is for sale at £125 million.
But is investing in these islands easy?
It can be once you know what to be wary off:
- Every island is different – some are purely rocks whilst others are hilly (with their goats). Property agents recommend viewing the island and its surrounding region before buying.
- In 2011, the Greek government introduced a progressive property tax, making high end owners pay more.
- Islands should be viewed as a long term investment. Sell before 5 years and you will have to pay 20% in capital gains tax.
- Whilst overseas property investors are welcomed there is a lot of red tape so you will need to employ a local solicitor.
- Previously uninhabited islands will need phone lines, gas pipes and power installing which can be expensive, but first you will need to get planning permission and work out how to get builders to your island
- You will need a year round mooring – this will make travelling to and from your island easier.
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