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Building a property in Greece

post #1 of 22
8/24/10 at 7:43pm
Thread Starter 
I returned for I believe the 4th time to Santorini, which I really love, and was extremely pleasantly surprised by the price of real estate. I have family friends and a few childhood friends with property on the "good" side, which is extremely expensive and highly exclusive. I do not have like 5 million euros to spend.

But on the other side of the island, not far from Oia, where I always stay, one can build a very respectable place for 100 to 300k Euro. Although this is not the fashionable part of the small island, I like that I would be able to have a pretty big place with a lot of space around me. Inevitably this part of the island will one day fill up and become very expensive as well, but honestly the solitude is a plus for me.

I've heard that recently tax issues are more troublesome. Has anyone done this? Is it a total nightmare?
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post #2 of 22
8/24/10 at 7:51pm
Quote:
Originally Posted by SField View Post
I returned for I believe the 4th time to Santorini, which I really love, and was extremely pleasantly surprised by the price of real estate. I have family friends and a few childhood friends with property on the "good" side, which is extremely expensive and highly exclusive. I do not have like 5 million euros to spend.

But on the other side of the island, not far from Oia, where I always stay, one can build a very respectable place for 100 to 300k Euro. Although this is not the fashionable part of the small island, I like that I would be able to have a pretty big place with a lot of space around me. Inevitably this part of the island will one day fill up and become very expensive as well, but honestly the solitude is a plus for me.

I've heard that recently tax issues are more troublesome. Has anyone done this? Is it a total nightmare?
Did it in France without any real problems. It wasn't a new build, but a major rehabilitation. Tax issues have been no problem at all. In fact, the whole process was way less difficult than dealing with shit here. Greece, though, that is practically Africa. No idea how things work there.
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post #3 of 22
8/24/10 at 7:52pm
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Quote:
Originally Posted by iammatt View Post
Greece, though, that is practically Africa. No idea how things work there.

That's what I was worried about. I'm told bribery is like a national sport there.
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post #4 of 22
8/24/10 at 7:55pm
Sounds like an awesome thing to do, though. Just make sure you aren't cutting it too close. I mean, what could be better than having a little place in Greece for when things get too crazy.
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post #5 of 22
8/24/10 at 7:56pm
Maybe I'm crazy, and this is not the sort of thing I have experience with, but Greece scares the crap out of me right now. I wouldn't want to be sinking a few hundred grand anywhere there right now.
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post #6 of 22
8/24/10 at 8:28pm
real estate is always a good idea,but i did hear about the corruption (but sometimes that can be a good thing as far as permits go etc)
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post #7 of 22
8/24/10 at 8:42pm
Is there rioting in the "bad" section of Santorini?
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post #8 of 22
8/24/10 at 8:46pm
I have a good friend of Greek background with family still living there - he is trying to do simple renovations on a house that belongs to his family and it is a nightmare. Everyone wants money before approval will be given. Neighbours, goats, tax men, the guy down the street etc

He is pulling his hair out.
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post #9 of 22
8/24/10 at 8:49pm
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Quote:
Originally Posted by Rambo View Post
Is there rioting in the "bad" section of Santorini?
I just spent two weeks in Greece and saw no evidence anywhere of unrest. Santorini is not where one would likely find any trouble. That would probably be far more likely to happen in the north. I also don't mean it's bad, it just isn't on the caldera. It's on the other side (like 5 minute drive away) of the island.
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post #10 of 22
8/24/10 at 9:21pm
I have a place on Santorini. I bought in Oia ... and while we did some renovation ... we did not build new.

Prior to buying I had my accountant contact experts in Greece to determine the financial impact in full. I suggest that you do something similar.

If building ... get familar first ... hire local ... local willing to tell it like it is.
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post #11 of 22
8/24/10 at 10:16pm
Quote:
Originally Posted by SField View Post
I just spent two weeks in Greece and saw no evidence anywhere of unrest. Santorini is not where one would likely find any trouble. That would probably be far more likely to happen in the north. I also don't mean it's bad, it just isn't on the caldera. It's on the other side (like 5 minute drive away) of the island.
Just wondering if when the shit hits the fan again, and it will, if there will be unrest where you're planning on building.
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post #12 of 22
8/24/10 at 10:23pm
It's unlikely there will be unrest on Santorini.
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post #13 of 22
8/24/10 at 10:35pm
In recent years the biggest problem on Santorini (which will be less of a problem where you are intending to build) is cruise ship passengers. When I first bought ... very few cruise ships stopped at Santorini ... and almost no one came to Oia ... except for the sunset. In fact when I bought in Oia ... there was only one (O N E) taverna. It rarely had everything listed on the menu ... so we'd just go into the kitchen and see what they had available.

URL=http://img823.imageshack.us/i/15341061oiasantorinisun.jpg/][/url]

50% or more of what you see in the above picture wasn't there -- or was in ruin from the 1956 earthquake -- when I first arrived on the scene.

Today Oia is filled with galleries, jewelry shops, gift boutiques, etc., etc., etc. And these days ... during summer ... several large cruise ships stop each day. So ... from 9:30 to 4:00 ... Oia is packed with tawdry tourists. However early morning and evening (especially after sunset) are quiet times to be enjoyed. And I'll be honest ... I do appreciate having the multitude of dining options that grow more in number each year. The one taverna got old ... fast.

1800 is my favorite dining spot in Oia.
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post #14 of 22
8/25/10 at 2:23am
Quote:
Originally Posted by RSS View Post
It's unlikely there will be unrest on Santorini.
I didn't think so, given its tourist destination appeal, but it certainly would be worth considering. That view is gorgeous.
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post #15 of 22
8/25/10 at 1:19pm
Quote:
Originally Posted by SField View Post
I also don't mean it's bad, it just isn't on the caldera. It's on the other side (like 5 minute drive away) of the island.
While the caldera does offer spectacular views ... a veiw that could be considered natural-wonder-of-the-world quality ... the side you are considering is also quite beautiful ... looking out to the sea and other islands beyond.

I'd look at it this way ... what may soon be your view is superior to 99.9% of the views on earth.
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