INDIA TODAY INTERVIEWED GEORGE STROUMBOULIS FOR INSIGHT INTO GREEK REAL ESTATE MARKET
George Stroumboulis was featured in the national Indian news portal, India Today, in an article titled “Between the Devil and the Deep Sea - Relive myths and legends on the beaches of Greece”. The article, written by Jessica Hines, was published in September 2011 in the supplemental section of India Today, called SPICE.
INDIA TODAY, launched in 1975, is the leading news magazine in India with editions in five languages and a circulation of over 1 million every week and a readership of more than 15 million. The magazine represents the ability to bring unbiased and incisive perspective to one of the most dynamic regions in the world. To read the full article, see below.
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Between the Devil and the Deep Sea
Relive myths and legends on the beaches of Greece
Having the perfect house on a Greek Island where the blue sea always meets the eye, is a dream for many but for me it's more than that. It's something i have dreamt of for so long that it is an inexplicable mystery why I don't already have one.
My grandmother Nancy was the first wife of writer Lawrence Durrell. They lived together with his family and other animals in The White House on Corfu. Their time there has been written into legend, for the public, by Larry's younger brother Gerald, and, for the family, by the powerful forces of beauty, youth, brilliant creativity, destructive love... and the Aegean. The myth is so vivid in my mind that it feels as if that house is all of ours; in truth, you can rent it by the week for Rs.56,426.
“Greek Islands have long been a place of fantasy and myth so whatever your Greek fantasy, you can definitely find a place to create it within your budget.”
Of course you don't have to have my misplaced sense of self-entitlement to want to be in Greece. It is a magical and very affordable place to have the perfect holiday home. What's more, the current economic situation in Greece equals plenty of astounding things on sale at the moment that are not overpriced. The debt crisis has almost made it mandatory for Greece to sell its assets quickly: from casinos to beaches and airports to marinas; compete sweeping privatisation of nationally-held organisations in exchange for the initial 60-billion euro credit lifeline imperative to stay afloat. But it's not that simple.
The dual forces of the IMF and the European Union have insisted that the restriction of sale of border-area real estate to non-EU nationals be revoked. This has effectively made it possible, for the first time, to buy property on the Greek Islands, and indeed, if your budget extends that far, the islands themselves are up for sale.
So all future empire builders listen up and go Greek. You can go and start your Utopian society for as little as Rs.13crore for a modest island and go all the way up to Rs.103.8crore for a proper 'my island my rules' base from which to start the revolution and hang around, feeling like a king.
For the rest of us, the desire to return to the past, and 'unspoilt' Greece, with its magical moorings is strong, but the question remains: where does on go?
Luckily, the Greeks have Spetses, their own secret island that has been their personal destination location for centuries; the exclusive playground of European Royalty and the odd smattering of Greek shipping magnates. As we speak, the Queen of Spain is here, probably having a cheeky sun-downer at one of the many delightful watering holes on the harbour and air kissing other delightful Euro Royals in smart casuals who come by the dozen. Simply delightful.
So by buying into Spetses, you are really buying into a way of life, and as everyone is someone and/ or a millionaire, Spetses is renowned for an almost Masonic dedication to discretion and that's half its appeal. At 7 km long and 3 km wide, it is so small and exclusive that there are no cars; only quaint horse-drawn carriages and, of course, lots of yachts. The combination of its small size, the fact that most of the land is designated as untouchable pine forest, and that it is the definitive place to be seen means that property on Spetses is something of a premium.
John Mangoletsi runs Spetses International Real Estate, which, as a preferred agent for Savills International, is the only official real estate business on the island. If there is a house for sale, which isn't something that happens often, he will have it on his books. John's main problem is that there just are never enough properties to supply the demand. So he has joined forces with the one developer on the island who has bought up most of the already scarce land available to build on. This allows him to offer his clients the opportunity to not only own property on the most exclusive island in the Mediterranean Sea, but to be able to build your own bespoke haven.
The first house that he built has just come back on the market at a very reasonable ¤1.85 million (`12crore). It's built along the lines of the old Merchant and shipbuilder mansions that outline the harbour. Only 80m from the Old Harbour and the accompanying bars and restaurants, it is still extremely tranquil and affords privacy with its own garden and plunge pool.
But of course, if you are buying off plan, what you can do and how you do it is really up to you. Greek Islands have long been a place of fantasy and myth so whatever your Greek fantasy, you can definitely find a place to create it wihthin your budget. Which is precisely what the artist Anonio Ampatziz has done with Villa Draokothea on the very hip island of Mykonos. This property is not officially on the market yet and so is a Spice exclusive! Created by Antonio, Villa Drakothea the perfect Mykonos house, and designed for both entertaining and relaxing. It has been crafted with a blend of traditional building methods, modern amenities and artistic flare that blends beautifully.
It emerges from the rocky hillside like a Gaudi sculpture and offers the most spectacular view of the Aegean, and neighbouring islands. The salt-water infinity pool has been voted the world's 5th Sexist pool by Conde Nast Traveller. It just demands that you float in the pool on the cliff and laugh at your good fortune in these trying times.
Villa Drakothea is one of the few places that are as stunning inside as it is out. The interiors are done to the very highest spec but with beautifully crafted traditionally inspired finishes. It is as glamourous as it is quirky and the attention to detail for every room, outdoor seating area, and interior view is to be commended. It is a place to hideaway and be reclusive, ensconced in your own private world like a rock star, safe in the knowledge that you have the coolest house on Mykonos and, perhaps,in all of the Greek isles.
Help is at hand
Local knowledge is of course essential to making or breaking your Greek experience; any one who wants to explore the possibilities is highly encouraged to get advice, especially legal, before taking the plunge into the deep blue of the Ionia sea. Knowing the upfront costs and implications always helps to make educated decisions.
For Villa Drakothea contact the owner via its website www.drakothea.com
Savills International have a dedicated team in London and local teams around the world; Tel: +44 (0)20 7016 3740; www.savills.com/international
John Mangoletsi: Spetse International Real estate-A preferred agent of Savills: jmangoletsi@yahoo.co.uk; Tel: +30 22980 29552; Mobile: +30 69 47 300 528
George Stroumboulis runs GreekPropertyExchange.com which offers free legal advice to anyone wanting to buy or sell in Greece. They have teamed up with an international network of Greek property lawyers to help informed decisions take place. www.greekpropertyexchange.com
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