NEOS KOSMOS AUSTRALIA FEATURED GEORGE STROUMBOULIS' REAL ESTATE INSIGHT
FEATURE AT A GLANCE
Outlet: Neos Kosmos
Archive date: May 16, 2011
Publication date: May 7, 2011
Format: Newspaper interview
Language: English
Journalist / host: Laura Burgoine
FEATURE SUMMARY
Neos Kosmos examined interest in Greek property during the economic uncertainty of 2011. Journalist Laura Burgoine spoke with George Stroumboulis and lawyer John Tripidakis about the market and the prospect of foreign investment. The archived feature presents George’s perspective as the founder of Greek Property Exchange and places those comments within the buying conditions discussed at the time.
KEY TAKEAWAYS
The feature brought together a property portal founder and a lawyer working with Greek real estate.
Its subject was foreign interest in Greek property during the 2011 economic crisis.
The feature preserves observations about the Greek property market in 2011.
FEATURE DETAILS
George Stroumboulis was featured in the Australian newspaper, Neos Kosmos, on May 7, 2011 in an article titled - Explosive Interest in Property Shopping in Greece.
Neos Kosmos (Νέος Κόσμος - neoskosmos.com), founded in 1957 in Melbourne, is Australia's largest circulation Greek newspaper and the largest and most influential Greek publication outside Greece. Neos Kosmos remains the communication lifeline of the Greek community - informing, debating and communicating news and opinions to the growing Greek-Australian audience, sharing Hellenic news and thought in English and Greek.
“Despite the economic conditions in Greece and the growing stigma of a stagnant market, I strongly believe that potential investors are seeing this as an opportunity to capitalize on.”
Prominent Neos Kosmos journalist and industry writer, Laura Burgoine, interviewed GPE founder, Georgios Stroumboulis, along with a leading Australian lawyer, John Tripidakis, who deals with real estate in Greece. The article subtitle captured the mood of the article with; As Greece welcomes foreign investment to aid its flagging economy, investors can expect significant discounts in the country’s real estate sector, experts say.
When asked to comment on the current state of the Greek economy related to property in Greece, GPE Founder, Georgios Stroumboulis stated that “despite the economic conditions in Greece and the growing stigma of a stagnant market, I strongly believe that potential investors are seeing this as an opportunity to capitalize on.”
Neos Kosmos, 7 May 2011, page 7: Laura Burgoine’s feature on Greek property interest.
Link to online source: https://neoskosmos.com/en/
SEARCHABLE ARTICLE TRANSCRIPTION
The following text is transcribed from the original article shown above.
‘Explosive interest’ in property shopping in Greece
As Greece welcomes foreign investment to aid its flagging economy, investors can expect significant discounts in the country’s real estate sector, experts say
By Laura Burgoine
Time is of the essence for real estate investment in Greece, with the country’s current economic turbulence driving housing prices down as much as 25 percent, experts say.
Lawyer John Tripidakis, who is based in Melbourne and has offices in Greece, said the current crisis in Greece indicates good investment potential.
“Property prices have gone down. I would suggest this is the time to invest in Greece, especially in the real estate sector,” Mr Tripidakis told Neos Kosmos. “There isn’t any cash flow in Greece out of domestic endeavours, it’s very scarce. Foreign direct investment is always welcome, Greek Diaspora are always welcome, native Greeks love them.”
Although the market in Greece is flat, and bureaucracy is inevitable, the rise of the Australian dollar makes it an opportune time for investment, Melbourne based lawyer Nicholas Venizelos, who is also a member of the Athens Bar, said.
“There are no incentives from the government to invest in Greece, they make it hard but if you have money it’s a good time to invest in Greece despite the fact there are some obstacles.”
Properties in Greece are likely to be 30 percent, sometimes even 50 percent cheaper, as a result of the high Australian dollar and the economic crisis.
“Some people are selling and will give a discount 20 percent, then the strong Australian dollar saves you 30 percent,” Mr Venizelos said. “All up they are good properties, cheaper in comparison to Australia. For $200,000 you can buy a very nice property in Greece near the sea.”
There has been an “explosive interest” in buying and selling property in Greece from all facets of the real estate market, including buyers, sellers, renters and professionals, according to Georgios Stroumboulis from international portal Greek Property Exchange in New York.
“On a daily basis, we see people connecting across the world to inquire about properties they have seen online and to request more information so they can set up targeted meetings,” Mr Stroumboulis told Neos Kosmos.
“Despite the economic conditions in Greece and the growing stigma of a stagnant market, I strongly believe that potential investors are seeing this as an opportunity to capitalise on.”
Destinations attracting strong interest in Greece include the Cyclades, Dodekanisia and the Ionian Islands, but there is increasing interest from foreigners in many beachfront destinations throughout Greece, outside of the typical popular destinations. “This trend is really opening up the Greek real estate marketplace to regions that were never really commercialised destinations before or considered a tourist oriented destination,” Mr Stroumboulis said.
“We now see foreigners visiting the Peloponnese region and buying up many beachfront properties, many Greek foreigners investing in their villages throughout Greece, and the standard tourists seeking vacation rentals in the popular destinations we are all aware of - Mykonos, Santorini, Rodos, Corfu, Paros and so on.”
For years, the housing prices in Greece have been inflated and not in line with comparable market conditions, Mr Stroumboulis said.
“The way housing prices are now dropping, this is giving the market an opportunity to stabilise, often at the expense of Greeks who are foreclosing on loans or those forced to lose or sell their properties to salvage any of their initial investments,” he added.
Many owners in Greece are looking to foreigners actively to market their properties and rentals, knowing that money coming from outside of Greece is their most promising avenue to pursue.
“The interest is increasing as people who never considered Greece as an attainable or affordable destination to own property are now within reach,” Mr Stroumboulis said.
GreekPropertyExchange.com, which promotes properties within Greece to countries outside of Greece, has website visitors from 119 countries around the world. The countries showing most interest in Greek real estate include the United States, Canada, Australia and many European nations including Germany and the United Kingdom.
The company sees Australia as a key investor in Greek real estate, Mr Stroumboulis said.
“Despite the global economic constraints over the past few years, Australia, along with Canada, have been shielded due to their stable banking infrastructure and controlled spending habits, allowing them to avoid many of the credit pressures faced by other Westernised nations,” he said.
In addition to banking stability, Australia has a strong Greek community with direct ties to Greece. “They are known around the world as being a nation with proud Greek Diaspora working hard to help maintain the culture abroad, while helping to address current issues faced in the motherland,” Mr Stroumboulis said.
“We see a lot of Greek Australians showing a lot of interest in properties in Greece, especially in their home villages where their roots are strongest,” he said.
Another trend observed in the Greek Diaspora in Australia is an increased interest in selling or renting personal properties in Greece.
There have been significant discounts in the average home, apartment and land prices across the country, ranging anywhere from five to 25 percent.
“For those seeking to invest in Greece, now is the best time to start doing your internet research, evaluating your desired property types, selecting your targeted areas of investment, contacting potential agents and support professionals and start formulating your plan of attack,” Mr Stroumboulis advised. “The next six to 32 months will be a significant time for foreigners looking to invest in Greek real estate and a promising time for those selling property in Greece.”
Greek Property Exchange have been in communication with many government officials along with the Greek National Tourism Organisation to find synergies to better promote Greece to the world and helping to make legislation easier for foreigners looking to invest in Greece, Mr Stroumboulis said. “Greece has so much to offer to so many different types of tourists, visitors and nationalities”.
While there is a lot of negativity surrounding Greece, the economy, the future and how the country will overcome the current challenges they are faced with, it is an opportune time for foreigners to invest, Mr Stroumboulis said.
“For Greece to survive as a nation and to have a prosperous and thriving real estate economy again, they need to encourage and welcome foreign investment.”
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