Is the Real Estate market in Greece that different from other countries?

There are many analysts in Greece who insist that the Greek Real Estate market has none of the symptoms of the crisis found in other countries as for example in the USA, England or Spain.
The arguments supporting this are briefly presented below and are quite interesting to know.
1. The majority buys property as a permanent residence
Even in Crete, most interested buyers - especially locals - are buying a house in order to live in it on a long term basis. More specifically Greeks buy either to use the property as a permanent residence or in order to rent it out and in the future pass it on to their children to be used as a permanent residence.
Additionally, the largest percentage of citizens from other countries who buy in Crete are looking for a property that will be used as a permanent residence or as a temporary holiday home before they become all year around residents.
Here lies a major difference with other countries that were considered real estate hot spots. In other countries, most people bought a property as a short term investment hoping that they can sell it in 1 or 2 years and make a profit. Spain today, is facing major problems exactly because the vast majorities were buying in order to sell and gain profit in a short period of time.
Today, it is obvious that one of the reasons behind people still continuing to purchase in Crete is because they are not after profit but rather are materializing a long term dream of living under the sun. This is what is keeping the real estate market moving especially around cities as is Chania, along with the belief of Greek buyers that buying a property is always a wise long term investment choice.
However it must be noted that a number of people also came to Crete in order to buy and make a quick profit. It is also a fact, that whoever bought or is planning to buy with the prospect of selling with a profit in 1 year or less will have a hard time achieving it. This was possible and feasible prior to the financial crisis but not now.
2. Low percentage of housing loans
In a article published in the Greek national newspaper, Vima on the 9th of November 2008 it was noted that the percentage of housing loans in Greece are held by only 20% of the families living here. In Western Europe this percentage is up to 80% for some countries. Again the economy here is safer when compared with other countries from the point of view that the number of people who are paying a housing loan is quite smaller. Thus, what has happened in the USA could never happen in Greece.
Greeks today do not wish to get a housing loan, even if they qualify for it, due to the increasing interest rate during 2008. However all banks are expected to decrease their interest rates in 2009 as the president of Alpha Bank stated in an interview with the Greek national newspaper of Kathimerini on the 16th of November 2008. In any case, even today there are ways of buying a property without needing a large amount via a housing loan.
3. Prices in Greece are relatively steady
Yes, construction companies and private individuals selling property are willing to negotiate today - especially the ones that face financial difficulties. Yes, there are construction companies who have announced some deductions of prices. However, in most cases generally in Greece and in Crete the deductions announced refer to specific projects and are not valid across the board. In general analysts of the Greek Real Estate market agree that it is unlikely that prices will increase in 2009, but at the same time they are not likely to decrease. This is another main difference in comparison with what has happened in other countries where prices deductions reached 50% in a period of less than 6 months.
The conclusion one can draw from the above, is that there is demand for properties in Greece and in Crete. This demand may have moved away from holiday homes and may be focusing more on permanent residences but the truth is that this was always the main focus of most buyers in the first place. Currently the main reservation of buyers, especially Greeks, has its roots in the way that the stock market crisis and the world banks issues have been presented by the media, creating a negative psychological barrier. This negativity is not justified especially since Greek banks had a minimum exposure to the subprime related stocks and became even more careful from the time the issues of USA banks became obvious. Most Greek banks have always denied housing loans to individuals for whom their incomes indicated that they may have difficulty in repaying the loan.
One thing is certain: This period can offer great benefit to interested buyers, especially when they have an independent advisor who can guide them through the available properties and negotiate a better deal for them. In the long term whoever buys today will benefit from this purchase in the future. When the world economy improves, housing prices and values will be on the rise once again. * Andreas Batakis has lived in Greece, Ireland and Cyprus, acquiring a Business Administration Degree in Greece, an International Marketing Diploma and a Bachelor of Science in Human Resource Management in Ireland. He is also a member of the UK based Chartered Institute of Personnel and Development and has gained vast experience in the property market. For more information please contact: info@talosproperties.com, http://www.talorproperties.com/

Πέφτουν οι τιμές ακινήτων στη Κρήτη;

Το ερώτημα αυτό είναι φλέγον για όλους όσους ασχολούνται με την κατασκευή και πώληση ακινήτων αλλά είναι πάντα εξίσου σημαντικό για εκείνους που αναζητούν να αγοράσουν στη Κρήτη. Το συγκεκριμένο άρθρο επιχειρεί να δώσει μία εικόνα για το τι συμβαίνει σήμερα και τι μπορεί να συμβεί στο σύντομο μέλλον με επιχειρήματα και χωρίς απλά να απαντήσει Ναι ή Όχι.
Είναι χαρακτηριστικό ότι όλοι όσοι δραστηριοποιούμαστε στο χώρο της κτηματαγοράς είτε ως κτηματομεσικές, είτε ως κατασκευαστικές προσπαθούμε να διατηρήσουμε ένα κλίμα ψυχραιμίας και σύναισης. Πράγμα λογικό και κατανοητό. Το θέμα όμως είναι ότι η πραγματικότητα πιέζει και οφείλουμε όλοι να κοιτάξουμε κατάματα την αλήθεια και να ενημερώσουμε όλους τους ενδιαφερόμενους ιδιώτες – πωλητές και αγοραστές.
Ας κοιτάξουμε κάποια δημοσιεύματα ώστε να έχουμε μία βάση για την διαμόρφωση άποψης. Στην εφημερίδα Πρώτο Θέμα της 24ης Φεβρουαρίου 2008 σε άρθρο του Κωστή Πλάντζου αναφέρεται ότι την τελευταία 10ετία σύμφωνα με στοιχεία της Τράπεζας της Ελλάδος η μέση αύξηση των τιμών των ακινήτων στην Ελλάδα κυμαίνονταν μεταξύ 10% και 15%. Είναι αυτά τα ποσοστά που είχαν δημιουργήσει τον καθησυχασμό και την ευχαρίστηση τόσο των πωλητών όσο και των αγοραστών που ήξεραν ότι η αγορά ακινήτου ήταν καλή κίνηση.
Παράλληλα όμως σε άρθρο στην ιστοσελίδα της Καθημερινής αναφέρθηκε το Μάρτιο του 2008 ότι το μέσο κόστος κατασκευής αυξήθηκε κατά 5,6% σε σχέση με τον Μάρτιο του 2007, ως αποτέλεσμα της γνωστής αύξησης του πετρελαίου. Αυτό σημαίνει ότι οι κατασκευαστές έχουν την επιλογή ή να μειώσουν τα κέρδη τους ή να αυξήσουν πιο συγκρατημένα τις τιμές των ακινήτων τους υπό μελέτη ή κατασκευή.
Στην τοπική εφημερίδα των Χανίων Νέος Κύρηκας στο ένθετο Ιδιοκτησία της 10ης Ιουνίου αναφέρεται ότι υπάρχει «βουτιά στη ζήτηση, αλλά οι τιμές “κρατάνε”» με κατασκευαστές που δεν υποφέρουν από υπέρογκους δανεισμούς να κάνουν υπομονή και να νοικιάζουν μέρος των αδιάθετων κατοικιών. Ο κ. Χαρδούβελης, καθηγητής του Πανεπιστημίου Πειραιά αναφέρει στο συγκεκριμένο άρθρο «Ειδικά όσον αφορά την κατοικία είναι πιθανό να προχωρήσουν σε μείωση των τιμών όχι πάνω από 5%, ενώ στο τομέα επαγγελματικών ακινήτων προβλέπεται ζήτηση και άρα ελαφρά άνοδο τιμών».
Στο ένθετο Ιδιοκτησία πάλι του Νέου Κύρηκα της 24ης Ιουνίου υπάρχει τίτλος «Έρχεται “βουτιά” έως και 15% στις τιμές των ακινήτων». Εδώ ο καθηγητής κ. Μαλλιαρόπουλος αναφέρει ότι η επίδραση των αύξησης των επιτοκίων σε συνδυασμό με την υπερβάλλουσα προσφορά κατοικίας στην Ελλάδα και την αύξηση του πληθωρισμού θα οδηγήσει σταδιακά σε μία διόρθωση των τιμών των ακινήτων κατά 10-15%. Σε αυτό το άρθρο αναφέρεται ότι προς το παρών η κυριότερη μορφή έκπτωσης που προσφέρεται είναι τα δώρα στους αγοραστές όπως π.χ. μία πέργκολα, επίπλωση μπάνιου, μονάδες κλιματισμού, κ.λ.π. ώστε οι διαφημιζόμενες τιμές να μείνουν σταθερές.
Όσο και να θέλουμε να πιστεύουμε ότι η Κρήτη αποτελεί ιδιάζουσα περίπτωση, ειδικά λόγω του έντονου ενδιαφέροντος από πελάτες του εξωτερικού την τελευταία 10ετία, η αλήθεια είναι ότι δεν μπορούμε να ξεφύγουμε από αυτό που συμβαίνει. Έτσι και αλλιώς το 1ο εξάμηνο του 2008 απέδειξε ότι το ενδιαφέρον των αγοραστών από το εξωτερικό έχει μειωθεί έντονα σε σχέση με το προηγούμενο έτος, με αντίστοιχη μείωση και των πωλήσεων. Αρκούν οι στατιστικές που έχουν δημοσιευθεί στα Χανιώτικα Νέα για μείωση των αφίξεων επισκεπτών έως 35% σε σχέση με την ίδια περίοδο του 2007. Μην ξεχνάμε ότι η αγορά παραθεριστικής κατοικίας στο εξωτερικό είναι επιλογή πολυτέλειας για οποινδήποτε, οπουδήποτε στο κόσμο, οπότε είναι λογικό όσοι ενδιαφερόντουσαν τώρα να περιμένουν λόγω της παγκόσμιας κατάστασης στην οικονομία.
Τι σημαίνει αυτό για τους πωλητές; Ότι πρέπει να δείξουν ιδιαίτερη προσοχή στην τιμολόγηση διότι η διαφήμιση υψηλών τιμών τώρα θα μπορούσε να δώσει το τελειωτικό χτύπημα στους ενδιαφερόμενους, είτε του εσωτερικού, είτε του εξωτερικού. Ειδικά οι ιδιώτες οφείλουν να μην ζητούν υπερβολικά ποσά για την ακίνητη περιουσία τους ενώ οι κτηματομεσίτες είμαστε υποχρεωμένοι να μην ενθαρύνουμε την αύξηση των τιμών.
Τι σημαίνει αυτό για τους αγοραστές; Βρίσκονται σε μία θέση ισχύος όπου η διαπραγμάτευση είναι πιθανή και μπορούν μόνο να κερδίσουν από την τρέχουσα κατάσταση. Άρα τώρα είναι μία καλή περίοδος για αγορές – ειδικά πρόσφατα κατασκευασμένων ακινήτων ή οικοπέδων. Αλλά οι αγοραστές πρέπει να θυμούνται ότι οποιαδήποτε κρίση δημιουργεί ευκαιρίες αλλά η απληστία τις καταστρέφει. Όπως και ότι οι ευκαιρίες δεν είναι διαθέσιμες για πολύ οπότε όταν βρίσκονται πρέπει να αρπάζονται. Και εδώ όμως ο ρόλος μας ως κτηματομεσίτες και Σύμβουλοι Ακινήτων είναι σημαντικός διότι μπορούμε να βοηθάμε την διατήρηση των ισσοροπιών ώστε στο τέλος της ημέρας ούτε ο πωλητής, ούτε ο αγοραστής να νιώθει χαμένος από μία συναλλαγή.

Για περισσότερες πληροφορίες αναζητήστε το άρθρο:
«Χανιά, Κρήτη: Γιατί τώρα είναι η κατάλληλη στιγμή για αγορά ακινήτου»
Ο Ανδρέας Μπατάκης έχει ζήσει στην Ελλάδα, την Ιρλανδία και την Κύπρο αποκτώντας πτυχίο Διοίκησης Επιχειρήσεων στην Ελλάδα, ένα Δίπλωμα στο Διεθνές Marketing καθώς και ένα Bachelor of Science στην Οργάνωση και Διοίκηση Ανθρωπίνων Πόρων στην Ιρλανδία. Είναι μέλος του Επιμελητηρίου Προσωπικού και Ανάπτυξης με έδρα την Αγγλία και κατέχει ευρεία εμπειρία στο χώρο των πωλήσεων και της εξυπηρέτησης πελατών τόσο στην Ελλάδα, όσο και στο εξωτερικό. Ειδικά στο χώρο των ακινήτων έχει βοηθήσει δεκάδες ανθρώπους απο όλο το κόσμο να βρουν την κατοικία ή την επένδυση που έψαχναν στη Κρήτη και είναι ιδρυτικό μέλος της Τάλως Κτηματομεσιτική – Talos Properties.
Η Τάλως δημιουργήθηκε στα Χανιά προκειμένου να προστατεύσει και να βοηθήσει όλους τους υπαρκτούς και πιθανούς ιδιοκτήτες ακινήτης περιουσίας που επιθυμούν είτε να πουλήσουν, είτε να αγοράσουν στη Κρήτη. Για περισσότερες πληροφορίες: http://www.talosproperties.com/, Τηλ. 28210 52473, Ε mail. info@talosproperties.com

Why would you need an independent Property Consultant or Real Estate Agent when buying a home in Crete?

Abstract: Crete in Greece is a popular destination for international villa seekers and there are a number of builders and developers who have their own sales and marketing divisions. So why would anyone look for a Real Estate office in Crete?

Anyone that has ever searched for a home knows that it is a process that takes a lot of time and effort. When we look for a property we are seeking for something that needs to be personalized and tailor made to us. Our involvement is more complicated, exactly because buying a house has many parameters which differentiate it from anything else we buy in our lives. We also know that when we make a decision it needs to be a wise one because a home is something that we do not change that easily, while it is one of the highest investments we will ever make.

Most people have done it in their own country, in areas they have known and lived in for a long time. Even there, the process is not always easy. So it is reasonable that repeating this process abroad is even more challenging. Anyone that has been or will visit Chania in Crete, Greece for example will notice that there is high number of construction and developers available, offering different choices. The obvious choice is to talk to every single one of them and go and see all of their properties and houses, which means that you would need to repeat again and again what you are looking for. Naturally this requires a great amount of energy and time.

But as with all things in life there are always more than one ways in achieving a goal. Most people ignore the fact that most construction companies and developers have agreements with local independent Property Consultants or Real Estate offices for promoting their properties without the home buyer needing to pay additional fees. This means that when a house seeker goes straight to a builder and developer the price he is going to pay is the same if he purchases through a Real Estate office. This is the result of intense competition in the wider area of Chania in Crete, which is of benefit to all house seekers since it has led some builders or developers in wanting to ensure that their prices are the same via all channels of promotion – including local Real Estate offices.

At the same time there is a number of small to medium size builders who may not be able to communicate in any other language than Greek. Some of these professionals are highly skilled and may offer unique personalized options that are not available by larger developers. The involvement of the local Real Estate agent ensures that what these builders have to offer is available to international seekers while the agent is involved in serving the home buyer up to the point when the house is delivered to him – and beyond.

However, these are not the only reasons for anyone to seek a Real Estate office. Selecting an independent Property Consultant for your research is not just offering you immediate access to more than one builder. It gives you also the options of second hand properties or plots of land, things that developers and builders rarely sell.
If you wish to find a key ready villa or choose your own plot of land to build on rather than being confined to the options given in a development by a specific builder then a Real Estate office will be of much more benefit to you.

Certain builders have very often specific geographical areas and house styles of expertise. By providing your specifications to an independent Property Consultant you are giving yourself a much wider selection while the research that you would do individually is done by your Consultant. Naturally for this to work you will need to locate a professional who knows what he does and is committed in providing high quality of service.

Only in Chania the number of advertised Real Estate agencies is exceeding 150 but you are looking for the best. Differentiating the professionals is not as difficult as it might seem. Professional means that the Real Estate office is qualified by having the license to operate as one, is manned with people that are working in full time positions and do not treat real estate as a part time employment. People trained to listen to what you need, are able to communicate with you properly and are not going to show you things that do not suit your requirements.

Many wonder why a Real Estate office would be really independent when they have collaborations with specific builders. The answer is that a professional Property Consultant knows the simple truth that the person that trusts him is the property seeker. As a result he can not afford putting this trust in jeopardy by offering him anything less than the best.


Andreas Batakis has lived in Greece, Ireland and Cyprus, acquiring a Business Administration Degree in Greece, an International Marketing Diploma and a Bachelor of Science in Human Resource Management in Ireland. He is also a member of the UK based Chartered Institute of Personnel and Development. Andreas has extensive experience in helping people from all over the world to locate a home in Crete and is a founding member of the independent consultancy Talos Properties.

Talos properties was created in order to guide and protect all of you who wish to acquire a property in Crete, the island that has been loved by Gods and humans alike throughout the centuries. When you choose Talos Properties for the search of your property in Crete we can offer you a wide range of choices as well as professional advice in all property related matters. For more information please access the Talos Properties website at: http://www.talosproperties.com

Why National Growth is higher in Greece and why investing in properties in Crete is a wise choice.

A line of thought that highlights the importance of the property market and of Greek culture.
At a time of doubt and uncertainty in the world economy, it is encouraging to be presented with positive facts about Europe. In an article in the Greek financial newspaper "Naftemporiki" published on Friday the 15thΒ of February 2008 (pg. 5), the economic growth of all the European Union member states in 2007 is 2,6% when compared with 2006 while Greece had a growth of 3,95%.
Naturally no one can disagree that this growth is decreasing when compared with previous years but it may be considered as leveling off after the explosion of growth which was generated because of the 2004 Olympic Games hosted in Greece. The construction sector was obviously a dynamic element in the growth created during the past five years. The positive factor is that this has evolved in a real estate market for various areas in Greece such as the island of Crete.
It is no secret that builders have become developers because they focused on attracting in Crete, potential home owners from wealthier countries. One of the revelations of the past year is that these companies now realize that Greeks are also looking for properties and realize that the percentage of home owners is quite high when compared with other countries in Europe. By focusing on international clients, companies had forgotten that Β the local culture purchases or builds a house at least once in their lives, for example when one is getting married. Investing in properties for the future generations of a family is equally popular.
A temporary slowing down of the world economy or a sub prime loan generated crisis, can not change the culture of the people in a country, especially when the locals are the Cretans. As a result the purchase of properties is not slowing down exactly because it is also generated from the local market as well as from the international clientele. This means, that the property market has an additional shield of protection and a factor which may convince people to view buying property in Crete as a safe investment.
It may come as a surprise that national or local cultures and beliefs can have an influence in maintaining economic growth in a country. On the other hand, it is important to remember that human resources are behind every economic chart no matter whether it is positive or negative.
Nektaria Kladitis is a Greek Canadian who has lived in Canada, Greece and England, acquiring a Bachelor of Arts, a Masters of Science as well as years of experience in properties overseas. Nektaria is also the creator of the property consultancy - Talos Properties.
Talos properties was created in order to guide and protect all of you who wish to acquire your dream property in Crete, the island that has been loved by Gods and humans alike throughout the centuries.