Greece top spot for buying abroad April 25, 2007
Posted by grhomeboy in HMN>Living.trackback
Greece is the most popular destination for people planning to buy overseas property, according to the latest research from Greece’s Piraeus Bank, London Branch.
It conducted a survey among 308 people planning to buy overseas within the next two years in which nearly 20% of those asked said Greece was the most appealing property destination. Cyprus came a close second, following by Bulgaria, Egypt and Romania.
While the majority of those surveyed said they were seeking holiday homes, other motives given included lifestyle, climate and a lower cost of living.
Most of those planning to buy abroad would be investing overseas for the first time, with only one in seven saying they already owned property in foreign countries.
Irini Tzortzoglou, head of personal banking at Piraeus Bank London, commented: “Piraeus Bank has identified a growing trend amongst property buyers in south east Europe which is supported by the findings of the survey, that buyers of second homes are looking to enjoy the property for holidays with family and friends, at the same time as gaining both from steady capital appreciation and generating useful rental income which can be used to offset the cost of the mortgage”.
The survey was carried out to highlight Piraeus’ mortgage service to UK and Irish investors buying property in Greece and Bulgaria. The bank is proposing to extend the proposition to include other countries in south-east Europe.
