Greek revival: self-build investment opportunities to create island homes

Greek revival: self-build investment opportunities to create island homes

It is still a difficult time for Greece and the local economy, but opportunities for savvy investors and buyers to buy plots of land in some spectacular locations are at an all-time high and create contemporary homes that could include mixed use schemes.

The Greek government recognises that tourism and overseas investment is essential to boost its economic revival and the sale of land by private owners is a way of generating funds, but also offers a chance to introduce ongoing revenue into the local communities with new residents and second home owners.

Idyllic island plots for sale

Chelsea-based agent Aylesford International has been instructed to sell the Upper Megaloni Plot, on the Greek island of Zakynthos. Priced at €950,000 (around £820,000), the nine-acre (36 stremma) plot offers space for three separate houses each with its own private pool and a communal tennis court whilst maintaining a generous space between each house.

The lie of the land

The site can never be overlooked because of the lie of the land and it has some of the very best views on the island. This plot offers panoramic views spanning the whole of the east coast and central plain of Zakynthos, Cephalonia to the north and the Peloponnese to the east.
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The plot would allow for building three separate large villas, a family estate with a main villa and two guest cottages or even a boutique hotel with individual suites, a restaurant and pool/spa complex. The hotel development option offers potential for more buildable space than if it were simply the site for individual houses.

New build vision with a sea view

Andrew Langton, chairman, Aylesford International and Corfu homeowner for many years, said: “There are more attractive opportunities in Greece than there have been for probably 10 years. Some islands, of course, are more valuable than others – property prices on Mykonos tend to be slightly higher as the island attracts a similar ilk of foreign buyer as other trendy European hotspots such as Ibiza.

“Many buyers do want direct sea access and for this – and this is where it’s worth looking at opportunities to buy land – you could find land for between €200,000 and €400,000 (around £170,000-£345,000) on which you could build a house worth around €1m.”

Buyer beware when complying with Greek regulations

For overseas purchasers, the buying process requires you to register any funds with the Bank of Greece that you are bringing into the country to make your purchase and permission needs to be given to proceed. You may also need to open a Greek bank account, for the funds to pass through. Buyers will also require an ‘AFM’ tax registry number from the Greek tax authorities.

If you’re a non-EU national, you need to check that you are permitted to purchase the plot of land or property and this can involve gaining permission from the local council if it lies on certain Greek islands. With these obstacles out of the way, the normal buying procedure begins.

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