The island of Kea (or ‘Tzia’) belongs to the “famous” Cycladic island complex found in the Aegean Sea. It is the closest island to Athens, about 1 hour away with the ferry boat from Lavrio’s port, making it an increasingly popular high-end destination for weekend getaways, and yacht tours for well-heeled tourists. 1
What to Expect : Traditional villages, ancient ruins, just a few hotels, lots of private high-end villas, beautiful beaches and a lot of yachts. Main town: Iouliada (or Chora) Most popular beach: Koundouros Read more: Overview of Kea Press: Greece’s Hidden Gem from Huffington Post Princess Lalla Salma Buys buys a €3.8 million House in Greece House prices in Kea 2
There many new opportunities for • development at the seaside suburbs of Athens, in touristy regions with summer resorts and the Greek islands. The building activity has subsided since • 2009 due to the economic crisis. However, the demand for residences by • the seaside at the coastal suburbs of Athens and for summer houses in resort areas and the Greek islands has risen significantly and continues to do so. Hence, there is a higher demand than supply. Consequently, prices for value-add assets • stopped falling and in some cases they are actually on the rise again. 3
This value-add asset, is located at the southern tip of the isle • Kea, the most windproof region. This particular land plot is not overpriced yet, it has a very good • potential in terms of development in the near future, providing quality and affordable summer residences or a hotel compound (based on a presidential decree under specific conditions). Building permits may be granted to it. • It also has titles as a single plot for several decades now, which • simplifies things somewhat. The land plot is 411.000 m 2 , by • the sea side, with unobstructed views to the Aegean Sea. 4
Photos of the land plot 3 5
Why Greece? Here are some arguments: The building industry in Greece was booming until 2009. This resulted in the development and • upgrade of infrastructures which in most cases are comparable to those of the higher developed EU countries. The continuous yearly increase in the building industry for more than 4 decades resulted to a • highly skilled human capital i.e. well trained technicians and labor . During the crisis, despite the fact that the cost for some building materials has increased and • new specifications have been in effect (e.g. high specs for thermal insulation etc.), the labor cost has decreased thus keeping todays’ final construction cost to a similar level if not slightly lower than 2009. According to a latest report by the EU, Greece is expected to return to growth at the end of • 2016 i.e. close to the completion of the construction assuming that the land is purchased during 2015 and at the same time the engineering team gets the go ahead to proceed with the relevant designs in order to issue the building permit. A typical period required to issue a building permit is about 3-4 months including the time needed to make the feasibility study and the preliminary designs. The most important argument though is the residence permit which is issued to third country • citizens who own or will buy real estate property in Greece with net value over 250.000 Euro (not including taxes). This amount is the lowest among those to other EU countries and it is valid for 5years. The permit is renewed after 5 years if the applicant still owns a property. It also applies to members of their family, i.e. spouse (over 18 years old) and unmarried children below the age of 18 (includes adopted children). 4
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