Greek property news

Edited weekly Euro update provided by Deane Roe of Moneycorp

Sterling dodges downgrade threat. European investors and businessmen are optimistic but unhappy

It did look backwards several times but last Monday’s €1.1250 starting point turned out to be the week’s low. A €1.1450 on Wednesday set the scene for what could have been a turning point but consolidation during the long weekend kept the pound close to €1.1350 and that was where it opened in London Tuesday morning.

The week’s UK economic data were predictable enough to have little or no impact on sterling’s performance. CPI inflation went down in April but at 2.4% remains above target. The updated figure for gross domestic product in the first quarter was no different from the original -1.9% estimates.

The two events that did create waves were charts and credit ratings. On Wednesday last week the pound leapt higher after it broke above technical resistance. Although, in theory, only the sterling/dollar was affected, it scored gains across the board as the market picked up the mood. Less than 24 hours later the boot was on the other foot after one of the three big credit rating agencies warned that UK government bonds were under scrutiny for a possible down-grade. The panic passed almost as swiftly as it had struck when the other two firms said they were happy with gilts’ AAA status quo.

ZEW’s survey of investors and IFO’s poll of business leaders both came up with similar results; they agree that things are betting worse at the moment but will improve in the future.

For those who are buying the Euro to invest in property in Greece or need to transfer funds to their Greek bank accounts should use a stop order to avoid the risk of a sterling relapse. None is threatened at the moment but that does not make it impossible to imagine a surprise collapse. It isn’t as if such a thing has not happened in the past. Specifically the risk is that if the pound fails to break through resistance in the €1.15-€1.16 area it will fall back to what has become its comfort zone.

It is always best to transfer large sums of money to Greece via the commercial rate and not the tourist rate.

For information about setting up a bank account in Greece and Skopelos please see: Legal info

For more information or to find out about the best ways to transfer money to Greece and Greek Islands

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This story was provided by holidaylettings.co.uk

Mamma Mia, the hit film featuring ABBA songs, has prompted a surge of interest in property in Greece. PropertyIndex.com says that interest in the Greek islands from British investors is up 120 per cent year on year.

British buyers are “intent” on finding Villas for sale on Skopelos where Mamma Mia was set, and the other Greek islands, according to the property portal. Its figures show that interest in the Greek islands has surged since Mamma Mia hit the cinema - viewings of properties on the islands jumped from 9,812 in March 2008 to 24,852 in March this year.

“British buyers are clearly captivated by Mamma Mia’s idyllic portrayal of life in the Greek islands and are intent on finding their own island hideaway,” said Lee Bramzell, the company’s chief executive. “The cost of living is low and property prices are affordable.”

Bramzell highlighted the potential for owners looking to rent out their villas in Greece:

Do you have a holiday home to rent? Click to advertise on-line

Greece offers a fantastic climate with mild winters and 3,000 hours of sunshine a year, resulting in a long rental season from April October…With second home owners looking not only for value for money, but also the opportunity to recoup some of their costs through renting the property out for all or part of the year, Greece is a top performing destination.”

Not only property investors, but also holidaymakers have fallen under Mamma Mia’s spell. easyJet has reported a 13 per cent increase in sales of flights to Athens since the film’s release last summer.

Getting to Skopelos Greece is even easier now. Monarch Airlines has started a direct route from some UK airports to Volos on the mainland. From there the direct ferry takes two hours to Glossa

Rent your holiday home in Greece

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Edited May 2009 Glossa Houses Newsletter

After a winter with lots of rain for Skopelos the title of Greece’s Greenest Island will not be challenged any time soon.

The spring flowers were stunning. The tall yellow spikes of mullein were surrounded by crimson poppies while the purple, blue and yellow vetches scrambled for space wherever they could. Many orchids are now popping up all over the countryside.

The birds have been a delight this year too. The nightingales have been singing day and night. The resident birds are becoming more territorial as the local hooded crows fearlessly scramble to intercept peregrine falcons, mild buzzards, ravens and even seagulls if they feel any threat to their young.

We always look forward to the hoopoes as they pass through. This year’s flock of bee-eaters have been bigger than ever, flashing around like flying jewels in the sun. Two pairs of golden orioles paid a visit on their way up north. The black storks stoped only long enough over Glossa, circling high above before heading off for the mainland in Europe.

As the summer season starts and direct flights to nearby Skiathos resume, visitors are arriving. Some are in search of the Mamma Mia experience on the island and some want nothing more than to relax on the beach to suntan and rest. Two of the best beaches in Skopelos are Panormos and Milia.

For those who would like to have a place they can call their own, there are bargains to be had. Several properties have been reduced in price including, the beautiful new stone built Bellvue House and the completely restored Top House. New properties in the lower price range also include Anna’s House (currently Euro: 64, 000) and Garden Apartment. (Euro: 55,000)

Please see our property page for more details.

Getting to Skopelos Greece is even easier now. Monarch Airlines has started a direct route from some UK airports to Volos on the mainland. From there the direct ferry takes two hours to Glossa

There is a new Hellenic Seaways service from Aghios Constantinos to Glossa, Skopelos. The Highspeed 1 is a car ferry. It is a larger version of the Flying Cat and is therefore known locally as the Fat Cat! There are strong rumours of a new seaplane service.

Argo Airways plan to offer short haul flights interconnecting Volos, Thessaloniki, Skiathos, Skopelos and Alonissos. This new service is expected to start this summer (2009).  We are still awaiting conformation of a start date and schedules.

Kalo kalokairi! – Have a good summer

Please see: New sea plane service to Skiathos, Skopelos and Alonissos.

Please check our: Travel Page for updates

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We have recently updated our Buying a home page by adding a guide on how to buy land and build your home in Skopelos Greece. If you are thinking of restoring an old kalivi or house, we have added a section on renovation for you to read.

Our new updated section has information regarding the building codes and restrictions for the Island of Skopelos. We also advise on the type of certificates and permits needed to build your house.

If you want to buy land and build a house, then the sale should be conditional on proof that a permit to build can be properly obtained.

Remember: All the required certificates should be in place before you buy the property.

* See our: Buying a home in Greece
* See our: Buying property in Greece legal guide

Building in Skopelos Town:

The architectural style is similar to that found in northern Greece, white-washed buildings with wooden balconies and terracotta roof tiles. Most new houses are built in this traditional style. This is because since 1978, Skopelos Town has been honoured by a presidential decree as a Traditional settlement of outstanding beauty.

Therefore the building code for new constructions and renovation within the town reflects some restrictions due to this Traditional Settlement decree. Some restrictions stipulate that no new buildings shall be more than two stories. There must be a sloped ceramic or stone roof in the traditional Skopelos style. Doors, window frames and balconies should be made of wood.

It is important to take into consideration the legalities involved and building permission must be obtained. Only fully qualified registered architects or engineers are allowed to apply for building permits.

A permit to build an 85 square metre house for example, will cost approx €10,000. On top of this is IKA – mandatory workers’ insurance of approx €6,000 and VAT on materials of approx €2,000.

The town offers an array of shops, bars and restaurants, including good quality jewellery shops facing the port. Meandering through the streets you will find little churches dotted around. (Skopelos has more than 360 churches) It’s impossible not be taken in by the towns quiet charm and relaxing atmosphere, as you soak up the sunshine in one of the many restaurants or bars situated by the Port.

Building outside the town plan

Two certificates are needed

If your land is not within the confines of a village or town and is not within the area covered by town planning it must be a minimum of 4,000 sq metres of clear land. That is land which is not classed as forest. In order to obtain a building permit, you must get a certificate from the Forestry Department that at least 4,000 sq metres of your property is non-forest.

In an archaeological area you must also get a certificate from the Archaeological Department. They may impose restrictions on exactly where you can build.

Forestry certification and a survey must be carried out by an engineer if you wish to build or renovate your home.

Remember: Your house would have to adhere to the legal Greek property laws and building requirements of Skopelos Island Greece.

To read more on this subject please see:
Buying a Home in Greece
Legal information

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