Greece, officially the Hellenic Republic, is located in the far south of the Balkan Peninsula on the European continent. Greece consists of the mountainous mainland and over 1400 islands in the Aegean and Ionian Seas.
Greece is known as the cradle of Western civilization and the birthplace of democracy.
Modern Greece is a magnet for tourists from around the world. It is also a country that has seen rapid social and economic growth. Tourism is still the number one industry in Greece followed by shipping. However, all sectors of the economy are growing at a pace that is above the average for the EU.
During the third quarter of 2006, Greece experienced a strong 4.4% growth rate, while in the same period of the previous year, the growth rate was 3.8%.. In 2005, the deficit stood at 5.5% of GDP, while in 2006 the deficit fell below 3%, standing at 2.6% (figure approved by Eurostat in April 2007). Based on this figure and forecasts for the following years, EU’s Excessive Deficit Procedure for Greece officially ended on June 5, 2007.
Real estate investment in Greece has become increasingly attractive for several reasons. Although real estate prices have been climbing steadily in Greece and the Greek islands, when compared to prices in other European countries Greece is still comparatively affordable and competitively priced. With the continued appreciation, real estate provides a good investment opportunity. In addition, recent changes in the laws regarding the taxation of property and the modernization of real estate financing have contributed to the growth of the real estate sector.