Buying Property in Messinia – Why Investors Interest is Growing
Messinia – An Investment Hotspot
Messinia is the latest area to become of interest to investors and developers in Greece. Messinia is located on the southwest of the Peloponnese which hosts some of the most significant and impressive ancient sites in Greece. The climate is usually mild and green in the winter and it’s not too hot in the summer. Messinia has and abundances of outstanding natural beauty and more than 100km of coastline, with some of the best and cleanest beaches in the whole of Greece.
Messinia offers many larger parcels of development land and there are many investment opportunities to be found. Particular attention is focusing on the areas of Finikounda, Methoni and Pylos.
Why the Interest in Messinia?
Interest has increased largely because the Government is actively encouraging investment in Greece with new laws aiming to stimulate local revenue. Messinia is one of the largest areas to benefit from these plans.
The private sector has also shown a great deal of interest in Messinia and have been buying large parcel of land for the development of holiday rental units. It is estimated that over the next 3 year Finikounda alone will have accommodation for over 2000 tourists. So it’s easy to understand the current interest in Messinia.
* Golf Tourism Developments in Messinia:
Petros Doukas, Deputy Minister of National Economy and Dimitris Avramopoulos, Finance and Minister of Tourism are keen to see more golf opportunities. Messinia has benefited directly from their campaign and planning consent has been given for 7 new golf courses in the area. The courses will all be within half-an-hours drive of each other. There will be 2 championship18 hole golf courses at Pylos and Romanou as well as 5 other smaller 9 hole golf courses nearby. Construction of the Championship courses is already under way and they are due to open in the spring 2008. This will bring an international cliental all year around. Studies have shown that more than 200,000 visitors to Greece annually are potential golf tourists. It is easy to understand the current interest to develop this high-end attraction in one of the world’s most attractive climates.
* New Road Plans for Messinia:
In addition and in accordance with the government’s guidelines for the ‘Good Road Plan’ a new motorway is under construction from Tropoli to Kalamata and is nearly completed. This will increase accessibility from Athens, directing traffic to the Messinia area and the commercial port of kalamata. Currently the drive from Athens takes 3.5 hour, but the new motorway will reduce this time to less than 3 hours. Another new major road is planned between Kalamata and Methoni further opening up the area.
* New Marine Planned for Velika:
Kalamata currently has one of the largest and best yachting marines in the whole of Greece. Many people choose to moor their yachts here over the winter. This has two effects for Messinia. Firstly, these people often buy houses to reside in during the winter. Secondly, Kalamata marine has more business then it can deal with. Hence, there is a new marine and luxury housing development planned for Velika which is situated between Kalamata and Petalidi.
* The City of Kalamata:
Kalamata has its own airport approximately 6km from the town providing direct access for visitors to Messinia. Also there are regular trains and express bus directly to Athens and connections for Athens Airport. The city of Kalamata is the main city for the southern Peloponnese. It has all the modern facilities that you would expect to find such as hospitals, doctors, schools, banks, theatres, cinemas, gymnasiums, sport facilities, hotels, restaurants, bars, all main shops, etc.
All in all, Messinia is set to be the next big boom area and is already a favourite with foreigners buying holiday homes and second homes. Hence the property prices in this area are increasing rapidly.
Who’s Buying Property in Messinia
Each year thousands of foreigners are choosing Greece as the destination to purchase property for permanent homes or as second homes for their holidays. These people are mostly British, Germans and Americans although there are increasing numbers of other foreigners appearing such as Canadians, Dutch, Czechoslovakians, Austrians, etc. Despite property prices in the Kalamata area rising by 30 per cent last year, which is above the national average of 10-15 per cent. Foreigners are still snapping up property for sales. Most of the foreigners who are looking for property for sale have visited Greece previously as tourist holidaying on the Peloponnese peninsular. A large number of pensioners have settled and brought homes to live in permanently. However, we are increasingly seeing younger couples or those with young families purchasing property, settling down and making a new live for themselves.
Government Fact and Figures for Messinia
According to the Greek National Land Registry, there are some 1,750 properties and estates in Messinia that are owned by foreigners. There are already many British people with holiday homes on the Mani peninsular where the government is now discouraging further development. However, there are relatively few that have ventured as far as the Messinian peninsular, thus the government is actively encouraging new developments here to stimulate foreign investors and home buyers.
Government Incentives
The government is allowing large parcels of agricultural land to be turned over to tourism making them a desirable long term investment. House may be built on such plots and rented for 7 years providing a substantial rental income. After which they can be sold off individually to regain capital. Then a further income maybe obtained from facility management.
Other Investment and Development Opportunities
* Large Plot of Land: Large parcels of large land are being turned over for development of complete villages. Finikounda alone is expected to have over 2000 beds for tourists within the next three years. Tourist developments will include houses and facilities such as shops, restaurants, bars, pools, Thalasso Therapy Centres, tennis clubs etc. They wil be sold on and provide holiday or second homes for the increasing number of foreigners looking for property in the Messinia area. Finikounda, Methoni and Pylos are proving to be a favourite holiday home hotspot for foreign buyers.
*Hotels: Another investment opportunity is to purchase a plot of land which would allow a permit for a hotel. With 4 new international golf courses opening in the area this is a potential goldmine.
Messinia an Investment Goldmine
Now is the perfect time for business people to consider Greece as an investment location. Investment properties are readily available in Messinia. They are to be found in the most superb locations with outstanding and unobstructed views that must be seen to be believed. The Government is actively encouraging economic growth in Messinia through new legislation. It’s also increasing local infrastructure and allowing new developments to stimulate revenue and jobs in the area. Investors can get in at the ground level and tap into the already proven foreign buyers market which is heading for a huge boom period. This translates into unprecedented opportunities that will pay off handsomely.