Peloponnese: from antiquity to the modern way of life

A little geography

The picturesque Peloponnese Peninsula occupies the southernmost part of mainland Greece and consists of seven prefectures: Arcadia, Argolis, Corinthia, Laconia, Messinia, Achaia and Elida. In relation to the name of prefectures, the term "nom" is still used here, although it was abolished in 2011. This is a large historical and agricultural region, with all the vastness of the territory and the length of the coastline, very sparsely populated and underdeveloped, although it has interesting and very beautiful resorts.

Most of the inhabitants of the Peloponnese live in the central cities of the prefectural capitals and villages around them. These include Patras, the most populous point on the map of the region, where 170,000 people live, Kalamata, the olive granary of Greece (54,000 people), Tripoli, the capital of the Peloponnese, as well as the notorious Corinth, Sparta, Argos, Pyrgos and Nafplion.

The length of the Peloponnese coastline is more than 1100 km. It is not surprising that there are so many beautiful beaches here, however, as for the resorts, they are quite scattered and are mainly represented by hotel complexes: there are simply no large tourist centers here. The largest resorts are concentrated in Corinthia, which is great for family holidays, as well as Argolis with its famous sandy beaches of Tolo, Plepi and Porto Heli and Messinia, considered one of the most picturesque places in the Peloponnese. The rest are quite small and less well-known among Russians due to the difficult transport accessibility of Athens (more than 200 km to the Athens airport, the lack of direct flights to local airports).

It was in the Peloponnese that the ancient Greek civilization was born. There are countless historical and archaeological attractions here. Mycenae must be visited - the name familiar to everyone from history lessons in high school, the ancient city that preserved the ruins of the palace with the legendary Lion Gate, Tiryns with its fortress, Corinth with classical temples, the monumental theater of Argos, the ancient religious center of Tegea, Epidaurus with the oldest amphitheater in the country, Mystra, located Not far from Sparta is another legendary point on the map of the Peloponnese, Olympia, where the Olympic Games originated. This list can be continued for a very long time. The local lands hold a lot of memories, and many buyers are looking for housing here for this reason.

Peloponnese is the peninsula of Greece closest to Athens, and, as you know, most of the country's population lives in the capital. Therefore, this is one of the most popular regions among the Greeks themselves. Almost every Greek family has a "dacha", that is, a country house in the Peloponnese or on the islands, which can be easily reached from the ports of the peninsula. That is why experts note that real estate in the Peloponnese has never been very cheap. Today, the demand for Peloponnese real estate is growing, as the region offers a variety of choices and competitive "anti-crisis" prices.

Here you can buy both inexpensive apartments on the secondary market in the resort towns of Loutraki and Corinth, and luxury real estate with private beaches and berths in the prestigious Porto Heli or Epidaurus, surrounded by the picturesque islets of Spetses, Hydra and Poros. The tourist infrastructure of this prefecture is highly developed, and transport links are well established.

How to get there

The road to the Peloponnese lies through Athens: the capital's Eleftheros Venizelos Airport accepts many regular international flights. Direct flights from Moscow are operated by Aeroflot, Aegean Airlines, S7 Airlines. The travel time is about 3 hours and 20 minutes, and the cost of a round-trip ticket in mid-July will be about 18,000 rubles. During the summer season, the local airports of Kalamata, Tripoli and Araxos accept many charters from all over Europe, as well as from Russia. The peninsula is connected to the mainland by autobahns (about 120-250 km to Athens, from one and a half to three hours on the way). The Peloponnese is connected by sea routes with numerous ports of both Greece itself and neighboring countries (Italy).

Why Peloponnese?

• A big plus of the Peloponnese is its proximity to Athens with its regular flights to dozens of cities around the world.
• The annual growth of tourism in Greece is 10-15%. The historical Peloponnese region consistently attracts many tourists from all over the world.
• The region is chosen by those buyers who like to travel around Greece, as it is very convenient to get from here to numerous Greek islands, the appearance of each of which is truly unique.

• The Peloponnese has a wonderful Mediterranean climate, the holiday season lasts until mid-October, and the winter is mild and warm.
• Greece is a great cuisine, rich in traditions and the freshest ingredients, lots of seafood, meat, fruits and vegetables, all kinds of cheeses, olives, oils, etc. The local diet is considered one of the healthiest in the world and is the most favorable for children.
• The real estate market of the Peloponnese is represented by a large number of objects in the immediate vicinity of the sea, both for permanent residence and for resort rentals. This is a great opportunity for tourists (future tenants) to combine a holiday with a tour of the main attractions of Greece (the Acropolis of Athens, Sparta, Olympia, etc.)
• The Peloponnese is famous for its many kilometers of beaches for every taste with the purest water. This is a region for excellent beach holidays and water sports.
• Lovers of active winter recreation can visit the ski resorts of Kalavrita and Arakhova with clean mountain air and convenient infrastructure.
• The regions of Argolis and Corinth have the most convenient transport accessibility in the Peloponnese: it is convenient to get to them from Athens both by sea and by car. For the rest of the prefectures, logistics is more complicated.

Regions attractive for investment

The most interesting regions for Russian tourists are the northeastern and southeastern parts of the Peloponnese.

Loutraki The Peloponnese region is ideal for buyers seeking to purchase affordable housing in Greece, although in the vicinity of the town you can find excellent offers of business class villas. It is a large lively resort with a long promenade and many entertainment options. There are thermal springs and a modern spa complex, its own casino and many attractions. That is why the rental of real estate in the resort is always in demand. Loutraki is surrounded by picturesque mountains, lakes and ancient monasteries. The real estate market is represented by a large number of objects of the old housing stock, and it is possible to buy an interesting option for reconstruction.

Small towns from Corinth to Patras are very popular, such as Vrahati, Melissi, Xylokastro, Akrata, Dyakopto, which are characterized by convenient transport accessibility and developed infrastructure.

Luxury real estate is concentrated inPorto Heli andHermioni, where many villas belong to famous Greek businessmen and shipowners who have settled here for whole dynasties. The resort real estate market is developed in these towns: luxury villas are offered both for rent and for sale by the sea. The level of service and infrastructure of the local places meet the most demanding requirements of investors: the developed high-class infrastructure is represented by many supermarkets and shops, various cafes, taverns, restaurants, bars. And, of course, there is everything you need for yachting and interesting leisure activities by owners of expensive yachts. International sailing competitions are held annually in Porto Heli.Crystal clear water and soft sand attract tourists from all over the world to the resort.

Plus, it is convenient to travel from here and visit other corners of the southern Peloponnese, such as the Venetian city of Nafplion, ancient Epidaurus, the fortress city of Monemvasia, the seaside town of Neapoli, etc. And almost all along the coast there are beaches, secluded coves, small towns drowning in flowers, taverns, hotels.

Epidaurus and its surroundings are a destination for wealthy investors. There are townhouses and cottages in business class residential complexes, small villas with panoramic views and close proximity to the sea. In summer, guests from all over the world flock to Epidaurussveta, who come here for the world-famous Theater Festival. It takes place here for a reason: it was in this city that the first theater of Ancient Greece was founded.

Foreigners, unlike Russian buyers, look more broadly at the geography of the Peloponnese, buying real estate in more diverse directions of the peninsula. So, a lot of Englishmen settled in Kalamate, Messinia Prefecture. It is here, at one of the most beautiful beaches of the peninsula, that the new elite resort of Costa Navarino is located. Foreign investors carefully restore local historical buildings, turning them into resort rental objects. So, on the peninsula Mani, in Laconia, 50 km from Sparta, historical towers are for sale, which can be turned into very interesting mini-hotels. This type of investment is very common here, because it allows you to get an exclusive villa or hotel in a historic building, designed entirely in an individual design.

In 90% of cases, Russians purchase real estate or build/reconstruct real estate in the Peloponnese for themselves, for their own recreation and for the recreation of their family. As for choosing a place for permanent residence, experts recommend taking a closer look at relatively large settlements Patras, Kalamata, Corinth, with all the necessary infrastructure for permanent residence: hospitals, schools, banks, shops, etc.   

Prices

Prices for real estate in the Peloponnese start from €35,000 for apartments on the secondary market. For example, such holiday and rental apartments are on sale in the resort town of Loutraki. New apartments are also popular all along the northeast coast, from Corinth to the city of Patras. The cost of a new two-bedroom apartment can be about 70,000 euros here.

A townhouse in a small resort town can be bought for €120 000-160 000.

The cost of a cottage with a small plot starts from €200,000.

In the south of the Peloponnese, in the area of Kalamata, where sparse buildings prevail and traditional Greek stone is widely used in construction, you can buy a house with a large plot or olive grove from 350,000.

In the cosmopolitan resort of Porto Heli, in the south-east of the Peloponnese, houses for sale from €290,000 near the sea.

Luxury real estate in the Peloponnese always remains in price and has its own buyer. It is here that you can buy luxury residences right on the seashore up to €1 million, which you will not find so close to the seashore, for example, in Italy or France.

Purchase Recommendations

The Peloponnese is a very vast region, with a very diverse natural landscape that varies from prefecture to prefecture. Perhaps, to begin with, it's worth spending a few weeks here, making an independent trip to different parts of the peninsula, and only then make a decision about buying.

For investors in resort real estate, it is important to determine which tourist market the business will focus on - Russian or European. In the second case, the geography of the search for the ideal object will become more extensive. Economy-class housing in the Peloponnese is worth looking for in the secondary housing stock, mainly in coastal towns. Often such objects require reconstruction, but prices are low and range from €40,000 and above for a one-bedroom apartment in an old foundation house. Business class options are good both for your own vacation and for resort rentals, plus, buying them allows the buyer to get a residence permit in Greece for the whole family. The choice of luxury villas in the Peloponnese is very large and is limited only by the budget and imagination of the investor.

Rent

The rental yield in the Peloponnese, as well as the average in Greece, is at the level of 5-6% per annum. Inexpensive objects can be rented for €70 per day, but more prestigious apartments are profitable, prices for which start from €250 to €500, as well as villas costing up to €800 per day.

Five tips for buyers thinking about buying a home in the Peloponnese

1. The location of the property is very important for the investor. Even in a falling market, if an object is located in a prestigious location, it retains its value much more stable and has a better chance of being resold or rented. Peloponnese is a vast and extremely diverse region, spend a few days on an independent trip, take a closer look at it. Identify areas of interest to you.
2. Spend some free time to explore the market. The Internet is where you should start. Ask yourself the following questions: "What is happening with a particular real estate market?" Does there exist a huge number of unsold complexes on it?», «How are objects similar to the one I want to buy sold?», «How does the rental market feel, are your expectations for rental rates too high?» etc.
3. Surely you keep in mind an approximate budget for purchases. Try to stick with it. Decide whether the established budget will include other transaction costs: notary and legal services, transaction taxes, registration fees, payment for the transfer of ownership, etc.
4. Pay attention to the choice of an agent, carefully study the leading sites, ask for recommendations. A competent agent will select the right object for you. A reliable and professional sales agent is a guarantee that you will find exactly the object in which investments will be truly interesting and profitable. The role of the agent is to help you in the process of the entire transaction, all its stages and procedures. A good agent will recommend a reliable lawyer, whose services you definitely need to use: this is a guarantee of safe and reliable investments.  
5. Cheap does not mean good! The low price is typical for objects that have a lot of objective disadvantages. These include location, quality of construction, infrastructure - the factors that ultimately make up the liquidity of the facility. It is better to buy a smaller apartment, but in a prestigious area, than a cheap and spacious one in an unfavorable area. Choosing the right place, you guarantee yourself a hassle-free rental and an increase in the price of housing over the years. It will be much easier to sell when you need it.

Portal HomesOverseas.ru thanks Natalia Kovaleva for her help in preparing the article (REAL ESTATE SERVICES Greece) and Lydia Ivanov (Advex Corporation. Real Estate»).

_{photocredits: real estate services greece / advex corporation. real estate»}

HomesOverseas.ru