Athens Real Estate Syriza Elections 2019

2019 Greek Elections – What Does it Mean For Real Estate?

2019 is an an election years in Greece.

Why Does This Matter?

Elections in Greece are like a crazy free for all. After the current Government got into power by promising Greeks free stuff like money and taxes on the rich and saying no to the Germans, the Government did an immediate about turn and an literally rolled over for the EU.

Greeks have not forgotten this and the Government ruling party – uber left Syriza – has been involved in scandal after scandal involving corruption, incompetence and all the usual ills associated with left wing governments.

Sadly the opposition is the same old guard who messed up the Greek economy last time. Although it would be hard to see how much worse even the cause of the 2011 crisis was than the total mess the current Government have made of it.

Well as non Greeks we are mainly interested here in what the outcome of the next election might be in terms of how it affects us directly as property investors, foreigners in the country and the economy and property market in general.

So what is the good the bad and the ugly likely to look like after the 2019 Greek elections?

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British Investor Falls Over Greek Real Estate

Case Study – British Investor Falls Over in Athens

The Unfortunate Tale of Mumbles

Whilst investing in Greece has its risks it’s also pretty straightforward provided you follow some basic rules and employ some common sense.

That brings us to today’s case study.

An investor from the UK that we’ve known for some time came over to Athens to shadow us for a while and start buying in Greece. We’ll call him Mumbles.

This was a guy with a long history of investing in property in the UK but perhaps not that worldly wise when it came to other cultures. He expected everything to be exactly the same process as it was back home.

On paper, it is.

Creative contracts are pretty much the same wherever you are in the world.

But the nuance, the local info, the things that are totally market specific, if you don’t get a handle on those you will come unstuck. This is what happened to Mumbles.

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Using Greek Lawyers

Lawyers, eh? Gotta love ’em.

If you’ve ever seen some old Charles Dickens type story with lawyers sitting in dark wooden rooms with shelves of dusty books behind them, well that could be Greece in 2019. Let’s just say the way lawyers work is a little different from anglo countries.

Some surprising things about Greek lawyers…

They’re social animals – they love to dine out on your dollar!

They like to get out of their offices and go and meet sellers’ lawyers for a chat and a coffee. But guess who’s paying for that? One foreign investor we know (we’ll share his story one day) racked up a bill of thousands of euros because he didn’t stop his lawyer from going to view properties and negotiate with sellers.

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