Athens. Athens. Athens.
As previously mentioned we only buy within the inner rings or along what’s known as the Athens riviera.
One needs to ask what is the overall plan?
You can buy many cheap properties for cash and therefore grab high yields or leverage to purchase more A grade properties.
If we use the late 80’s as an example during the saving and loan crash in Dallas, more money was made buying into positions of leverage than buying cheaper properties for cash.
When the property market recovered the profits were for leveraged properties were extreme but you needed cash flow to hold those positions. Maybe a mixture of both but we do tend to purchase A/B grade property and stay away from C/D ….. you learn a lot over 30 years!
What to buy?
We’re always looking at properties with multiple exit possibilities.
Some of those strategies can be:
- Flipping to investors – buy in and sell out immediately
- Renting to locals – tenancy agreements in Greece are 3 years minimum
- JV with other investors
- Market to Golden Visa providers – target properties that are around the €250,000 mark are ideal for this
What about the Greek islands?
The Greek islands bounced back very quickly after the tumble and are now back to their normal premature pricing and we always believe the profit it made on the way in not hoping to achieve it on the way out.
“Don’t buy into a property market unless the discount is large enough to absorb all purchase and sale expenses if for some reason you need to get out”