Latest News about the Property Market and Infrastructure

From 2010 the motorway from Athens to Kalamata will be completed. At present the motorway extends from Athens airport as far as Tripolis, which takes about 1hr40 mins. The section Tripolis to Kalamata is scheduled to open in 2010. The 1,3km Tripolis-Megalopolis-Tunnel has already been finished but the access roads to it have not yet. The section Megalopolis-Kalamata has suffered a set-back when 2 km of the newly constructed 13 km motorway were recently washed away due to a landslide caused by  unusually heavy rains. Nevertheless, once the motorway is completed the journey from Athens to Pilos should take about 3hours, a saving of 40 minutes on the present journey time (see pic on the right side, taken in December 2006)

2006 Sewerage system for Methoni and Finikounda: From Autumn 2006 the sewerage system for Finikounda will be dug, and new pipes will be laid.   The waste water will be transported underground along the NATO road to Methoni, and further to Pilos.  After this work the main street will be covered with paving flags.  The laying of the system has already been completed in Methoni, and a new main square has been created at the harbour.  The coastal road between Finikounda and Kamaria is now a beautiful 2km route with palm trees. 

2006 Flight noise:  Not only have the military low flights stopped, but the military secure area on the Island of Shiza has also been cancelled in 2006.  The City of Methoni has made a petition to take over the Island again into the City area.  Then people will be able to visit the caves with stalagtites. 

And now, 2006, Finikounda has a bush taxi!  A German drove his tractor to Finikounda last winter, bought a house with GRECO properties, and a trailer for his Olive sacks.  He has installed 9 Recaro car seats and now drives customers every day for a 3 hour, 20 €, trip into the genuine Greek countryside.  Guests can see valleys and landscapes around Finikounda which they wouldn't normally see... Souvlaki with salad and wine within the olive groves with dream views.  He crosses rivers whose sources are in the mountains, forgotten olive grounds, and gives interesting information about the countryside and the local people. A genuine MUST!  Departs daily at 17.00h from the beach at the Camping Thines.

Are holidays in Greece becoming more expensive?  No you can still find favourable oases. 

Cheapest taverna: "Eleftheria" from the turnoff from the coast road to Loutsa (here the patron serves fresh salad from the nearby fields) - cheapest meal prices, and if you visit several times the owner becomes very happy and gives you some free drinks and starters.  

Cheapest Gyros:  "Giorgios Gyrosgrill" in the village street between Iannis Bar and the Dionysos Restaurant (pitta gyros, 1€50).

Shopping:   Dia Supermarket in Methoni or LIDL in Messini.

The best romantic tip:  (which has nothing to do with cheap...)  In the evening at the Destino Bar of Kostas Karygiannis at the Lambes beach near Finiki (romantic light shows under palm trees).  Super tip - the great kitchen of the nearby restaurant.

2006 - the start of construction of the golf course, North of Pilos: as reported by the daily newspaper of Kalamata, "Eleftheria", from 17 June 2006, the licence for the "Navarino Luxury Resort" will be given after 30 years of planning and preparations, near Romanou 15km north of Pilos.   The responsible company's name is TEMES  (Tourist Enterprises of Messinia), the main shareholder is Kostas Konstantakopoulos with a world fleet of the same name "Costas Shipping", based in Athens (the new Onassis of Greece). 

This is one of the first of the 4 planned courses in the region and it will have a five-star holiday village with 3500 beds, an 18-hole golf course of 276,500m², a sea-water spa therapy centre for 200 guests and other green areas of 38,600m².  Overall there will be several sport areas on a total of 1,300,256m², and construction may now start.  The construction office is already established on the main road between Pilos and Gialova.  A colour brochure can be looked at in the GRECO offices in Pilos and Finikounda.  Our opinion:  at 35km away, you can decide whether this project is near enough from Finikounda for you to use these shops, restaurants and sport facilities, or far enough if you don't want to see it!   

As from 2006 VAT will be levied on new buildings.   You can avoid this tax by buying in 2005 before it becomes law!

2005 will see an increase in building costs. According to newspaper reports in Greece last December building costs rose by 16.5% over 12 months during 2004. Some examples: the price of concrete was up by 22%, IKA by 6.5%, painting and decorating by 13% etc. Greco Immobilien were able to limit the increase in cost to 10 – 12% for newly built houses.

2005 boring for wells: approx.  €65.00 per metre, this includes pipes, gravel and initial test pumping, but exludes cooling water, pump and cistern. There is a €25.00 per metre refund for unsuccessful boring. As from 2005, in addition to the permit to bore for water, an assessment on the environmental impact is also required at a total cost of €800.00.

2005 Tax Laws:  All owners of property in Greece are required to submit a tax declaration for 2005 by May 2006. This follows the introduction of a new initiative to register all investments in real estate “E9”.

2005 Direct flights to Messinia: (Attention - NOT in 2006), every Tuesday evening flights direct from MUN and DUS to Kalamata (Hapag Lloyd, 10th May to 18th October).  From 3 May or 17 May respectively, direct flights with Hapag Lloyd or Air Berlin to Araxos from: MUC, STR, FRA, DUS, HAM, HAJ and VIE (Austrian or Lauda Air) on Tuesdays.  From MUN and FRA, Saturdays and Tuesdays, from SZG on Saturdays, from ZRH with Swiss Air on Tuesdays.  Booking is possible via our "links".  This information is not guaranteed. 

2004 New Building Laws:  For instance, agricultural land designated as building land can only be divided if a length with the road of min. 25metres can be maintained. However, the area allowed to build on has been increased, starting from 8000 m² sized plots;  e.g. 8000m² – >340m² floor space, 10,000m² – >370m² floor space.

2004 Building Development Zones:  Gradually, each year, the building zones in undeveloped rural areas are being abolished in favour of enlarging the village bounderies thus creating space for house builds where the minimum plot size requirement does not apply. In 2004 Finikounda and Korifasio were targeted, in 2003 Lachanada and Finiki. In order to avoid nasty surprises, GRECO Immobilien only offer building plots for which a valid building permit has already been issued.

And finally…

                                  Did you know?

Greece has a totally different routine to the day from other countries in middle and northern Europe:  Take the morning: it lasts from getting up in the morning until lunchtime, nothing much unusual about that. Next: “midday”: this lasts from about 1 pm to 5pm. During this time, shops close, workers go home, usually for lunch and a nap.  The time between 5pm and 9pm is understood as “afternoon”, shops re-open, people go about their work and previously deserted streets become lively again. The “evening” lasts from 9pm till midnight  - or later. “Night” is when everybody has gone home to bed, often as late as 3pm.  Since most Greeks take a nap during midday (1 – 5pm!), it is frowned upon to call on them during this time. However, it is quite all right to ring someone as late as 10pm.  If you want to arrange an afternoon appointment make sure it is after 6pm!

Criminality – Although not unknown, criminality in Greece is relatively low. There is no evidence (as yet) of organised gangs roaming the seaside resorts, stealing and pilfering as has become quite common in certain areas of coastal Spain where residents have to employ security guards for their safety. Gated communities and heavy security arrangements are practically unknown in the south of the Peloponnese.