Local financing options
Banks in Greece examine the post of financing property purchases based on several parameters. One of the most important is an account’s consistent intake of funds from property rental.
Just bought your investment property in Greece? Congratulations!
Now you can start checking out options for property management, which is an inseparable part of creating your optimal ongoing yields.
The ‘Greek House’ Group provides full oversight for properties, from identifying options to all management services.
Short, medium and long term rentals are the norm in Greece.
- Short term rental. This is the most complex model but also the most profitable. It is generally associated with tourism and vacation rentals. In this case, property management includes marketing the property to target populations, with renters changing every 3 nights on average, and close management of relevant issues. Apartments are fully furnished and accessorized.
- Medium term rental. These are apartments generally rented to students in central cities (with specialization in Salonika). Students rent for the period of their studies, which is generally 10 to 12 months, for a number of predetermined years. These apartments are usually furnished.
Long term rental. These are generally residential apartments rented by local families. The apartments may be in a new entrepreneurial project, renovated or second hand. Apartments usually are not furnished. Contracts usually contain a rental extension option clause.
A property management company must be deeply familiar with the local market, hold a critical mass of properties currently being managed to ensure extensive ties to local professionals in all fields related to managing a property and leveraging them for optimal prices, and be deeply familiar with the local rental market.
Property management services include:
- Preparing the property for residential use
- Locating renters
- Closing lease contracts and handling relevant legal issues
- Responsibility for ongoing operations while the property is being lived in
- Rental fee collection
- Payout of taxes on rental income