Messinia: a hotspot for investment
Messinia is the most recent area to become of interest to investors and developers in Greece. Messinia is located in the southwestern Peloponnese, which is home to some of the most important and impressive ancient sites in Greece. The climate is usually mild and green in the winter and not too hot in the summer. Messinia has an abundance of outstanding natural beauty and over 100 km of coastline, with some of the best and cleanest beaches in all of Greece.
Messinia offers many larger parcels of developable land and many investment opportunities can be found. Particular attention is paid to the areas of Finikounda, Methoni and Pylos.
Why the interest in Messinia?
Interest has increased in large part because the government is actively encouraging investment in Greece with new laws aimed at stimulating local revenues. Messinia is one of the largest areas to benefit from these plans.
The private sector has also shown great interest in Messinia and has been purchasing large parcels of land for the development of vacation rental units. It is estimated that for the next 3 years Finikounda alone will have accommodation for more than 2,000 tourists. So it is easy to understand the current interest in Messinia.
* Golf Tourist Developments in Messinia:
Petros Doukas, Deputy Minister of National Economy and Dimitris Avramopoulos, Minister of Finance and Tourism are eager to see more golf opportunities. Messinia has benefited directly from his campaign and planning permission has been granted for 7 new golf courses in the area. All courses will be within a half hour drive of each other. There will be 2 18-hole championship golf courses at Pylos and Romanou, as well as a further 5 smaller 9-hole golf courses in the vicinity. Construction of the championship courses is already underway and they are scheduled to open in spring 2008. This will bring in an international clientele throughout the year. Studies have shown that more than 200,000 visitors to Greece annually are potential golf tourists. It is easy to understand the current interest in developing this high-end attraction in one of the most attractive climates in the world.
* New road plans for Messinia:
In addition and in accordance with the government guidelines for the ‘Good Road Plan’, a new expressway from Tropoli to Kalamata is being built and is almost complete. This will increase accessibility from Athens, directing traffic to the Messinia area and the commercial port of Kalamata. Currently, the journey from Athens takes 3.5 hours, but the new motorway will reduce this time to less than 3 hours. Another new main road between Kalamata and Methoni is planned to further open up the area.
* New Marine planned for Velika:
Kalamata currently has one of the largest and best sailing marinas in all of Greece. Many people choose to moor their yachts here during the winter. This has two effects for Messinia. First of all, these people usually buy houses to reside during the winter. Second, Kalamata Marine has more business than it can handle. Therefore, there is a new marine and luxury housing development planned for Velika which is situated between Kalamata and Petalidi.
* The City of Kalamata:
Kalamata has its own airport approximately 6 km from the city which provides direct access to visitors to Messinia. There are also regular trains and direct express buses to Athens and connections to Athens airport. The city of Kalamata is the main city in the southern Peloponnese. It has all the modern facilities you would expect to find such as hospitals, doctors, schools, banks, theatres, cinemas, gyms, sports facilities, hotels, restaurants, bars, all major shops etc.
All in all, Messinia is set to become the next big boom area and is already a favorite among foreigners buying vacation homes and second homes. Therefore, property prices in this area are increasing rapidly.
Who is buying property in Messinia
Every year, thousands of foreigners choose Greece as a destination to buy properties for permanent homes or as a second home for their vacations. These people are mostly British, German and American, although more and more foreigners appear, such as Canadians, Dutch, Czechoslovaks, Austrians, etc. Even though property prices in the Kalamata area increased 30 percent last year, which is above the national average of 10 to 15 percent. Foreigners continue to buy properties for sale. Most foreigners looking for properties for sale have previously visited Greece as tourists on holiday in the Peloponnese peninsula. A large number of pensioners have settled down and brought homes to live in permanently. However, we are increasingly seeing young couples or people with young families buying property, settling down and making a new life for themselves.
Government facts and figures for Messinia
According to the National Property Registry of Greece, there are some 1,750 properties and estates in Messinia that are owned by foreigners. There are already plenty of Brits with holiday homes on the Mani Peninsula, where the government is now discouraging further development. Relatively few have ventured as far afield as the Messina peninsula, however, so the government is actively encouraging new development here to spur foreign investors and home buyers.
Government incentives
The government is allowing large parcels of agricultural land to be given over to tourism, making them a desirable long-term investment. The house can be built on said land and rented for 7 years providing a substantial rental income. After which they can be sold individually to recover capital. Additional revenue can then be earned from facility management.
Other investment and development opportunities
* Large Land: Large parcels of large land are being given away for the development of entire villages. Finikounda alone is expected to have more than 2,000 beds for tourists in the next three years. Tourist developments will include houses and facilities such as shops, restaurants, bars, swimming pools, thalassotherapy centers, tennis clubs, etc. They will sell and provide vacation or second homes for the growing number of foreigners looking for a property in the Messinia area. Finikounda, Methoni and Pylos are proving to be a favorite holiday home hotspot for foreign buyers.
*Hotels: Another investment opportunity is the purchase of land that would allow a permit for a hotel. With 4 new international golf courses opening in the area, this is a potential gold mine.
Messinia an investment gold mine
Now is the perfect time for entrepreneurs to consider Greece as an investment location. Investment properties are readily available in Messinia. They are in the most magnificent locations with exceptional, unobstructed views that have to be seen to be believed. The Government is actively promoting economic growth in Messinia through new legislation. It is also increasing local infrastructure and allowing new development to stimulate income and jobs in the area. Investors can get in at ground level and take advantage of the proven foreign buyer market that is headed for a boom period. This translates into unprecedented opportunities that will bear great fruit.