Home About Kuna Advertise Contact Us Kuna's Bureaus Services KUNA training center Term Of Use
Register Login
facebook Twitter Youtube rss
Latest sanctions serve to hinder N. Korea's 'evasive' maritime activities      EU calls for immediate stop to fighting in Syria      Saudi editors pay landmark visit to Baghdad      Ankara summons Dutch diplomat over Armenians' events      Trump says US will take specific actions to reduce gun violence      IAEA says Iran committed to nuclear deal
  Economics
Low property prices in Greece whet investors' appetite
10/08/2015 | LOC10:52
07:52 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
Low property prices in Greece whet investors' appetite
Low property prices in Greece whet investors' appetite

By Fajr Al-Hajri

KUWAIT, Aug 10 (KUNA) -- Greece, nowadays, appears lucrative for realty investors in shadow of declining plots' prices, however such a venture in the local market is shrouded with multiple risks considering the ailing economy.
Practically, external businessmen have been given the green-light to take advantage of the declining prices in the real-estate sector, also being encouraged with prospected decisions by the government to lower taxes and facilitate acquisition.
However, Kuwaiti experts advise those pondering such a venture to adopt a wait-and-see attitude, considering unstable conditions, particularly at the economic level.
The Greek economy has been ailing for some time and the Europeans have recently allocated a new bailout worth euro 85 billion in a bid to shore it up.
Suleiman Al-Dulaijan, manager of the Real-Estate Al-Dulaijan Office, affirms that there is an opportunity to capitalize on the low prices in the real-estate sector in Greece "however there are high risks.
"It is a good investment opportunity but we need to assess volume of the (economic) problem, when it may end and the supply and demand status." Determining the Greek currency value is essential for the investor, he opines, noting that there is still possibility that Greece may withdraw from the Euro zone and reinstate its old currency and such an eventuality will lead to fall of prices of services, commodities and assets namely properties.
Moreover, the external investor should study acquisition laws' whether the businessman may be relieved of heavy taxes.
Bulk of the Greek domestic product is based on tourism; thus investing in this sector is good with prospects one may be able to purchase a whole island for prospected development.
Omar Al-Shallal of Al-Shallal properties company said he would personally avoid investments in Greece because "it is a bankrupt nation and chances of economic recovery there are very low, that is in addition to the fact that the whole situation in the euro zone is not assuring." He recommends that investments be launched instead in safer and more stable countries such as the UAE, Qatar, Turkey, Britain and the United States.
Dr. Abdullah Maarafi, a prominent businessman, echoed identical views.
But Suha Mesbeh, the general manager of the Mideast Travel Worldwide, told KUNA by telephone from her bureau in Athens that many Kuwaiti and Gulf businessman have expressed interest in purchasing properties, adding that a number of Kuwaitis opened realty investment offices in the country.
The Greek authorities have offered attractive incentives; such as granting the citizenship for foreigners after a five-year renewable residency. Such an investor will have free cross-border movement across Europe and will be able to sell the plot before residency expiry.
Purchase tax is in the range of three percent, applicable on local and foreign businessmen. (end) fh.rk

 Print
  Email
 Save
Share
Share
Suleiman Al-Dulaijan, manager of the Real-Estate Al-Dulaijan Office
Suleiman Al-Dulaijan, manager of the Real-Estate Al-Dulaijan Office
Dr. Abdullah Maarafi, a prominent businessman
Dr. Abdullah Maarafi, a prominent businessman
Suha Mesbeh, the general manager of the Mideast Travel Worldwide
Suha Mesbeh, the general manager of the Mideast Travel Worldwide
Kuwait
Photos from GCC Summit
Photos from GCC
share your photos Kuwait Vision
Vote for best photo for 2017
Kuwait Reader
Kuwait Vision
 
News Brief
 


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

 
Most Read Most Emailed  
1.   Today in Kuwait's history
2.   Kuwait's diplomatic missions abroad continues to celebrate nat'l occasions
3.   Photo of the Day
4.   His Highness the Amir congratulates Guyana on nat'l day
5.   Kuwaiti oil price up by 46 cents to USD 61.26 pb
6.   'Sabah's Falcons' a Kuwaiti rescue team
 
 
kuna magazien

 
Publications

 
WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
KUNA training center
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA Reader
SMS Services
kuwait in memory of day
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS