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Top Adding - The Greek Holiday Home Market: Current and Future Trends
A buoyant market on a human scale
Since the Greek property market opened to foreign buyers in the early 1990’s, thousands of holiday homes in Greece have been coveted –and ultimately purchased— by British, German, and other western European buyers. During the same period, the Greek property market has enjoyed steady growth rates of 8-12%. The Greek economy is, notably, one of the
Since the Greek property market opened to foreign buyers in the early 1990’s, thousands of holiday homes in Greece have been coveted –and ultimately purchased— by British, German, and other western European buyers. During the same period, the Greek property market has enjoyed steady growth rates of 8-12%. The Greek economy is, notably, one of the
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
fastest-growing in the euro zone; and, thanks to the country’s stable and predictable economic growth, the real estate market can be relied upon to grow at a realistic pace as well, rather than in extreme upswings and drastic downturns all too often seen in up-and-coming markets.
Though pocket change is hardly enough to buy property in Greece, holiday homes here are, by comparison
Though pocket change is hardly enough to buy property in Greece, holiday homes here are, by comparison
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
, still an excellent value for overseas buyers in search of that ray of sunshine and the downtempo lifestyle that goes with it. These are available in abundance; in fact, Greece is the perfect alternative to the traditional Mediterranean “favorites”: it is accessible, safe, beautiful, loaded with character, and prices in like-to-like comparisons of Greek and French or Spanish prop
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
erty can be up to 50% lower. There is a large variety of holiday homes for sale, but massive residential developments are not the norm. In most cases, summer homes in Greece retain their local style since, as a rule, the most sought-after locations for second homes are the islands and smaller villages where because of building rules, properties built are in the local traditional s
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
tyle. And, for supporters of “green” architecture, the sublime climate in Greece provides the perfect grounds for bioclimatic structures, maximizing the benefits of sun and breeze to create energy-efficient, sustainable homes with reduced maintenance costs.
Since a significant percentage of holiday home buyers originate from Western Europe, it comes as no surprise that a lot of n
Since a significant percentage of holiday home buyers originate from Western Europe, it comes as no surprise that a lot of n
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ew construction is customized to suit these buyers’ preferences. The concept of homes that are “ready to wear” has caught on, as travel times between Greece and the rest of Europe have diminished and popping over to Greece for a weekend is no longer utopian; fully equipped homes, sold turnkey with everything from furnishings to linens and cutlery sets, ensure that the fortunate own
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
er can spend all weekend by the pool rather than curtain-shopping for the house. Similarly, the concept of Buy-to-Let properties is taking shape; while property management and guaranteed rentals are in an early stage of sorts, they are increasingly available in, primarily, tourist-savvy locations. This is an important feature, considering that holiday homes usually belong to absen
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
tee owners wondering how to make the most out of their investments while, at the same time, enjoying the peace of mind that comes with knowing their property is looked after while they are busy working to fund it.
It is rather unfair that Greece, one of the most mountainous countries in Europe, has settled in people’s collective conscience strictly as a Sea-and-Sun destination. As
It is rather unfair that Greece, one of the most mountainous countries in Europe, has settled in people’s collective conscience strictly as a Sea-and-Sun destination. As
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
a result, the overwhelming demand by overseas buyers is for summer homes, with seafront properties carrying the respective price tag and giving credence to global real estate’s “Location, Location, Location” mantra. Still, inland traditional and newly-built properties abound and they are an excellent alternative for those who can’t afford a seaside property, but don’t mind drivin
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
g to the beach and yearn for an insider’s take on the famously relaxed village life. After all, even on the larger islands, the beach is never too far away.
What’s next?
Is this buoyant market heading for a plateau anytime soon? Well, as in most situations, the answer is “It Depends”. At the moment, Greece is basking in the limelight. The 2006 tourist season ended with a record
What’s next?
Is this buoyant market heading for a plateau anytime soon? Well, as in most situations, the answer is “It Depends”. At the moment, Greece is basking in the limelight. The 2006 tourist season ended with a record
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
number of tourists visiting the country (an 8,5% increase compared to last year, according to The Economist), a promising statistic after a slower tourist influx in the previous couple of years, and despite the lack of any long-term marketing campaign on a national level. It is imperative that Greece waste no time capitalizing on the momentum generated by the very successful 2004 O
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
lympic Games and the subsequent, priceless, visibility abroad. Furthermore, developments in Greek Real Estate are teeming with promise. Demand for holiday homes is expected to outnumber supply, keeping property prices rising, and real estate professionals expect holiday home prices to increase up to 10% over the next few years. It is no coincidence that so many large development c
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ompanies with solid track records in commercial and urban real estate have delved into holiday home projects; their high quality developments with a western flair in select locations aim to attract discerning foreign buyers and investors.
Improvements in infrastructure and construction, largely because of the 2004 Olympic Games, have been tremendous. Thanks to new transportation a
Improvements in infrastructure and construction, largely because of the 2004 Olympic Games, have been tremendous. Thanks to new transportation a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nd road networks, travel times have diminished and previously remote areas are within reach. Soon to be completed is one of the largest road construction projects in Europe, the Egnatia Motorway in northern Greece; a gateway to southeast Europe and the Balkans, it will provide a quick East-West link. Other significant developments with a favorable impact on the Greek holiday home
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
market include:
A nationwide Land Registry in progress which, upon completion, will greatly simplify the home buying process
ADSL / Broadband internet connections are now widely available and enable individuals to conduct business away from home
Mortgages with low interest rates are also widely available to both Greek and foreign buyers
Improvements in the
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
leisure industry, such as golf courses, which are gaining in popularity and becoming the highly marketable focal point of many new developments
Naturally, all that glitters is not gold. Newly introduced taxation laws (Capital Gains and/or Value Added Tax on select properties) may, according to some, have a deterrent effect on property purchases; whether or not this will be t
Naturally, all that glitters is not gold. Newly introduced taxation laws (Capital Gains and/or Value Added Tax on select properties) may, according to some, have a deterrent effect on property purchases; whether or not this will be t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
he case remains to be seen. Also, Greece must keep working to remain on the map of competitive Mediterranean real estate. The truth is that with the exception of a marketing campaign around the time of the Olympic Games, Greece is unfortunately not advertised enough, however the country’s list of charms is long:
- Clean, beautiful beaches
- A perfect 4-season climate
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
An overseas homebuyer usually visits Greece, and first falls in love with it, as a tourist. More tourists equal more homebuyers
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
–it’s a simple logic.
Just as important, on the service level, is the need for integrity and professionalism. The real estate sector is no exception. The estate agent’s experience, professional affiliations, and language / communication skills (especially for foreign buyers) are of key importance for a painless, fruitful homebuying experience. The good old “word of mouth” way o
Just as important, on the service level, is the need for integrity and professionalism. The real estate sector is no exception. The estate agent’s experience, professional affiliations, and language / communication skills (especially for foreign buyers) are of key importance for a painless, fruitful homebuying experience. The good old “word of mouth” way o
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
f finding a reliable estate agent is still, probably, the best way. The Hellenic Association of Realtors, the only official body recognized by C.E.I. (the European Confederation of Estate Agents), is another recommended starting point. After all, for most of us buying a home is the purchase of a lifetime; skimping on our homework at the last minute is definitely the wrong approach
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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