Hi there,

Wimbledon month again: sun, strawberries and the seductive plop of the tennis ball remind us that summer is really here. I know that you will believe me when I say that tennis can be traced as far back as the ancient Greek game of sphairistike…

What are you up to this summer?

I must admit that I am a little undecided at the moment. What I would like to do is fly off to sunny Greece…what I may have to do is to sort out my flat. As you may remember, I moved recently and although all looks well to the casual observer, when I open a cupboard door all is revealed! Also, my hundreds of books - many about Greece incidentally - were just taken out of their packing boxes by the armload and put on shelves with absolutely no heed to their subject matter. Which is great – until I try to find something specific…

So…what are we talking about this month? I discuss the buying Hot Spots in Greece, financial guru Charles Purdy gives us the benefit of his expertise, and I show you a truly wonderful property. A bit about travel insurance and a valuable top tip ends this month’s newsletter.

I am hoping that you will be off to Greece soon, if you are not already there. Please do let me know where you are going won’t you? I wonder if you will be near places that I know and love? Anyway, I am always delighted to hear from you, and to hear about Greece.

In the meantime, happy summer greetings,

Carol (aka Karolina!).

Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0207 898 0549
1, Lyric Square,
LondonW6 0NB

Hot Spots this summer

I often have people contact me to find out my thoughts on where is best to buy in Greece – the property ‘hot spots’. This is a really difficult one to answer – it’s all so subjective really. One man’s paradise is another’s hell...Some folk want to live or buy where the parties rage, others want peace, quiet and solitude. Near the beach, in the mountains…Greece has it all, but where to choose?

However, there are definitely parts of Greece where you can be fairly certain that you are making a good investment. The days of massive profits, made overnight, are perhaps a thing of the past in the property world, but a sure and steady increase in value is possible. What you need to remember is that, although you may be buying your property in order to live there, life can throw a curve ball and you may at some stage in the future wish to sell. One of my main objectives when I buy is to love the place I am buying – but to buy only if I think others will too!

Here are a few of the places generally considered to be a good buy – and a good investment for the future: see if you agree with me.

Athens
Yes, I know it sounds unlikely, but I love Athens, even more so since the 2004 Olympics, when the capital really cleaned up its act. The infrastructure is far better than before and there are lots of up market shops, hotels and restaurants.

I saw some really lovely apartments on my last visit, some with a distant view of the Acropolis. Well built and reasonably priced, they were very tempting.

There is much to do in the city: quite apart from the museums there is the Acropolis, my favourite Kassariani Monastery and the lively Plaka. Then there are the nearby islands such as Aegina and Hydra plus wonderful places like Monemvassia and Meteora within an easy drive. The list is endless. With mild winters and hot summers this is a perfect destination for holidaymakers and rental opportunities are good if you are planning to let out your apartment, not only to holiday makers but to local people for longer lets. And if you let for a longer period you don’t need the EOT licence.

Corfu
As I have said before, if I was to live in Greece, this is the place I personally would buy, not the least for the facilities available. The fact that there are quite a number of expats living there means that things like good medical care, an Anglican Church and various English speaking clubs are close at hand.

Located in the Ionian Sea, Corfu is the second largest island in Greece and an international tourist centre which caters to all tastes and interests. It is a very green island with pine forests and a mixture of long sandy beaches and small shingle coves. There is lots to see and do, a busy night life if you - or the kids - want to indulge, a spectacular Easter festival, numerous beaches, great places to enjoy sailing or boating and walking …the list is endless.

You will find the full spectrum of property on Corfu, from the palatial home owned by the Rothschild family to converted olive presses in local villages. There are cheap apartments in busy resorts and small village properties that have been restored – or not!

Much of the island is well developed as tourism made the island its home many years ago. Investing in property in Corfu means great returns: you can let property out quite easily to visitors during the extended summer season. Also there is a shortage of flats in the capital of Kykera: one of the options is letting flats out to students as this is a University town.

Peloponnese
The Peloponnese peninsula stretches like an open hand into the Mediterranean and is an area of beautiful mountains, beaches and forests just two hours' drive from Athens. The coastline is rugged in the south and east, and dotted with long sandy or pebbly beaches in the north and west.

Many Greeks holiday here in summer but thus far it has avoided the massive influx of tourists that the islands seem to attract. There are plenty of beaches and coves, fishing villages and resorts, with names that remind one of ancient history lessons: Arcadia, Mycenae and Sparta are all in this region. One of the places I love in the north is a small town called Xylokastro- it has a lovely intimate feel and a simply magnificent beach. I ate at a restaurant with a glass wall looking right on to the sea – it was magic.

Places like Asini, Kiveri, Xiropigado and Agios Andrianos are good value and it's possible to buy well-priced properties and building plots with sea views. Mistras in Sparti and Aghia Sophia at Monemvasia are jewels of the Byzantine era. They are two of my favourite places: when I took my children to Greece for the first time and wanted to show them why I loved the country so much, Monemvassia was for me an obvious place to visit.

The Mani is the middle finger of the three peninsulas that point down into the Aegean. The southernmost areas (or Inner Mani) are rugged and untamed, with medieval stone villages dotting the countryside.The northern part of the peninsula (the Outer Man) is renowned for its rocky peaks where towering mountain ridges meet a stunning coastline of sand and pebble beaches.

If your taste is more lively, explore the larger towns of the Peloponnese including Patras, Tripolis, Argos, Kalamata and Sparti. To get right away from it all, you'll need to strike out towards the west coast and the long, sandy beaches of Messina and Laconia.

Crete
This is the largest of the Greek islands and is the most popular property destination of UK buyers. Two airports on the island serve the two sides of Crete. To the western side of the island are the busy – and truly lovely - towns of Chania and Rethymnon, while the east has the major towns of Heraklion and Malia's sprawling resorts. I love Aghios Nicholas on this side too.

Crete is also the most popular holiday destination in Europe, mainly due to the amount it has to offer visitors from its clubs, bars, restaurants and hotels in its developed tourist spots to quieter areas that offer small mountain villages, quiet coves and hidden beaches. There are many small, pretty villages both inland among the mountains and along the coast that offer a mix of traditional stone houses, renovated property and ruins just waiting for restoration. There has been an increase in new-build villas and apartments and several developers have now moved into key coastal locations. As a result of the increased interest prices have risen significantly in the past few years.

I would urge you to have a care on Crete – I am afraid that I have heard of some very unhappy property buyers on the island. You must make sure that you use reputable estate agents or developers plus always retain your own lawyer.

Rhodes
Rhodes is part of the Dodecanese islands and has a robust and mature tourist market. Expats have been visiting and settling on the island for years. It offers a combination of cultural and historic sites, good beaches and lively resorts. Some of the beaches offer water sports and the night life is said to be unmatched in Greece. Happily it is mainly found within the resorts, so those who prefer a more sedate pace can find that too.

There are restrictions on development to protect the coast and rural areas, with the northern part of the island less developed by tourism.

Kos
Kos is a mixture of old historic Greek and Roman architecture within the modern town of restaurants, shops and cafes.

I always like to visit places like Kos either early in the year - May- or late, around the end of September, early October. Prices are cheaper and sights such as the lovely castle of the knights of St Johns are at its best without hundreds of people swarming around, so if you are thinking of buying here perhaps this would be a good time to go. Your agent will have more time to spend with you. However, you need to see the island in the busy season to see if that will suit you too.

Tigaki Beach offers over ten kilometres of sand and is one of the most popular beaches on the island while Kefalos beach has the Monastery of Agios Nikolaos positioned on a rocky mass a few hundred metres out to sea, looking like something out of a romantic fairy tale!

Kefalonia
This is definitely not the cheapest place in Greece to buy a home, but people absolutely love it. The island has been very careful in not allowing overdevelopment – the frantic scramble to sell vast developments is not in evidence here. That has made it one of the most exclusive, and therefore one of the more expensive, islands. However, this does mean that there is a very good chance that your investment will hold its value and rentals are at a premium so that is another plus to buying here.

And that’s just a very few of the wonderful places – I am sure you are tearing your hair out and saying that I have ignored the best…! Let me hear from you what you think…In the meanwhile, as mentioned above, I do have wonderful property people that have come highly recommended after years of working with people buying in Greece. I would be delighted to chat to you about this, and so would my colleagues so please just pick up the phone and call 0207 898 0549. Who knows – maybe a smashing success and a net profit await you in this Wimbledon month! Or you can fill in the short form at the link below and I will call you:

http://www.GreeceBuyingGuide.com/property.htm

… …it's first come, first served!

Stop the Value of Your Pension from Decreasing!

by Smart Currency’s Charles Purdy.

Many expats abroad unknowingly lose money when receiving their monthly pension payment. Often a pension is paid in sterling at a UK (or off-shore) bank, exchanged into the local currency required, and then sent to the pension holder’s overseas bank account. Alternatively, pensions are paid into a Sterling account in their overseas bank account, and then exchanged into local currency.

By using the standard banking system, money saving options are often overlooked, unnecessary charges can be made and poor currency conversion rates applied. Charles Purdy states “On average, a pension holder loses around £30-£50 unnecessarily on every transfer – this amounts to actually giving away £600 a year – and in some cases, much more!” So what is the solution? It’s simple – use an international payment specialist, not a bank.

The money saving option – fix the currency exchange rate
Charles comments, “Take Mr Benson, who retired overseas at the end of 2007. He needed to receive his Sterling pension in Euros. In January 2008, he explained that his monthly pension amounted to £1,134 and wanted to know which options were available. After a brief conversation, he decided to set up a regular payment with a fixed exchange rate of 1.33 for the next 24 months until the end of 2009. In January, he received €1,508.22 in his overseas bank account and will continue to do so every month until December 2009”.

If Mr Benson had decided against fixing a currency exchange rate, his monthly amount would have decreased along with the weakening sterling rate - and by December 2008, his monthly transfer would have fallen to €1,190.70 - a 21% drop in value!

Avoid charges
Charles continues, “Mr Benson, like many other expats, assumed he was getting the best possible deal from his bank - but sadly, banks often fail to offer or even mention the option of fixing a currency exchange rate for use in the future. They tend to offer customers lower exchange rates and usually charge commission and transfer fees, all of which can be reduced, if not eliminated altogether. There is absolutely no point paying fees you don’t have to, particularly in the current economic climate where every penny counts! And no matter where you are in the world, with the loss in value of sterling over the last 18 months, this scenario can apply”.

Get good exchange rates
International payment specialists offer exchange rates that are guaranteed to beat the rates provided by the bank. Banks often set their buying and selling rates for currency first thing in the morning – when you visit a branch, you’ll see them hanging on the wall. Specialists, however, don’t set the rates in advance but call into the market floor to obtain the best rate possible at the time of the transaction.

Charles states, “For many expats, watching the value of their Sterling pension depreciate over the last year must have been soul-destroying. When €1,508 is expected in the bank and only €1,190 arrives, the recipient clearly suffers great anxiety”. Charles Purdy’s final comment is “Always remember, a short phone call could save you up to £600 a year!”

Charles Purdy is a Director at Smart Currency Exchange Limited – the only international payment specialists in the UK who work specifically to help people save money on regular transactions such as mortgage or pension payments. To move money overseas, including funds for property purchases and also the repatriation of funds back to the UK go to www.SmartCurrencyExchange.com for further information.

To read the latest market information on Serling and the Euro go to: http://www.GreeceBuyingGuide.com/Currency240609.htm

Why overseas property buyers lose money...
...and how you can avoid it!

To get a copy of the report at no charge go to: http://www.smartcurrencyexchange.com/freereport.htm

To get a Better-than-Bank rate go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
or call Carl on 08081 630 102 freephone.

Game, set and match in Rhodes!

Seaview Villa (15) In Pefkos Pefki, Lindos District

From £ 252000

This property forms part of a new development called Almyra, overlooking the popular resort of Pefkos, and offers outstanding sea views along the golden coast line as far as Gennadi. It is ideally situated within walking distance of all the amenities that Pefkos has to offer, with a wide variety of fine eateries, exquisite bars and a variety of shops.

Pefkos has numerous sandy beaches with hidden golden bays for you to explore. This new magnificent Miko Invest project has twenty six 2 or 3 bedroom villas, all with private pools. The reputation of the developer ensures excellent quality and standards of design construction. Each villa has air conditioning and a solar panel.

Anyone who purchases a villa at Almyra will have the option of signing a first-year-only contract (not extendable) whereby the builder will have complete ownership of the villa for the summer period. The builder will rent the villa to his own clients and collect all revenue generated. The villa purchaser will receive 15.000 Euro for the 2 bedroom Aphrodite villa or 20.000 Euro for the 3 bedroom Christina villa upon signing the contract and will be given no other remuneration during the period of the one year contract.

The villa purchaser will be able to use the villa for their own use for two weeks only during that summer period and for any or all of the winter months (November to March). If you are planning on renting your property out this is a great offer. It means that you could take the opportunity to put your rental strategy in place for the following year knowing that money will be coming in during the initial year of purchase.

Distance from the beach: 0,50km

Distance from central town: 1km

Distance from the airport: 55km

Sound great? To net this one (I really MUST stop with the tennis puns!) please give me a call on 0207 898 0549 or fill in the form at the link below and I will phone you to discuss this.

http://www.GreeceBuyingGuide.com/property.htm

Travel Insurance

Until recently, I had a fancy sort of bank account that I opened years ago and that covered my travel insurance and a few other bits and bobs. However - times are hard, let’s face it, and I got to wondering if I really needed to be paying the extra bucks every month. Frankly, at the price they were charging me monthly, it would be cheaper just to take out travel insurance for each trip – so back I went to my old friend American Express for travel insurance.

This website has insurance for everything - home, motor, identity and, of course, travel insurance. In the past I found that they were slightly more expensive than some other companies, but – you know what? I would rather go with a reputable company that has been around ages – that way I feel safe.

Many years ago I found myself in Athens: my taxi dropped me at my hotel and, as I went to pay I realised I has left my wallet at the airport when cashing money. Yes, you’ve guessed it: in contained my money, my traveller’s cheques, passport, air ticket…the lot.

The taxi turned around and raced back to the airport. Thanks heavens for an honest and adorable chap at the currency desk – as he saw me frantically charging across the airport towards him he waved my wallet in the air…!!

But not before I had time to contemplate exactly what I was going to do. I was on a rebated air ticket, had no money, no credit card…no proof of identity. But, packed safely away in my suitcase, I did have a copy of my American Express insurance policy and an emergency number to call. Only someone who has experienced this kind of panic will understand what an enormous sense of relief I felt!

American Express’ boast is that, wherever you are in the world, 24 hours a day, 365 days a year, you're in safe hands. With over 150 years of travel experience, they know how to help if the worst happens. Whether it's lost luggage at the airport or a skiing accident in a remote village, or a lost wallet in Athens they will help you get things back on track.

There are all sorts of variations in their policies – things like Annual Prestige Travel Insurance for instance, with additional benefits that cover for business and leisure trips and family members, including that children up to the age of 21 can travel independently. This allows your family to be covered, when either travelling with you or individually – a really great idea for a family these days I reckon. The other thing I like is that it is available for travellers up to 69 years of age for worldwide cover and up to 79 years for European cover.

There are more options than you can shake a stick at: have a look and see what you think.
Just go to:
Travel Insurance

Top Tip

One of our readers came up with what I thought was a really good tip – one of those tips that seems so obvious that you wonder why you didn’t think of it yourself!! It’s this: always make sure you have a contingency budget available for those hidden costs that will come up at some point, no matter how well you plan or how transparent your agent is about attendant costs.

Find out exactly how much you are likely to be paying for the whole purchase, including commission, taxes, fees etc and then add 10-15% percent on top of that.

And he’s right: there is always something isn’t there?

Greece Property Buying & Investment Guide

If you haven't already purch.ased our excellent FULL Guide...why not get a copy today?

The completely educational guide covers the start to finish process of buying a property in Greece. Every step is outlined starting with the initial idea to bu.y in Greece all the way through to areas, how to bu.y la.nd, investment options and many top t.ips. This guide is for anyone thinking about or currently in the process of buying property or la.nd in Greece.

In the course of three years our Guide has been graded a 9 out of 10 and we’ve received huge amounts of positive feedback.

There’s a money-back guaran.tee if you don’t like the Guide so there’s no risk in buying one – please get yourself a copy to ensure you know what to do and what not to do when buying in Greece.

More information about the Guide got to: http://www.GreeceBuyingGuide.com/guide.htm

And to end...

Well, there you are – another month has rolled by. I simply cannot believe that it is already the end of June, can you?

I would really love to know if you are going ahead with plans to buy in Greece: If you put ‘Carol: Newsletters’ in the subject line I will have a look at where seems to be the most popular place to buy and let all the Greece Property Buying Guide community know!

Until next time, have a great month and keep those dreams alive. I recently spoke to a reader who was off to fulfil his lifelong dream of relocating abroad and it became clear to me that if you want it badly enough, you CAN make it happen.

Warm greetings,

Carol

Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0207 898 0549
1, Lyric Square,
LondonW6 0NB