Hello there,

I hope you had a wonderful May Day? My take on this phrase is twofold as I was married to a helicopter pilot. Did you know that, used as an emergency code word by the likes of pilots, firemen etc, it derives from the French m'aider, or m´aidez, meaning '(you) come help me'? It is used to signal a life-threatening emergency and the call is always given three times in a row ("mayday-mayday-mayday") to prevent mistaking it for some similar-sounding phrase under noisy conditions.

Anyway, some silly folk say that May Day celebrations have their origins in the Roman festival of Flora, goddess of fruit and flowers, which marked the beginning of summer…but I know better. It was declared a public holiday to mark my beloved son’s birthday…!

So…what happens in Greece on May Day -Protomayia ? May 1st is a national holiday, with monuments, shops, and other attractions usually closed, but public transport generally unaffected.

May Day is also the beginning of the Festival of Flowers, which has its roots in the ancient celebrations connected to the Greek goddess Demetra. Many flower festivals take place as flowers start to bloom in profusion all over the country. On this day it is traditional for families to head out to the countryside for picnics. Wild flowers are gathered and woven into wreaths which decorate doorways as well as fishing boats, cars and trucks to ward off evil and to usher in the spring season. They are taken down on June 23, which is known as St. John's Eve, and burned on midsummer bonfires.

I have a mania for taking photos of doorways – ‘The Doorway Collection’ my son calls these multitudinous photos. I have some lovely shots of these floral wreathes, lovingly made and hung on doors all over Greece. I wish I could show them to you but they are in slide form. I believe that it is possible to put slides onto a computer – I wish I knew how – if you know how to do this please let me know and I can share them with you!

As May 1st is also Workers’ Day, need I add that the Greeks seized the opportunity to partake in their favourite pastime, the protest march? Marchers took to the streets of all major Greek cities on May Day this year, as always: Athens, Salonica, Patras, Larissa, Lesbos, and Heraclion on Crete included. However, many were surprised, given the bad economic times we are all experiencing and the general disenchantment with the government, how small and well behaved the protests generally were.

Right – let’s march on with the newsletter. I would love to add your property tale to my case study library so please contact me if you are happy to share your tale or you think that other readers may learn from your experiences. I would especially like to know if you feel that we have been able to help you along your way to buying the house of your dreams – call me on 0207 898 0549 and we can chat.

Kind regards,

Carol

Carol Dunning
Greece Buying Guide Advisor
The Overseas Guides Company Limited.
mailto:carol@OverseasGuidesCompany.com
Phone 0207 898 0549
1, Lyric Square,
London W6 0NB

Greek News

I thought that each month I would do a small ‘snippets section’, with just a few Greek bits ‘n bobs of what’s happening or just happened in Greece. I would love it if you would contribute to this: just email me at mailto:carol@OverseasGuidesCompany.com and put ‘Carol – newsletter’ on the subject line. Anything you may want to tell me about what is happening or has happened in your neck of the woods would be just great. Also any news about day to day life in Greece would be of interest.

Here we go:

• Veterans of the Battle of Crete and their families from Britain, Australia and New Zealand joined their Cretan former colleagues for celebrations to mark the battle's 68th anniversary in Rethymnon and Hania. The celebrations featured a performance by the Red Arrows, the Royal Air Force’s aerobatic team. I would love to have been there for this event: the story of the Battle of Crete and the incredible alliance of the British and Greek people on the island is a moving tale of determination, courage and camaraderie.
  
• Believe it or not, but it seems that Olympic Airlines has finally been sold. The airline has faced mounting financial problems since the mid 1980s, due in large part to operational mismanagement. After many years of looking for private investors to take over the struggling airline, the Greek government has struck a deal with the Marfin Investment Group.
  
  The Greek government bought the airline from Aristotle Onassis 30 years ago but now will let it go for € 177.2 million. Earlier bids from American charter operator Chrysler Aviation (€ 210 million) and Greece's Aegean (€ 110 million) were rejected. The American bid lacked financial backing while competition concerns put Aegean out of the running. The sale is expected to save Greece nearly € 150 million in annual operating losses.
  
• I find it hard to believe, but over 122 million television viewers tuned in for the 2009 Eurovision Song Contest, confirming its status as Europe’s favourite TV show. It is a rare example of a cultural event which brings people across the continent together to celebrate Europe’s diversity,” said Bjørn Erichsen, Eurovision TV Director. The programme is amazingly popular in Greece. This year, the rather attractive Sakis Rouvas, who was born in Corfu, came seventh, three places down on his third place in the 2004 Eurovision Song Contest. He also performed at the Closing Ceremony in the Olympic Games in Athens.
  
• Greek officials are keeping quiet on the details of the 20th June opening ceremony for the new Acropolis Museum - apart from the nearly $4.1 million price tag.
  
  However, one piece of good news has emerged: Culture Minister Andonis Samaras has announced that there would be cut-price tickets initially for the landmark building. Samaras said admission will cost one euro ($1.36) for the first six months – the same price as a public bus ticket. He goes on to add:”The price is unexpectedly low ... but I believe that is totally necessary to allow everyone to visit the New Acropolis Museum."
  
  Initially scheduled to open before the 2004 Athens Olympic Games, the $177 million building at the foot of the Acropolis will host most of the Acropolis finds, including some of the best surviving works of classical sculpture that once adorned the citadel's marble temples.
  
  It has long been hoped that the new museum would hold the Elgin Marbles. British museum officials have rebuffed repeated Greek requests to return the 2,500-year-old works, removed 200 years ago by Scottish diplomat Lord Elgin when Greece was still a part of the Ottoman Empire. They argue that the collection was legally acquired from Lord Elgin and is accessible, free of charge, to millions of visitors.
  
  

How a Guide Reader saved £11,504 being Smart

Paul and his wife Deborah had decided to buy a condominium in the USA. Their son had married an American girl and they were determined to be part of their lives and to get to know their new daughter-in-law.

Paul needed to send the equivalent of £135,000 to Florida at the end of September. Fortunately he had heeded the advice given on the Smart Currency website and phoned in early - June in fact - to discuss his needs. At that time, it was recommended that he look at reserving money (for purchase in the future) at that day’s exchange rate – Paul takes up the story:

“Who was to know that we were just about to fall over the precipice of the biggest recession in living memory? I was told by the Smart trader that, given how unpopular sterling was, the pound / dollar could go down the further along the year we went - he must have been psychic! His thoughts were that it may be best to arrange a ‘forward contract’ – to buy currency at today’s date for transfer in the future - as soon as possible, thus locking in the rate at the time to use at a given date in September. Suffice to say it’s the best piece of financial planning I have ever done,” says Paul gratefully; “not to mention that Smart made the whole transaction so simple, a couple of short pieces of correspondence and it was all set to go.”

Paul was able to reserve the US$ 264,600 that he needed to send to the USA at a rate of 1.96 GBP/USD on a forward contract from 02/07/08 to 26/09/08. In Sterling, the cost to Paul (when the contract matured in September) was fixed at £135,000 less the deposit paid. (US$ 264,600 ÷ 1.96 = £135,000).

Had Paul waited until September to buy the currency needed, which was his original intention, the rate would have been 1.84. This would have meant a cost of £143,804 (US$264,600 ÷ 1.84 = £143,804), making a loss for Paul of £8,804 over buying a forward contract.

Furthermore, this was not the only saving that Paul made. Had he traded with his high street bank rather than getting exceptionally good rates from Smart, it would have been approximately £2,700 more expensive for the USD purchased (or he would have received $5,292 less).

All in all Paul saved £11,504 by being Smart with his international payment for his overseas property!

Incidentally, with current rates at the time of writing at 1.46, if the requirement had been for now, and booking forward when Paul did, the saving would have been an outrageous £46,232 (US$264,600 ÷1.46 = £ 181,232 - £135,000 = £46,132).

These figures really bring to light the importance of using not only a currency company, but the right currency company – one where you get a really proactive service.

As soon as you know that you’re going to send money overseas, contact Smart Currency Exchange!

To read the latest market information on Serling and the Euro go to: http://www.GreeceBuyingGuide.com/Currency280509.htm

If you haven’t had a chance to discuss in detail what the alternatives are for your currency concerns then please give us a ring and we will be happy to talk about your possible options. Call on 0808 163 0102 or if you'd like to get a Better-than-Bank exhange rate quotation go to: http://www.smartCurrencyExchange.com/smartsquotation.htm

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

This 10-page educational report outlines:

• Case Study: When Property Buyer, Mr Reed, Purchased an Overseas Property, he Made Three Mistakes that Cost Him £10,256...learn how you can avoid them...
  
• How the Banks make HUGE profits from their long-standing unsuspecting customers
  
• Ways to safeguard yourself against adverse fluctuations in exchange rates (or in other words, helping you to keep your money in your pocket)
  
• The entire process of moving money from the UK to any overseas location, so that you're armed with all the knowledge you need to make intelligent decisions about your money
  
• How you can ultimately save £100’s and £1000’s so that you have ample money to buy furniture and white goods…
  
• More case studies of people that lost money due to foreign currency strengthening against the pound, so that you learn from other peoples mistakes rather than your own!
  

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

Alight on Falcon Hills, Crete, for your dream property

Property is an investment. No matter why you are buying, be it to use as a holiday home, a place in the sun to retire to or as a buy-to-let apartment or villa, you are investing your hard earned money. Things happen in life – nothing is written in stone – and the time may come when you will want to sell your property. This is why it is so incredibly important to look at your purchase with a clear, analytical head. With this in mind, I have had a look at something that I think is very interesting on the ever popular island of Crete.

Falcon Hills, Filaki, Crete

Price: €102,000 - €248,000
Bedooms: 1-3

Key Features:

• 1,2 and 3 Bed semi and detached Villas
• Baths: 1-3
• Parking: 2 Spaces per plot
• Fully Furnished
• Air Conditioning
• Fully landscaped gardens
• Communal & Private Pools
• under 4km to Stunning Lake Kournas
• Under 4km to Sandy Georgioupoli Beach with tavernas, restaurants, shops and coffee shops

Crete is perfectly situated between Europe and Africa. This provides it with one of the best climates in the Mediterranean with very comfortable temperatures all year round. Its geographical location, diverse natural beauty as well as its unique cultural and historical treasures has favoured its development as a very popular destination.

The tourism industry in Crete is very strong, with Greece being amongst the top 10 worldwide tourist destinations year on year, as I have mentioned before. Crete has the largest number of tourists of all the islands, making it very accessible, with daily chartered and scheduled flights from Europe.

The property, Falcon Hill, is situated in the traditional village of Filaki, minutes from the stunning Lake Kournas and the sandy beaches of Georgioupoli. I must say that when I was last on Crete I particularly liked this part of the island – and I adore Chania, only about 40 kilometres away, with its lovely Venetian harbour. I have popped in a couple of photos I took on my last visit – see below - I just couldn’t resist.

Georgioupolis (4 kms away) also offers restaurants, tavernas, coffee shops and shops as well as numerous hotels. The area is becoming more and more popular with expatriates buying a holiday home or permanent residence on the island.

As with most resort destinations, villa rentals play a major part in accommodation. However, as the development and holiday home market is still in its infancy in Greece, availability for villa rentals is limited. A quick check on holiday websites shows that there are approximately 100 rental properties available throughout Crete. The availability for these properties is limited as they are sometimes booked out months in advance. Compare this to a similar island such as Cyprus, where the websites show over 1000 properties. And these are islands with a similar size, population and tourism figures. So if you are thinking of renting it out, it makes really good business sense.

This project is comprised of 39 detached or semi-detached villas. They enjoy magnificent sea views to the Cretan Archipelago and the surrounding green hills. The size of the houses varies from 66 m2 to 105 m2. Each house will have two parking lots, communal or private swimming pools, fully landscaped gardens, autonomous heating system, A/C, furniture pack, outstanding finance terms, and a 5 year rental package from The Solution Resort UK.

The developer and agent are very confident of the good rental potential of Falcon Hills. Solution Resorts will undertake the rentals through web portals, tour operators, and other channels. There is also a minimum guaranteed rental yield.

Over and above all this, the agents, despite the current economic and banking climate, have managed to negotiate a superb mortgage package from a number of Greek banks for Falcon Hills. Even though most banks now are asking for 30% down or more, purchasers on Falcon Hills can avail themselves of a 20% deposit, followed by 80% LTV finance.

Interested? I would think it is hard not to be. Please contact me on 0207 898 0549 about this, or any other property, and we can chat about it. If you would rather fill in a short form, then go to:
http://www.GreeceBuyingGuide.com/property.htm

Top Tip: Buyer Beware!

Here is an enormously sad email from a Greece Buying Guide reader. PLEASE make sure this does not happen to you. As the reader says below, she knew better, but somehow we all feel that it is just never going to happen to us…until it does.

I take up the email part way through – I am not providing a name for obvious reasons.

“…none of our documents were translated by our English speaking lawyer, introduced by the agent! (I know - classic mistake and one we are paying for in stress and also money!). We thought we had bought a house complete with the land, but our documents tell a different story which is that we bought the land for one price. We then bought the shell of the building and employed the builder to complete the house (he still hasn't). This contract also states that if the builder does not get his money then he can sell the house and take everything in it (about £30,000’s worth of furniture and fittings).

This is a frightening situation. We are not sure what to do about it as we are still arguing with the builder (about the fact that) he did not put things in the house as agreed and he also owes us penalty payments amounting to 3,000 euro.

I think people need to be warned that they can find themselves in this situation if they have the wrong lawyer. It is surprising how everyone who was there to help, like the estate agent, suddenly disappeared and said that it is nothing to do with them!

We are supposed to have a retention of 40,000 euro until completion of the entire project; we only hold less than 25,000 euro and he is still threatening us unless he gets his money now. There is no road, no telephone line that he was supposed to put in; lots of the extras did not happen although he still expects his money.

I am at risk of losing everything we have as we have put all of our money into the house and am just getting demands for more from the builder and threats of court - he also broke into our house to get a key as he did not have one! It is very frightening and not at all like the dream you go there with. People need to be warned how nasty it can all get and that Greek law really does favour the Greeks and not the British who have bought the houses.”

The really tragic part about this is that it need not have happened at all. I hear daily from very many Greece Property Buying Guide readers, most of whom have had wonderful experiences of buying in Greece. But please don’t neglect to do the things that you as a buyer would routinely do in the UK…like retaining you own lawyer, demanding to have all documents translated so that you can read and fully understand them and getting personal references on all builders and developers that you use.

If you need any help at all, I do have a number of resources: estate agents, lawyers, mortgage people – these are professionals that other Greece Property Buying Guide readers have used and found to be utterly trustworthy and reliable.

Phone me for a chat on 0207 898 0549 or fill in the short form by clicking the link. I will phone you to discuss your requirements immediately.

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

Buying the Guide

Paula and Michael are doing just what they should be doing right now…let me explain what I mean.

I received the most adorable email from them, and what they are doing is planning well in advance, keeping their dream in sight and working to make it happen - and it will. Contrary to ‘the movies’, dreams usually come true only after a lot of hard work, planning and dedicated effort rather than just good luck…Here is the email, abbreviated slightly:

Hi Carol, just dropping by to thank you for all your very informative e-mails to me. I simply LOVE seeing an e-mail from you when I check my mail.

We have purchased the Guide from you and love reading through it. We are ALWAYS searching different web pages on-line and looking at different estate agents to see what's available. We know the S.E. coast of Crete is where we want to be....but we just have to wait ...maybe not as long as we think....maybe, just maybe we can purchase sooner than we realize. BUT if we can get to Crete, as you advise , on a holiday or two in the coming few years....then....hopefully we will know exactly the place where our Heaven lies !!!!!

It is so wonderful to get all your expertise in the e-mails and Guide, so glad I fell upon your site and purchased the Guide. We TALK, THINK and DREAM of Crete each and every day. Please God it will all happen for us. Since going to Paros on our Honeymoon in June 1990 , Michael and I have been converted to the Greek way of life and culture. We cannot wait to be able to retire there, bring our kids (and eventually grandkids) out to stay with us.

So Carol, thanks again for all your news and updates, keep them coming !!! Love hearing from you!

Well done!!!

Best Regards,
Paula and Michael.

And there it is. Plan exactly what it is you want from your dream. Travel there and find out the location that suits you best. Factor into the equation things like access, transport, cost and so on and read the Greece Property Buying Guide if you have not already done so. Go to:
http://www.GreeceBuyingGuide.com/guide.htm

to order a copy.

If you have any questions after reading the Guide you have just to ask. Please phone on 0207 898 0549 and either I or one of my colleagues will be delighted to have a chat and see if we can help you make your dreams come true. Talking to people buying in Greece on a daily basis gives the Guides Company access to well respected, tried and tested property professionals that have helped others. Let’s see if they can perhaps help you.

Saving money abroad on mobile phone charges…

I have a mobile phone, I use it, I text, I phone…but I have to admit I’m not clued up on how they work nor do I understand the various fees and charges. And when I’m overseas I tend to turn my phone off or spend as little time on it as possible. I can’t help but feel a impending sense of doom after I take a call – all the while I’m wondering if I’m being charged 25p/minute or £2.50/minute?!

Well…there’s a service specifically set up for people that want to use their mobile overseas yet not be charged random high fees for doing so.

The service is called Sim4Travel and provides users with a special SIM Card…As I have just learned…a SIM card, also known as a ‘subscriber identity module’, is a smart card that stores data for mobile phone subscribers. This can include user identity, location and phone number, network authorisation data, personal security keys, contact lists and stored text messages.

A SIM card can be switched easily from one phone set to another. This can be useful in a number of ways. For example, a user that buys a new phone can install the current SIM card to associate the new phone with the same number and user preferences (such as saved phone numbers) as the old one. Also, if a phone's battery runs out, the user can easily install the SIM card into another person’s mobile without costing that person anything – you will be using your own credit.

With the SIM4Travel service, you swap your UK SIM for the SIM4travel SIM and that allows you to make and receive calls from abroad for a low cost and even for free. If you go on their website, the main benefits of getting a SIM4 Travel SIM are:

• Receive mobile calls for FREE in 36 countries
  
• Cut the cost of mobile calls in over 110 countries
  
• Call ANYWHERE in the EU for only 25p per minute
  
• Use the same number every time you travel
  
• Top up at anytime - direct from your phone

For £15.99 you can join SIM4travel and this comes with £10.00 of credit for pre-paid phone calls. So essentially, it only costs £5.99 to join the service and then you just need to top up your pre-paid credit whenever you want to use the phone. You can join SIM4travel and top up your SIM card either online or by phone.

Get more information on SIM4Travel on their website: SIM 4 Travel

To End...

Next month is really into the heart of summer isn’t it? I am still hoping for those glorious sunny days – we’ve actually had a few already haven’t we? I walked from my home on the Thames past Hammersmith Bridge and along the river to Barnes a few days ago. It was so lovely – there really is nothing more enjoyable than a walk on a sunny day.

Do you do a bit of walking in Greece? I know I did – especially on Sifnos and Serifos…there was always a new and delightful surprise around the corner. I cannot tell you how often I was asked in for a glass of refreshment along the way – the Greeks have got to be the friendliest people on earth! Tell me about your holidays – have you had this experience too? And if you have, perhaps you spotted the home of your dreams along the way?

Remember that you are always welcome to phone me and have a chat: 0207 898 0549. Any information you need I will be happy to provide, and if I don’t know the answer maybe one of my colleagues will – or we will find out for you.

Best regards for another month and have fun in the sun!

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