Expert Agent Interview: Property Consultants L.P trading as broosco - Konstantinos Ledakis


(GRC) +30 282 1028 104

Konstantinos Ledakis


  1. In which country do you sell property and to what level has the real estate market in your country been affected by the global crisis?

"broosco" operates in Crete, Greece. Having entered the market of property estates just in February 2015 we couldn't possibly risk any estimation dating 4 or 5 years back, when the crisis is generally believed to have burst out.

Collaborating, however, with professionals of this sector for many years, we have witnessed a drastic reduction in property sales from 2008 to 2012, followed astonishingly by a steady increase in interest and property transfers in 2013 and 2014 especially in touristic areas.

  1. Wasn't the global crisis a negative factor to join the real estate industry?

On the contrary, the global economic crisis revealed the main problems of the Greek real estate market, most of them deriving from the inefficient structure of the authorities involved and the complexity of Greek legislation.

Witnessing such phenomena, and having repeatedly identified specific shortcomings and unacceptable inefficiency, we were gradually convinced that creating a network of professionals that is transparent, credible and reliable would undeniably decrease most of these concerns and would facilitate the property transfer, guaranteeing safe ownership through an accredited legal and technical property certification.

  1. What exactly is the property certification?

Certification of a property is a process of performing substantive procedures in order to form an opinion whether a specific property is possible to be transferred from its owner to the prospective buyer. We call this process "Property Review". These procedures relate mainly to legal, urban planning and tax issues. That's why the property review is strictly performed by certified experts.

The findings of the review are listed in a report along with the steps to follow in order to solve the problems that hinder the process of property transfer.

  1. What attracted you to selling property in the region?

Crete provides many positive selling points, with a variety of scenery, properties of any kind and for every taste, ideal climate conditions and natural beauty in mountain and sea, can therefore be really attractive to a foreign buyer.

Furthermore, locality to ports, direct flights from a big list of foreign destinations throughout most of the year, quick access to major city centers and above all the possibility to run a normal, everyday life, with all comforts and facilities, make our region not only a tourist destination but an undisputable hotspot of property market in Greece.

  1. Have property prices risen or fallen in the last 12 months, or have they bottomed out?

While in Athens and Thessaloniki, the largest Greek cities, house prices fell, residential property prices in touristic areas seem to have stabilized in 2014.

According to the Bank of Greece, real estate agents reported a slight price rise as far as properties near the sea are concerned. However most sellers are still willing to accept lower offers which allows for a few bargains around.

  1. Does property in your country represent good value for the investor and if so, why?

Greece has always been one of the leaders in tourism, so buying a property that can be used as a holiday home and doubled up as a rental business is an exceptional opportunity, that's why it has become the latest trend.

Taking advantage of these low prices which consequently affect the buying expenses, most properties pose as good investments, especially when the markets start to improve.

  1. How long before the property market in your country returns to pre-crisis levels and what can we do to avoid the same situation again?

Taking into account Greece's turbulent political and economic scenery during the past five years, it goes without saying that stability is the crucial factor the country needs.

Gradual steps on both a political and economic level have been reported following the European negotiations and this will hopefully encourage the market to move towards more competitive rhythms.

Better planning and taking advantage of Greece's natural assets will help prevent another crisis. 2014's GDP growth, although meagre, suggests that Greece is likely to be a happier place in the coming years.

  1. Do you believe the local Government in your market country is actively encouraging or discouraging foreigners into buying property? How and why?

In 2013 the Greek government implemented important legislation with the direction of "Creating of a Development Friendly Environment for Strategic and Private Investments" introducing measures to promote foreign investments in Greece, facilitate the residence of investors in Greece through the granting of residence permits for executives of Strategic Investment projects and third-country citizens (non-EU citizens) and their family members, who buy property in Greece, the value of which exceeds €250,000.

  1. From which country do you find the majority of your property buyers are coming from? Has this changed significantly over the last 5 years?

The majority of property buyers tend to be from the U.K. The British seem to like Greece a lot and they constantly constitute the majority of private property investors.

This percentage has not changed much over the last decade, but we have seen a significant increase in French, Belgian and Norwegian buyers.

  1. What would you estimate the percentage split is between local buyers and international buyers?

In a national level local buyers, that is Greeks, tend to make the property market move.

So, we could make a rough estimation that the national split is around 90% Greek sales and 10% international sales.

In Crete however, due to the factors mentioned above, this percentage tends to be the other way round, that is approximately 80% international clientele and 20% local.

  1. What's the biggest benefit for investors of buying in your country over anywhere else?

The real rate of return for good, non-leveraged properties is roughly 7%.

If the property is being used as a rental business this figure rises to over 10%.

Greece has many years of experience in tourism with a strong tourism infrastructure and a rich European and global clientele, so irrespectively of the worldwide crisis, Greece will always be a top travel destination with significant growth opportunities in the tourist sector, which is mainly run by domestic hotel owners.

Moreover, investors take advantage of their ability to use Greece as a strategically located base for business development for the Balkan countries.

  1. What advice would you give property owners in your area now who are thinking of selling up?

We are seeing the back of the real estate crisis and sellers will notice an increase in viewings and offers.

Nevertheless the crisis has increased demand for transparent and safe transactions.

We would therefore advise property sellers to adopt the review process in order to make their property more attractive to prospective buyers, complying with the demands of the market.

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(GRC) +30 282 1028 104


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