Investors looking to move into Greek property markets will have a more difficult time in doing so. The location, which used to provide ample opportunity for foreign investors, is not one that offers as much potential as it used to, according to new information released and reported through the Sofia Echo.
In fact, according to Investor.bg, the country's property market misses out on opportunities for foreign investment. The organization even went as far as to call it an immaturity in the property market and development.
Of all the potential problems in Greece, some that weigh heavily are the market which is under-developed, taxes are high, and the state's policy toward business. Additionally, it is difficult for private investments to get into the market because of the legalities and the overall red tape in the process. This causes the country to miss many profitable property investment opportunities.
One example of this is Global Finance, a Greek fund manager, that announced that it was putting its money into the Ukraine and West Balkans instead of investing in Greece. The reason is the problems with the real estate market here.
The countries in this region are sure to see some signs of struggle in terms of economic activity, especially as their often dependent trade relationships with other EU countries is hit by a potential economic slowdown.
While the country's investors look elsewhere, other countries will benefit from the lack of activity in Greece. Many groups are expanding into willing and able countries looking forward to those investment opportunities here. It is likely that unless changes are made that this struggle will continue for Greece.
