Central Athens Abandoned Buildings / the mystery behind it. Greek Real Estate

[@jorgesotirios1284]

informative

[@64CanfildgardensHampsteas]

Wow I would never have guessed that

[@valentinvicol7737]

Amazing

[@mrsoikawa]

I stayed in Hotel Candia in Metaxourgeio in August, It was great, but exactly as you described.

[@Enapoulaki]

This was super helpful about the older neoclassical buildings for sale and otherwise. I'm researching real estate options and returning to Greece from 27 years in the US, and would like very much to consult with you.

[@frunzevaleria8167]

@@Enapoulakicentre still has opportunities

[@Enapoulaki]

@@frunzevaleria8167 thank you, yes I can see that here and there. The problem is the extremely low rents as in Greece the wages are generally stuck in the 80/90's. Perhaps this is because taxes are so high in higher brackets that there's no inspiration to make more. Unfortunately the people of Greece seem to make in a month what some counterparts in the US make a week. So rents can't improve for the owners. Also is it possible to create a company for few rentals/a whole building? So as to claim all expenses? Thanks ahead of time for your reply, loving your channel!

[@frunzevaleria8167]

@@Enapoulaki we run hundreds of apartments, we don't have greek tenants. There is another market Tu saturate .

[@alexplore92]

Very educational. My family has a house in a small village. It has not been occupied since the 1990's, and I want to go there and fix it up and stay there. I was there already once in 2019. I live in the US. Do you have any advice for me?

[@frunzevaleria8167]

@@alexplore92 Depends what is the purpose? Do you want to stay there and have it as your primary home? Do you want to keep it as a holiday house and use it seasonal and the rest of the time rent it, if you rent it do you want to do long term rental or short term rental?. I need to understand what exactly is your question in order to advise you

[@alexplore92]

@@frunzevaleria8167 The house belonged to my Yiayia's family, her father had it built in 1926, nobody has lived there in decades since they have all passed away. My aunt and my Yiayia hired a Greek lawyer around 2018 to secure the property and have it Registered so that our family would retain ownership. I have many cousins, but nobody has any interest in staying there ever. I would want to go there seasonally, restore the house to liveable condition. It is already in good condition but of course the utilities havent been used in a long time so it would need work. I have no interest in renting it out when im not there, it would just stay vacant. Thakn you for writing back to me as this is very meaningful for me to understand.

[@alexplore92]

@@frunzevaleria8167 My Yiayia and aunt hired a Greek lawyer to have the property registered a few years ago, to secure it from being claimed as an abandoned property. It hasnt been lived in for a long time, but the house still is in good condition. It was my Yiayias fathers family's house. I would want to stay there seasonally, fix it up, and would not rent it out. I have many cousins in the US and none of them are interested in the house.

[@frunzevaleria8167]

@@alexplore92 we can look at it and advise you accordingly. [phone] you can send me information on WhatsApp. Text only ( no voice messages or calls) please.

[@gerassimos.fourlanos]

Greece suffers from caconomy, i.e., terrible quality of legislation, bad laws, laws that defeat their purpose and block whatever there is to block. The story of these buildings is one of many similar tales that you can tell in every aspect of life. Caconomy feeds into bureucracy and red tape, thus impeding growth, and we end up in a situation where nothing works and nothing can be accomplished.

[@frunzevaleria8167]

@@gerassimos.fourlanos yes... But it can change if the government changes the law and starts to enforce it.

[@gerassimos.fourlanos]

@@frunzevaleria8167 Τhey always follow a piecemeal approach; they may resolve a serious issue in the 11th hour, but all the rest may even deterriorate, at the end it all becomes a patchwork of terrible regulations spread here and there, and no real reform is in sight. If Greece did not have such terrible laws and such terrible bureaucracy it would have been a very different story alltogether...