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Lawyers in Cyprus – Analyzes – Fractional Ownership in Greece – completed on 28^th January 2010.

INTERNATIONAL CYPRUS PROPERTY LAWYERS REVIEW FRACTIONAL OWNERSHIP IN GREECE

We have been practicing as International Property Lawyers in Cyprus for  many years.  As part of our job we have to constantly review the Global Property Market.  Naturally, being of Greek/Cypriot origins we pay special attention to Greece. 

Diversification has been a priority in keeping the Global Property Markets alive and Greece has been no exception.  Although Greece is taking every step possible to establish itself as a major player in the property and tourist industry, it has still suffered the same as the rest of us.

Fractional Ownership has been present in Greece for some time, but did not really appeal to the property market.  This could be due to the lack of marketing and education or the notion of buying property with people they do not know.  However, since the global financial downturn it has become increasingly more popular.

It can be said worldwide, that people want to invest in property but have held back due to nervousness and apprehension of spending money.   Fractional Ownership emerged to be the best possible solution to this problem, and as in several other countries it has proved to be the current growing trend in Greece.

The law in Greece allows any number of purchasers to invest in one property, awarding each investor an equal share and documented on the sale of contract.  So for an example on the island of Crete this concept easily allows for purchasers to buy into one property with relatives, friends and acquaintances and not having to share with strangers. This also saves on money relating to the running costs and agents commission.

Due to the progression of major development in Greece now is a perfect time to invest. It is predicted that Greece is the up and coming place to be.

Visit us at www.lawcyprus.org PUBLISHED BY A&G KOUZALIS LAW OFFICE ON 28^th JANUARY 2010.