Cyclades islands

The Cyclades are a Greek island group in the Aegean Sea, south-east of the mainland of Greece. The so-called ...


Monday, February 20, 2012

That's Greece vs That's Not Greece

This video was made for the British Hellenic Chamber of Commerce (BHCC) Annual London Conference.


Friday, December 2, 2011

2nd Conference on the Real Estate Market: “The real estate market in the current financial crisis”

The Central Bank of Greece held its 2nd Conference on the Real Estate Market: “The real estate market in the current financial crisis”. Renowned analysts of Goethe University, Banco De España, Bank of Italy and other held speeches and presented their analysis on recent developments and prospects of the international real estate market, which was the main topic of the first session of the conference.

The second session of the conference was mainly dedicated to real estate market in Greece and speeches were held by bank analysts and real estate specialists. We personally chose to present you the main points of the analysis under the title “The Greek economy and its real estate market in view of the crisis”, made by Theodosios Sampaniotis (Senior Economic Analyst Eurobank EFG Economic Research).

Future prospects

Positive factors:

  • Tourism
  • Legal framework is gradually being clarified –e.g. National Cadastral (Ktimatologio S.A.), unlicensed dwellings
  • Reestablishment of macroeconomic stability (e.g. 26thOctober decisions, new Eurozone framework)


Negative factors

  • Demographics
  • Lower incomes
  • Changing tax environment
  • Credit constraints


Concluding remarks

  • The Real Estate market was not a problem in Greece
  • Nevertheless, as expected it suffers from the historically severe economic downturn
  • The characteristics of the Greek housing Cycle:

Large credit expansion

A market led by fundamentals

High occupancy rates

Greek households viewed dwellings as safe long term investments

  • Empirical research suggests that the duration and amplitude of the downturn will be smaller than the upturn
  • Investment in housing is a leading indicator for economic growth
  • As expected, the future of the Real Estate market depends mostly on the Greek macroeconomic environment





Saturday, March 20, 2010

Greece is the winner for the best tourist destination 2010

The Greek Minister Pavlos Geroulanos announced that visas up to five years will soon be issued for Russian citizens.

A great number of facilities for visits to Greece by Russian citizens were announced last week by Minister of Culture and Tourism, Pavlos Geroulanos.

The decision of the Greek government to provide to Russian citizens multi-entry visas of a duration of 6/12 months and then up to 5 years has been taken. This announcement was made by the Greek  Minister of Culture and Tourism, Pavlos Geroulanos to Russian journalists last Thursday, short time after his arrival in Moscow.

"We cannot issue visas for free because Greece is a member of the Schengen Treaty and is required to respect certain rules, but the decision has been taken to make it easier for Russian tourists who wish to visit our country”, said P. Geroulanos to the Russian news agency ITAR -TASS, explaining that the multiple-entry visas of 6-12 months will be granted to friends of Greece, i.e those who are frequently visiting Greece or want to return to Greece after their first trip, during the same year, while visas for 5 years will be issued for Russian citizens who are known to Greek authorities and visit Greece, especially for business reasons.

According to the statement of the Greek Minister of Culture and Tourism to  the state news agency RIA-Novosti, the Greek government plans to reduce the cost burden for the visa issuance so that at the end the final cost for the Russian citizen wishing to get a Sheigen visa is 35 euro. Mr Geroulanos added that this new provision needs to be approved by the Ministry of Finance of Greece.

"By all means we try to implement procedures that would make traveling in Greece more comfortable for Russian citizens," added the Minister of Culture and Tourism, noting that the objective is to allow those who live far away from consulates or visa centers to receive visas without their physical presence, but through mail or Internet, or through their tourist agent.

The religious tourism is of a particular importance for the Russian tourist market and "the Byzantium and Orthodoxy are regarded as connecting links between our two cultures”, also, the various celebrations planned for the 2500 years from the Battle of Marathon, gives a great chance to Russian citizens to participate to the classical Marathon route.

The award for the best presentation tourist destination for 2010 (BEST Presentation of a Destination for 2010) was won by Greece during an event organized by the ITE last week in Moscow (ITE being the organizer of the MITT Fair Tourism 2010).
This year Greece was the guest of honor at MITT, the opening of which was honored by the Deputy Minister of Culture and Tourism, Angela Gerekou.

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