Property in Greece is undervalued compared to most European markets. With over 1000km of coastline and increasing government assistance, Greece is on its way to fulfilling its rightful place in the top ten of tourism destinations in the world. With this report we highlight some key issues, identify some strategies for investment and present some real investment opportunities.

1. Property Investment In Crete, Greece

2. “GREECE’S WEALTH OF CUL TURE, MYTHOLOGY,
GEOGRAPHIC DIVERSITY AND UNIQUE IDENTITY GIVES
IT THE POTENTIAL TO BE ONE OF THE WORLD’S
LEADING TOURISM DESTINATIONS”
World Travel and Tourism Council 2008
In their 2008 presentation “Greece Travel and tourism navigating the path
ahead ” The WTCC concludes that in terms of tourism and associated
development Greece has many competitive advantages.
I. A temperate climate suitable for year round tourism
II. A richness of natural and cultural heritage,
III. Geographic diversity
IV. Proximity to potential markets
V. high levels of safety and security.
Greece is uniquely position at the heart of the mediterranean enabling “With its strategic geopolitical position as a valuable
easy access, within 4 hours by plane - not just from European travellers , asset, Greece has to offer plenty of business
but also from the Middle East , Eastern Asia and CIS states opportunities in sectors such as energy, tourism,
real estate, transport and services”
Arab News 25 March 2008
Tourism and related enterprises in Greece account for 18% of the GDP and at least 750,000 jobs.
Greece , due to its idyllic location, extensive coastline , mediterranean climate ,safety and security ,
together with a series of government backed incentives and planning proposals is moving ever closer to
fulfilling its vast potential as a global player in the tourism and development market.

3. Crete is the largest Island of Greece and is located in the south of the
Aegean Sea and is the most Southernly part of Europe and has such has free and easy travel for
citizens from the European Union
Crete is one of the most famous Greek islands with a long and often feudal past due to it's strategic
importance as a gateway between Europe , Asia , the Gulf , middle east and beyond.
Separated in 4 prefectures: Chania, Heraklion, Lassithi and Rethymno, Crete has everything to
offer: mountainous landscapes, a coast with many beautiful beaches and rocky coves, beautiful towns
and charming villages and harbours, excellent food, ruins of the Minoan Civilization dating back
thousands of years and a quiet , virtually crime free way of life.
Crete : Key Facts
Capital : Heraklion
260km East to west
12-60km North to South
Population : 625,000
Language ; Greek ( English widely spoken)
Climate : Temperate / Mediterranean
Unemployment 4 % (2007)
The easternmost and arguably most beautiful and varied prefecture of Crete is Lassithi . Coastline 1046 km
Its capital is the lovely coastal town of Agios Nikolaos which has a picturesque port , a beautiful lake
and an increasingly cosmopolitan pedestrianised shoppping area .

4. Elounda is the undeniable jewel in the crown of Crete.
Home to many of the leading hotels in the world, Elounda is fast becoming one of
the most desirable destinations in Europe for the discerning traveller seeking that
extra special something - indeed the top five hotels in the area regularly feature in
international travel awards list, including Conde Nast top ten resorts, The Sunday
Times Travel magazine, Good Spa Guide and Vogue, to name but a few.
Elounda Bay Palace
Gold Medal (2005 Best
A La Carte Accomodation TUI)
Five star Diamond Award
(AAHSMR Awards)
"Elounda Bay Palace is the kind
of exquisite retreat to which you
will always want to return" (Tatler)
Porto Elounda
Best Spa Worldwide
2007 Sunday Times Travel
Elounda Peninsular
"Europe's Most Excellent
Waterside Hotel" from
Elounda Beach Hotel, Pure Decadence Award (Elite Traveler) Conde Nast Johansens 2005
Gold List ( Conde Nast Traveler) The Best Beach Hotels in Europe (GEO SAISON January 2008 )
No. 1 – European Resorts (Conde Nast Traveler April 2003)

5. Overview
Crete, a comparatively undeveloped ,mediterranean island with large amounts of coastal
property , good access to European, Middle East , CIS markets and beyond with significant
growth prospects in high end real estate property development and tourism ventures.

6. Tourism is the most important financial activity and the
island’s largest earner of foreign exchange. It is estimated that
approximately 40% of the local population is directly or indirectly
involved in tourism or resultant real estate activities.
In 2007 tourists paid for 55 million bed nights in Greece , at an
occupancy level of 61 % ( 2006 65%), further broken down to
Crete which had 13.1 million bed nights with a better than Greece
average of 75 % occupancy , with hotel bed nights up by 7.9 % 2006
-2007
In terms of visitor numbers, 2.7 million out of the 11 million air
visitors to Greece chose to to go Crete, via either Heraklion
( 2.07 m) or Chania (660k) airports.
The Greek government , with new initiatives, as outlined in their
unitary plan for 2007 -13 are now actively supporting higher end
developments in regions identified for preferential zoning, in order to
improve the quality of accommodation and thus the revenue per visitor
Within 2500 km , or less than a 3.5 hour
Crete To : - flight, are over 400 million potential
customers, yet on current statistics from
Invest In Greece, 65 % of Greece's existing
Kuwait 2,200 km 20 million tourists annually come from
Jeddah 2,017 Km outside of this 2000 km zone.
Abu Dhabi 3,100 km There is evidence of increasing tourism
Riyahd 2,400 km numbers arriving from the Gulf and CIS
Moscow 2,400 km members particularly over the last three years.
Nevertheless, Greece accounts for only
London 2,700 km 0.61% of global tourism

7. The island of Crete has an elongated shape - 260 km. from
west to east and at its widest 60 km - , the island is a good deal narrower at certain
points, such as in the region of Ierapetra where it is only 12 km wide.
It has an area of 8261 sq. km and a “jagged” coastline 1046 km long.
On this coastline Crete has literally hundreds of beaches, of varying popularity,
from small coves to large , long golden sandy beaches.
2007 saw a record year for Crete for the number of these beaches reaching
blue flag status, 97 up from previous record of 94 the previous year.
Despite it's historic past and having hosted many of the great civilisations
over time, population density on Crete is well under average for the European
Union, 64 p/km squ ( UK 246, Qatar 74, EU 112)
The Population of 2001 census puts Crete at 601,000 inhabitants out of
Greece's total of 10 million.
As an Island, Crete has a vast coastline , already indicated as over 1000 km .
Much of this coastline however, remains undeveloped for tourism purposes. Partly due to :
Poor Infrastructure ; Roads, Electricity , Airports. Large areas of coast cut off from development by poor road access
Fractured Ownership ; large plots frequently have many owners often in dispute
Topography ; large parts of Crete are mountainous
Undeveloped market ; North East coast has high density of hotels / Km squ, south and far East coast are relatively untouched.
Restrictive Purchase;Border territory ; less than 20 years an an “open market”

8. Complicating factors of the Real Estate Market In Crete
Lack of Government Initiatives
Until very recently, large scale developments were not actively supported on Crete.
Poor Infrastructure
Roads, Electricity , Airports. Large areas of coast cut off from development by poor road access
Fractured Ownership
large plots frequently have many owners often in dispute
Topography
large parts of Crete are mountainous
Undeveloped market
North East coast has high density of hotels / Km squ, south and far East coast are relatively
untouched.
Restrictive Purchase
1. Until the advent of EU legislation, until 1990 it was only possible to buy in Crete with a Greek
partner.
2. Due to being a “border” territory, restrictions are placed on non-eu residents purchasing.
Effectively meaning they will have to buy via an EU company .
Forestry Certification
Essential to build in Crete , time consuming to achieve
Poor land registry
Owners – Property rich – cash poor
Large Land Plots
Market Understanding

9. Lack of Government Initiatives
Complicating factors of the Real Estate Market In Crete Until very recently, large scale developments were not actively supported on Crete.
However, the 2006 amendment of the Investment Incentives Law and the Development
programme Introduced by the Ministry of Tourism for the period 2007 – 2013 and
specifically PERPO ( regional planning programme) will rapidly facilitate this change.
Tourism is the most important financial activity and the island’s largest earner of foreign
exchange. It is estimated that approximately 40%of the local population is directly or
indirectly involved in tourism or resultant real estate activities.
In 2007 tourists paid for 55 million bed nights in Greece , at an occupancy level of 61
% ( 2006 65%), further broken down to Crete which had 13.1 million bed nights
with a better than Greece average of 75 % occupancy , with hotel bed nights up by 7.9 %
2006 -2007 In terms of visitor numbers, 2.7 million out of the 11 million air visitors to
Greece chose to to go Crete, via either Heraklion ( 2.07 m) or Chania (660k) airports.
The Greek government , with new initiatives, as mentioned above in their unitary plan
for 2007 -13 are now actively supporting higher end developments in regions identified
for preferential zoning, in order to improve the quality of accommodation and thus the
Restrictive Purchasing revenue per visitor
Eu residents have been able to purchase property freely since 1990. Non EU residents have to produce documents from their resident country to
prove they are of good standing in the community , and whilst this is a straightforward process often adds six months to the conveyancing process . Most
non-EU purchasers thus opt to purchase through a company to speed up the conveyance.
Fractured Ownership
One of the largest problems when purchasing property in Crete is fractured ownership. Often land is owned by many people, often more than 3
sometimes up to 20 people, occasionally more. The difficulty in getting agreements between owners in an appropriate time frame is frequently the cause for
transactions to break down, particularly when dealing with personal as opposed to commercial purchasers. As time passes and ownership passes to
descendants, this problem will only get worse, further frustrating the market.
Market Understanding
Put quite simply, developers ( in Crete) are not building what the market wants. If a plot can build 20% , developers will build this, without regards to what
the market demands or what is best for the plot . There is little evidence of real “luxury” property being built, and the term luxury seems to be applied to
virtually all property on the market in East Crete, when in reality it is little more than average. Despite global slowdown there remains strong demands from
HNWI from North Europe, but more specifically former CIS countries and the Gulf region. These affluent customers will not find what they are looking for
for sale in Crete right now as developers are not building what the market wants and so they are purchasing elsewhere.

10. Forestry Certification
When purchasing land , you must also obtain from the forestry department a certificate to
state the land is free from forestry . You may not disturb forestry land for either residential
or commercial development, or indeed for construction of roads for such developments.
Obtaining paperwork from relevant forestry authorities will take at the very least three
months and in all likelihood much longer. Upon receiving your forestry paperwork, you
may either accept or appeal against their decision, if you appeal and have a second
decision, this is almost always final and binding.
Poor land registry
The land registry in Crete is sporadic. Tracing owners is time consuming and difficult.
Complicated further by the widespread tradition in Crete of naming children after their
grandparents. Thus recurrance of the identical same names on paternal side.
Owners – Property rich – cash poor
With regard to the above problems, a further complicating factor in Crete is a large number of property owners have issues with either archeological /
forestry / fractured ownership or a combination of all of these and yet despite frequently owning large sea front land plots frequently do not have the
money , drive or know how to unravel or circumvent these problems. Herein lies a real opportunity.
Large Land Plots
Many plots in eastern Crete are very large, from 20,000 to many millions of square meters. Understandably, these are far beyond the reach of the average
property hunter in Northern Europe ( which makes up the bulk of purchases in Crete ) As fractional ownership continues to complicate the matters, these
plots are either being bought by large real investment corporations , private equity establishments , Greek companies ( more often than not with non-EU
financial backing ) and sovereign wealth funds.
Lack of Exclusivity in Marketing
Unlike in most developed countries, vendors in Crete never place their property with a sole agent. Ultimately there is a lack of incentive for any particular
agent to engage in specific property marketing as other agents may already be further down the conveyancing route. “Active” Property marketing then is
mainly only done by developers on land they already own and thus control.

11. “ Complications in the market ” Summary
Many factors, mainly localised, to date have combined to slow the progress of real estate development in
Greece, but particularly in Crete, from government initiatives (or lack of ) , to bureaucratic paperwork
demands and fractional ownership,
Virtually all of these problems are easily overcome with drive, patience and knowledge of local procedures,
with good strategically placed contacts and understanding of government policies.
Despite these complications average real estate prices in Elounda, Aghios Nikoloas and similar coastal
resorts have risen consistently at around 8-15 % pa over the last 5 years.
There still remain many large sea front plots with direct access to the sea available at prices far below
“average” Crete prices and way below virtually all other European countries and certainly below other
mediterranean regions such as southern Spain , Italy and the south of France.
We outline now some sample plots , some strategies to employ to solve problematic plots and projected
resultant outcomes.
With the strategy outlined hereafter to further remove these complications from our customers purchases
we know there is significant investment potential in property on the Eastern side of Crete, Greece.

12. Opportunities in the real estate market in Crete

13. Opportunities in the real Estate market in Crete
As real estate agents we regularly are presented with properties , before they reach the open market , that represent investment
opportunities and may be presented in a variety of ways . The solution to releasing the value is often a matter of time , the correct contacts and
know how.
As trusted , registered agents since 2003 we have established a network of professionals able to assist us in solving vitually any conveyancing or
licencing matter speedily, cost effectively and discretely.
1. Procedural problems
Plot E295
Locals in Crete are property rich but cash poor and frequently Forestry Problems
need to sell property quickly , yet often do not have the correct
paperwork in place to do so legally or quickly in order to
obtain the property's market value..
Forestry Problems : Plots may be bought and sold
without a forestry certificate, however it is not possible to get
a building licence for either residential or commercial
development wthout the forestry permission. In practice then,
rarely are plots bought without the forestry certificate.
Obtaining forestry certificates takes time and of course money.
Combined with fractured ownership, these plots are difficult
to sell, as individual owners are often reluctant to take
control of collecting the required paperwork.
Plot E295 is over 100,000 Metres squared, has 300 m of coastline
Situated just a few kilometers south of Agios Nikolaos, this plot
could be purchased for just over 2,000,00 Euros with a conditional
purchase agreement , but with the addition of forestry clearance
would sell easily for double. Opportunity to add further value with a
commercial building licence.

14. 2. Large Land plots.
Plot E235
The majority of purchasers require a land plot of around 4,000 m squ ( 1 acre) and
rarely above 8,000 m squ. Crete is still littered with a large number of sizable plots
that can be split ( subject to planning requirements being met ) and thus sold on at
a profit or preferentially developed and either sold “off plan” or as finished properties.
A typical , by no means unusual or outstanding example of the wealth of opportunities
available would be plot E235.
Price at 35,000 Euros / 1,000 m squ, the plot is not expensive.
The problem is it comprises two plots , owned by different members of the same
family, each of 15,000 m squ and thus puts it beyond the reach of most ordinary
purchasers
Opportunity 1 : Build a commercial development with a 20% build allowance.
6,000 m squ build allowance. 2000 m squ for Reception, communal facilities, changing rooms, Spa
4,000 m squ available for developers to build sea front serviced villas for sale / rent on a recurring 60 year leasehold / fractional ownership basis, with an
annual maintenance fee
Opportunity 2. Build 2 Prestigious sea front Villas in large , landscaped grounds with private direct access to sea infinity pools and staff quarters.
Plot purchase @ 500,000 euros
(1,000,000 euros for two adjacent plots )
Leave as two independent plots of 15,000 m squ ( nearly 4 acres each ) Build allowance of 800m squ per plot , Including basement of 400 m squ. ( basement
can accommodate residential , but certain conditions must be met, which are easy to achieve )
Build cost for normal residential property is 1250 -1500 Euros / m squ. To build 800 m squ @ 2000 euros m squ for high quality
total build cost including all landscaping work, project management, taxes and fees 2,000,000 Euros
Final resale value in excess of 4,500,000 Euros
( conservatively valued)
Gross profit per plot in 18 mths ( purchase to completion) 2,000,000 Euros

15. Golf Course
As already highlighted Crete has many large land plots, together with very
favourable government incentives, including grants of up to 40 % of construction
costs, golf courses and golf based luxury resorts are actively promoted under the
Governments latest development plan
A golf course will need at least 400,000 m ( 100 acres ) squ and up to 800,000 m
squ ( 200 acres ) .
We have sourced several plots suitable for golf course construction of around
2 million m sqare, ( 500 acres ) and above which could be developed as a total
resort , ( guided by PERPO and similar ) to include Golf, Hotel , Spa and
residential facilities.
Plot E301 is just such a plot, available
at 10 Euros a m squ. Has a coastline of
Plot E301
over 2km and direct road access. Perfect
for a complete resort development with
interest relief and grants available for
large scale projects ( see apendix for scale
and scope of grants available ).
Plot E301

16. Property E33 : Proposal :
Build One detached luxury villa 30m from sea Elounda
This plot of 7,000 m squ walkable to Elounda being available emphasises the lack
of understanding of the Quality demands in the real estate market in Elounda.
Situated just 30m from the sea it would perfectly suit a detached villa of 460 m squ
( inc basement ) infinity pool looking out to the crystal clear waters of the
mediterranean.
Plot purchase including all fees 775,000 Euros
Build of 460 m squ @ 2000 Euros m squ inc
pool and landscaping 1,200,000 Euros
fees and taxes and 15% contingency
Resale Value 3,500,000 Euros
( very Conservative )
Gross profit for plot 1,500,000 Euros
18 months turnaround from purchase to completion
We have access to at least 10 similar plots within
10 minutes of Elounda

17. Property E32
Land Plot E32 Property plots of 100 – 300, 000 Euros.
We have access to , as of writing approximately 20 plots of
between
1 – 8,000 m squ that could be purchased from 100 – 300
thousand Euros.
Varying in investment potential, but a sample would be
property E32.
Proposals to :-
buy and land bank
buy and aggressively market
buy and add value by securing planning permission
buy , get planning permission and build (for sale )
We have access to approximately 20 similar plots within
10 minutes of Elounda

18. Land Banking
As previously highlighted, Crete has a coastline of over 1,000 km. Within a 10 -15 minute drive of Elounda we have access to a variety of large plots , from
50,000 m squ that would be suitable for a land banking project, in conjunction with the problem solving strategy identified earlier.
We have selected a potential portfolio of approximately 5 million square meters in the East of Crete that have problems with fractional ownership and
resolvable forestry paperwork that a purchaser could enter into a conditional contract to purchase.
Plaka
Plaka, the village opposite the former leper colony of Spinalonga, has many large land plots suitable for land banking or for splitting . Plots in Plaka start
from 30 Euros a m squ.
We have many large sea front plots in Plaka and could secure many , many millions of square meters.
Plot E116
up to 300,000 m squ
30 Euros / m squ
Plot E34
50,000 m squ 300,000 Euros

19. Elounda Land Banking
Within walking distance of the village of Elounda we have five
very good plots from 20,000 to over 150,000 m squ priced
from 50 Euros a meter.
These plots would be ideally suited for land banking whilst also
adding value by pursuing planning permission for commercial
property or, on the larger plots split the plots and sell off in
individual plots of 4,000 m squ.
Also available plots without forestry clearance
to purchase on a conditional agreement.
Prices from 20 E / m squ

20. Plot 10,000 m + Sea front land plot over looking 5 star hotels.
From 10,000 up to 1,000,000 m squ Priced from 50 euros — 200 euros m squ
Commercial build possibilities
Plot 1000 m squ 150,000 Euros
1,000 m squ plot. One of around 30 we
have access to .
Landbanking and apply for building licence
Plot 7,000 m up to 100,000 m squ with
some of the best views of over Elounda
Superb options available.
Landbanking
Commercial Build
Building licence / build
Serviced Villas with pools

21. Fantastic sea front plot , Istron, Crete
(15 mins to Elounda)
Istron Plot
14,000 m squ, ideal for a detached villa in private grounds
direct sea access.
No forestry certificate, plot available to buy on conditional purchase
(owners are cash poor, need financial assistance with paperwork.)
Buy @ 300 — 350, 000 ( subject to forestry approval) all fees,
apply for forestry permission, building licence ( 50 -60,000 Euros )
with building licence plot value in excess of 600,000 Euros.
Istron plot assembly
Amazing sea front plot with direct beach access. 4 adjacent plots from 15,000 up to
60,000 m squ. Total available 200,000 m squ. Opportunity for exclusive villa
development with each villa having private sea access.
Buy 200,000 m squ @ 40 e/ m squ 8,000,000 Euros
develop @ 10 % (20 % build allowance maximum )
2000 m squ x 1500 E/ m squ 3,000,000 Euros
Communal areas / landscaping 1,500,000 Euros
Total costs 12,000,000 Euros
6 x 333 m sq Villa , infinity pool
each at east 15,000 m private security
controlled grounds
6 villas for sale @ 4,000,000 Euros
Total Gross return in 18 mths 24,000,000 Euros

22. Elounda and Crete in quotes
Istron Plot
Crete has become an upmarket destination for overseas property investors
It is realtively poor and undeveloped
«Business life May 2007» Crete may be a minnow in the property development world...
but for many that may be the attraction.........old and new properties
Crete is like Spain was 15 years ago, but are enjoying healthy appreciation of about 15 %
with “only one golf course”. Daily Express July 2007
Crete, probably the best island in the world and
Charles Weston-Baker, Savills impossible not to love. Guardian , Roger Alton
Elounda, on the island of Crete in Greece, boasts the
country's highest concentration of exclusive hotels and is
regarded as one of the top luxury destinations on the
Mediterranean.
What sets it apart from the glamorous, see-and-be-seen resorts
on Mykonos and Santorini, is the discretion and privacy
reserved for its guests.
Here, politicians, royalty and celebrities in search of a low
profile retreat can find modern, stylish, five-star hotels set in
landscaped grounds planted with eucalyptus, palms and pines.
World Travel Guide August 2008
Elounda has blossomed into one of the best-equipped
resorts in Crete and attracts a discerning and cosmopolitan
clientele.
Like nearby Aghios Nikolaos, its location overlooking the dazzling blue Bay of Mirabello is superb, with undulating hills swathed
in almond and olive groves providing a suitably lush backdrop......
Sovereign Group Aug 2007

23. Underdeveloped Market : Potential for good return on investment due to
Why Crete ? (1)fractured ownership
(2) new market
Istron Plot
(3) procedural problems
(4) large plots
Availability of sea front plots
Potential for year round market
Climate : Over 300 days of sunshine, mediterranean
Market : Proximity to 400 million customers within 4 hours,
much of which is an unexplored , yet to be developed
Crime Rate : One of the lowest in Europe ( and the world)
Cost of Living : 35 % lower than Cyprus
40% lower than Spain
EU member
Stable democracy
Improving infrastructure ( EU funding )
Low entry costs to market compared to other European Destinations such as
France , Portugal Spain and Italy
Investment / development grants , incentives and Interest rate relief
Access to plots /investment opportunities pre-market

24. About Location
Founded in 2003 , Location is the exclusive property search agency whose office based in the most sought after area of North Eastern Crete,
the stunning resort of Elounda. Istron Plot
Key Staff at Location
Andie Cox , partner in Location, travels regularly between the UK and the Greek Islands sourcing
the most interesting property investments in the Greek Market and has been involved in Greek
Property since 2003, when with his wife Marie, they bought their first property on the Island of Crete .
Prior to working in Greece, Andie worked in production management throughout the UK, most
recently as a "troubleshooter" in a first tier supplier in the Automotive Industry.
Having project managed many renovation projects, both in the UK and in Greece with a positive
"can do" attitude, Andie is well used to assisting both individuals and companies to realise and
manage their Greek property transactions with efficiency , transparency and professionalism .
Andie is married to Marie and has two boys, Finley and Cawley
Anna Dobrzelecka has lived and worked in Greece for over 15 years. Having worked as a
personal travel guide escorting VIP customers throughout Crete and in a number of boutique
hotels, (including the Elounda Mare and Porto Hotel ) Anna's experience in customer service
is vast.
Anna is the key contact for our associates and property vendors throughout the Greek Islands .
Fluent in Polish, Russian and Greek Anna is available direct on ( 0030 ) 694 914 5600

25. Istron Plot
Appendix

26. Legal Procedure for buying property in Crete
EC legislation allows citizens coming from EC members - states to buy and own properties in another EC state. Therefore, the rules and the procedure applied for property purchase is the
same for all European citizens. Specific areas of Greece are considered to be military and there should be issued permission before the contract is signed (applied also for Greek citizens).
Istron Plot
Non European Union citizens who wish to purchase property should apply to the Ministry of External Affairs in order to get prior authorisation otherwise their contract will be void and not
legal or property can be purchased through a legally registered company, which an accountant and lawyer can advise on.When purchasing land, regard should also be shown to paperwork
required in order to be able to build, such as forestry and archeological departments
Deposit
To secure a chosen property: a 10% deposit on the purchase price is usually required on signing a pre-contract agreement. The deposit is held in favour of the vendor by the purchasers
solicitor and, once placed is non -refundable, unless the property proves to be incapable of being conveyed , or an existing clause in the pre-contract is broken or lapsed.
The pre-contract agreement contains the names and description of the parties, the description of the property, the vendor's title, the price, the methods of payment , and any general or
specific conditions negotiated by the parties.
No deposit or any other amount will be paid before the legal searches of the property are carried out by a lawyer appointed by the purchaser and acting in his /her interests.
Purchase
All the documents regarding the purchase of a property should be carried out before a Public notary.
Therefore, the property purchase contract is always executed before a Notary and in the presence of lawyers representing the seller and the purchaser.
A purchaser needs a lawyer to act on his/her behalf in order first to check the vendor's title and his ownership (legal search) and then to assist with the Local Regulations and ensure that
he/she will obtain a legal property title.
The legal search of the property includes the search of the vendor's ownership as well as the search of third peoples' rights on the property (eg mortgage, right of way etc), and it is always
carried out at the local Land Registry of the area of the property.
Legal procedures in Greece are not complicated and when the documentation is complete the contract can be signed quite quickly.
The purchaser has to be provided with a tax number which is unique for any person and he/she has to pay the conveyance tax before the contract is signed.
In case of the contract cancellation, the tax is refundable.
The notary will not allow the contract signature if all the documentation is not complete, the tax is not paid and the deeds are not in order.
Finally, the contract has to be registered in the local Land Registry .
Expenses
The Purchase tax, Notary and legal fees as well as land registration fees are always paid by the purchaser and they are calculated on the or "tax office price" of the property, which is
usually lower than the true purchase price. The purchase tax differs for civil and agricultural properties. Civil are considered the properties situated in cities or in areas where there is a fire
station while agricultural properties are those situated in areas out of the city borders or in areas without a fire station.
Tax for civil properties is calculated by your notary and will be between 7 – 11 % of the “tax office” price.
The Notary's fee is approximately 2%,
land registration fees are 4,75 Euros / 1000 Euros “tax price”
Law Society fees 1% for the first 45.000 euros then 0,5% over this amount.
Legal search fees approx 500€
For the power of attorney 65 euros.
The costs above are normal guidelines and may of course vary in each circumstance.

27. BUSINESS ACTIVITIES FALLING UNDER THE PROVISIONS OF THE INVESTMENT INCENTIVES LAW
The investment incentives law is applicable to enterprises having business activities in the following sectors:
Istron Plot
Primary (e.g. greenhouses, animal farms, f isheries etc.).
Secondary (e.g. manufacturing, energy etc).
Tertiary:
- tourism (hotel units, conference centres, marinas, thematic parks, golf courses, development of mineral
springs, thalassotherapy centres, health tourism centres, centres for training-sports tourism etc).
- other services (e.g. applied industrial research laboratories, commercial centers, sof tware development,
supply chain services, logistic centers etc.).
Business activities w hich fall under the provisions of the Law are divided in 2 categories and are described
in detail. The exempted cases w hich fall under other incentive means are also noted.
DIVISION OF THE COUNTRY INTO ZONES
For the application of the provisions of the law , the Country is divided into 3 zones as follow s:
ZONE A: Includes the Prefectures of Attiki and Thessaloniki apart f rom Industrial and Business Areas (VEPE)
and the islands of those Prefectures w hich fall w ithin Zone B.
ZONE B: Includes the Prefectures of the Thessaly Region (Karditsa, Larissa, Magnisia, Trikala), the
Prefectures of the Southern Aegean Region (Kyclades, Dodekanissos), the Prefectures of the Ionian Islands
Region (Kerkyra, Lefkada, Kefallonia, Zakynthos), the Prefectures of the Crete Region (Iraklio, Lasithi,
Rethimno and Chania), the Prefectures of the Central Macedonia Region (Chalkidiki, Serres, Kilkis, Pella,
Imathia, Pieria), the Prefectures of the Western Macedonia Region (Grevena, Kozani, Florina, Kastoria), and
the Prefectures of the Sterea Ellada Region (Fthiotida, Fokida, Evia, Viotia and Evritania).
ZONE C: Includes the Prefectures of the Eastern Macedonia and Thrace Region (Kavala, Drama, Xanthi,
Rodopi, Evros), the Prefectures of the Epirus Region (Arta, Preveza, Ioannina, Thesprotia), the Prefectures
of the Northern Aegean Region (Lesvos, Chios, Samos), the Prefectures of the Peloponnese Region
(Lakonia, Messinia, Korinthia, Argolida, Arkadia) and the Prefectures of the Western Greece Region (Achaia,
Etoloakarnania and Ilia).

28. Istron Plot
Map of Investment Zones Greece

29. INCENTIVES ON OFFER
Istron Plot
For the investment projects w hich fall under the provisions of the Law , the following incentives are available:
Cash grant, which covers part of the expense for the investment project by the State
AND OR
Leasing subsidy, which covers part of the payable installments by the State relating to a lease which has been entered into for the use of new mechanical and other equipment
OR
Wage subsidy for employment created by the investment.
OR
Tax allowance. This incentive allows income tax exemption on non-distributed gains. The allowance is effective upon completion of the investment for the first ten (10) years of
operation. It is created through a tax exempted reserve.
The above incentives are offered under the terms and conditions set out in the Investment Incentives Law.
For the investment plans, the follow ing incentives are offered according to zone and category, i.e.: Cash grant / Leasing subsidy
OR
Wage subsidy for employment created
Investment Category Zone A Zone B Zone C
Category 1 20% 30% 40%
Category 2 15% 25% 35%
Note: For more detailed and complete information see the section:
"Categories of Business Activities"
To medium size enterprises, as these are f rom time to time defined in the E.U. legislation, an additional percentage of
subsidy up to 10% is granted.
To small and very small enterprises an additional percentage of subsidy up to 20% is granted.
OR
Tax allowance
Investment Category Zone A Zone B Zone C
Category 1 60% 100% 100%
Category 2 50% 100% 100%
Note: For more detailed and complete information see the section:
"Categories of Business Activities"
Please note:
Employment positions relative to the investment are considered new employment positions which are created for the
assistance of the investment within the first three years of its completion and start of productive operation.
The subsidy is payable on the expenses for wages for the total employment positions relative to the investment for
the f irst tw o years as of the creation of each employment position. By ‘expenses for wages’ it is understood the
salary “before taxes” and the compulsory contributions to social security.
Eligible for the grant are enterprises w hich operate in every sector of the economy, if they fulf ill the criteria for the
submission to the incentives system, as laid out in the Law .

30. TERMS AND CONDITIONS FOR OBTAINING THE INCENTIVES
a) Investor’s own participation Istron Plot
The percentage of the investor’s own participation in investments which are included in the cash grants and/or
leasing subsidies system cannot be less than 25% of the subsidized expenses, w hereas in the investments which
are included in the tax exemption or the cash grant for w age expenses for the created employment, at least 25% of
the cost should be covered by the f inancial participation of the investor, either by ow n funds or loan, provided that
no state subsidy accompanies this part.
b) Commencement of realization of the investment plans which fall into the provisions of the Law
The commencement of the realization of the investment plans may take place af ter the publication of the decision for
submission of the investment in the provisions of the Law. How ever, upon submission of the application for
incentives, investors may request an eligibility cerif icate in order to start implementing the investment, w hich is issued
w ithin f ive (5) w orking days.
Budget revision of the investment cannot exceed 5% of the initial cost. In the decision for eligibility under the
provisions of the Law a time limit for completion is set, which may be increased by tw o (2) years maximum, under
conditions.
SUBSIDIZED EXPENSES
The determination of the expenses w hich are subsidized per investment category is made by a Ministerial Decision.
The law contains a list of said expenses as well as of the expenses which do not fall under its provisions.
The subsidized expenses should involve consolidated assets. The subsidization of intangible investments or fees of
consultants is possible, but only up to 10% of the investment plan cost. Operational expenses are not subsidized.
PROCEDURES AND APPLICATION OF THE INVESTMENT INCENTIVES LAW
H) Submission of petitions for obtaining the incentives under the law Petitions for investments (except those involving the tax exemption subsidy, for w hich no submission of
petition is necessary) are submitted during all the year as follows:
(a) the General Directorate for Private Investments of the Ministry of Economy and Finance there are submitted petitions relating to i) investments for projects over four million
(4.000.000) EURO, w hich take place w ithin the limits of the Region of Central Macedonia as w ell as ii) investments for projects over tw o million (2.000.000) EURO, which take
place at the rest of the State as w ell as iii) certain investments irrespective of the amount involved, according to specif ic regulations.
(b) the Directorates of Planning and Development of the Regions there are submitted petitions relating to
investments for projects up to tw o million (2.000.000) EURO, w hich take place w ithin the limits of each Administrative
Region or, in case of the Region of Central Macedonia, projects up to four million (4.000.000) EURO.

31. Istron Plot
(c) the Invest in Greece Agency there are submitted petitions relating to investments for projects over fifteen million (15.000.000) EURO as well as investments or business plans of
three million (3.000.000) EURO or more, in case that at least 50% of the investor’s own participation derives f rom imported capital.
(d) the General Secretariat for Industry of the Ministry of Development, certain petitions are submitted relating to specif ic sub-categories and according to specific regulations.
I) Supporting documents of the petition
(a) study
(b) of payment of the required dues
(c) additional supporting documents according to each case
C) Approval procedure
The procedure of evaluation of each petition of investment proposal is completed by the competent authority and the competent consultative committee within tw o (2) months, at the
latest, as of the date of submission of the petition.The decision approving the petition is issued within one (1) month, at the latest, as of the issue of the opinion by the consultative
committee. Within the same month the summary of the decision is also published in the Government Gazette. For the review of the petitions by the competent consultative committee a
strict order of priority is kept,
according to the time of submission of each petition.
D) Payment of subsidies
The Law provides for the conditions, terms and limitations w hich relate to the possibility of using a bank loan.
(a) Payment of cash grant:
The payment of the subsidized amount is made in installments as follow s: Payment of 50% of the cash grant amount is made after the completion of 50% of the investment and verif
ication by the competent monitoring authority of this fact and of the compliance of the investor to the
terms of the decision approving the investment.
Payment of the remaining 50% of the cash grant amount is made af ter verif ication by the competent monitoring authority of the completion and commencement of the productive
operation of the investment. Drawing of the funds is made within 5 months. There exists the possibility of a lump sum advance (as part of the total subsidy), w hich will not exceed 50%
of the approved by the relevant decision cash grant, if a bank guarantee is submitted in an amount equal to the advance plus 10%, issued by a bank which is established and operates
legally in Greece.
The subsidy is paid directly to the investor or directly to the financing bank w hich granted a short term loan to the company w hich carries out the investment plan.
(b) Payment of leasing subsidy:
Payment is ef fected af ter the mechanical equipment etc has been put in place and the verification of this fact.

32. An Istron Plot
initial payment of 50% is made until the end of the completion period provided for in the decision approving the investment. The remaining amount is paid af ter the lapse of the
completion period, provided that the completion of the investment and the commencement of operation is verif ied.
(c) Payment of cash grants for wage expenses: Payment is ef fected every six months, af ter a relevant application of the investor.
MONITORING AND CONTROL
Monitoring of the approved investments is made by the competent authorities and the various types of controls are made by the teams w hich are created by a decision of the relevant
competent authority which is responsible for each investment.
SPECIAL CASES UNDER THE PROVISION OF THE INVESTMENT INCENTIVES LAW
By joint decisions of the Ministers of Economy and Finance, and Development, as w ell as any jointly responsible ministers as the case may be, there are set out the necessary
divergences f rom the regulations of the law, w hich relate to the investor’s participation by own funds, the procedure for the award of the grants, the percentages and the amount of
subsidy, the amount of bank loan, the percentages of leasing subsidies, the cash grants for w ages
expenses and the tax exemption, the conditions of company shares' transfer as well as the possibility of public corporations participating in the investment, in case of investments of f if
ty (50) million EURO, w hich have a significant ef fect on the international competitiveness of the country and the employment (creation of least one hundred and tw enty five (125)
permanent job positions, out of w hich a certain number may be created in satellite
enterprises as a direct result of the proposed investment). Further, by the same decisions, the construction of special inf rastructure w orks at the expense of the public may be
determined for the facilitation of the operation of the unit in general.
CATEGORIES OF BUSINESS ACTIVITIES
Business activities
which fall under the provisions of Incentives Law
CATEGORY 1
Investment plans for the establishment of closed parks for public use by privately ow ned vehicles of at least forty (40) lots, in addition to those that are obligatory by the General
Planning Code (G.P.C.) for covering the permanent needs which derive f rom the usages of the building, provided that they are run by enterprises for public usages, or for car parks
above the ground, underground and/or f loating. Also, investment plans for the establishment of covered and/or semi-covered public usage parks for trucks, busses and other heavy
vehicles in general, of 30 lots at least. Investment plans for the production of electricity f rom mild types of energy and especially solar energy, aeolic energy, hydro electrical energy,
geothermic energy and biomass, investment plans for co-production of electricity and heat.
Investment plans for the relocation of tanneries f rom the Attica, Thessalonica and Chania Prefectures, in Industrial Business Estates (I.B.E.) w here the appropriate infrastructure exists
and their setting up is envisaged.

33. Istron Plot
Modernization of already functioning hotel units (complete type) of at least tw o stars (2*) category, formerly C' class or hotel units w hich have suspended temporarily their operation
for f ive years maximum, provided that no change to the use of the building has been made during that period and provided, further, that at the time of the temporary suspension of their
operation they belonged to tw o stars (2*) category, formerly C'
class, at least.
Modernization of already functioning hotel units (complete type) of a low er category than two stars (2*), formerly C' class, which are located in traditional or listed buildings, provided
that by such modernization they are upgraded at least to the tw o stars (2*), formerly C' class category. Also, modernization of hotel units (complete type) w hich have suspended
temporarily their operation for f ive years maximum, provided that no change to the use of the building has been made during that period and provided, further, that by such
modernization they are upgraded at least to the tw o stars (2*), formerly C' class category.
Modernization of hotel units involving the creation of additional installations by adding new common areas, new uses of common area, pools and athletic installations to hotel units
belonging to two stars (2*) category, formerly C' class, at least, with the objective of providing additional services.
Modif ication of traditional or listed buildings into hotel units belonging to tw o stars (2*) category, formerly C' class, at least.
Modernization of already functioning organized camping units (complete type) belonging to C' class category, at least.
Establishment, expansion, modernization of conference centers.
Establishment, expansion, modernization of ski resorts.
Establishment, expansion, modernization of development of mineral springs.
Establishment, expansion, modernization of tourist marinas for pleasure yachts for investment plans run by any physical or legal person of private law.
Establishment, expansion, modernization of golf courses.
Establishment, expansion, modernization of thalassotherapy centers.
Establishment, expansion, modernization of health tourism centers.
Establishment, expansion, modernization of training-athletic tourism centers.
Investment plans for cooperating commercial and transport enterprises under a common venture, for thecreation of commercial stations and logistic centers, as such terms will be def
ined by a joint ministerial decision.
Investment plans by transport enterprises for the creation of infrastructures relating to storage, packing and
standardizing as w ell as closed parking areas for trucks, as such terms w ill be defined by a joint ministerial
decision.

34. Investment plans for the provision of supply chain services.
Istron Plot
Investment plans for the creation of broadband netw ork inf rastructure and other similar equipment which ensures the access by citizens or enterprises, at the level of municipal authorities,
Regions etc or other geographical areas with commercial interest.
Investment plans for the provision of innovative broadband telecommunication services, which rely on the broadband inf rastructure.
Investment plans for sof tware development.
Investment plans for the creation of laboratories of applied industrial, energy, mineral, agricultural, livestock, forestry and f ishery research. Also, investment plans for the development of
technologies and industrial plans.
Investment plans for the provision of highly advanced technology services.
Investment plans for the creation of laboratories for the provision of services relating to quality and/or high technology, certif ication, control testing and verification.
Investment plans for enterprises of development of transportation means for humans and merchandise to isolated, inaccessible and remote areas, as such are defined by a joint decision of the
Ministers of Economy and Finance and Mercantile Marine.
Investment plans for the protection of environment, reduction of pollution relating to ground surfaces, underground surfaces, w aters and the atmosphere, restoration of the natural environment
and recycling of w ater and desalination of sea or brackish w ater.
Investment plans for the development of renew able sources of energy, substitution of liquid fuels or electrical energy by gas fuels, processed rejected materials f rom local industries, renew
able sources of energy, recovery of rejected heat as well as co-production of electrical energy and heat.
Investment plans for energy saving, provided that the investment plan do not involve the equipment for the production and, instead, it involves the equipment and installations for the
movement and operation of the unit and that at least a 10% decrease of the utilized energy is effected.
Investment plans for the production of new products and/or services or products of highly developed technology.
Investment plans for the establishment, expansion, modernization of laboratories of applied industrial or mineral or energy research.
Investment plans for importing and adapting environmental f riendly technology to he production process .
Investment plans for creation of innovative products or services for importing innovations to the production process and commercialization of prototype products and services.
Investment plans which aim to the upgrading of quality of the manufactured products or services.
Investment plans for acquiring and installing new modern automation systems of processes and computerization of storage places including the necessary sof tw are for establishing, expanding
and/or developing in the area of industrial units, in the context of modernization of the supply chain.
Investment plans for the establishment or expansion of industrial or arts and craf ts units for the alternative management of packaging and other products w hich have been used up in Greece,
for the production of raw materials and other substances.
Investment plans for the realization of a complete long term (2-5 years) investment plan by enterprises (w hich have been incorporated for at least f ive (5) years) relating to processing and
mining projects of a minimum total cost of 3.000.000 EURO and projects for sof tware development of a minimum total cost of 1.500.000 EURO, including the technological, administrative,
organizational and business modernization and development as well as the necessary deeds for the training of the employees, having one or more of the following objectives:

35. 1. Reinforcement of their competitive position in the global market.
Istron Plot
2. Production and promotion of renow ned products and/or services.
3. Verticalisation of production / development of complete product systems / services or supplemental products and services.
4. Production of products and/or services significantly or totally dif ferentiated f rom the existing basic products or services of the enterprise.
5. Relocation of production / research activities to Greece f rom abroad.
6. Production of products / services by the cooperation of non similar enterprises (preferably f rom different sectors) having as objective the production of signif icantly or totally
differentiated products and/or services
f rom the existing products or services of the said enterprises.
CATEGORY 2
Investment plans for mining and crushing of industrial minerals and inactive materials.
Investment plans for mechanical means of sow ing, cultivating and harvesting of agricultural products by agricultural or agricultural/industrial co-operatives or groups of producers or
associations of groups of producers, w hich have been established according to Community legislation.
Investment plans for standardising, packing or preserving agricultural or livestock products or f ishery and f ish-farming products, w hich do not derive f rom any alteration process.
Investment plans for agricultural enterprises of greenhouse type and bio farming, enterprises of livestock breeding (stables or semi-stables type) and f ishery enterprises (aquaculture)
using modern technology.
Investment plans for mining, treating and utilizing industrial minerals in general. Investment plans for quarrying and utilizing marbles, provided that they include the cutting and
manufacturing equipment.
Investment plans for minerals.
Investment plans for the sector of alteration process, save those for w hich a joint ministerial decision is
required for their submission to the Incentives Law .
Investment plans for the production of energy in the form of hot water or vapors.
Investment plans for the production of bio fuels or solid fuels out of biomass, investment plans for the
production of biomass f rom plants with the objective of using same as material for the production of energy.
Investment plans for the desalination of sea or brackish water for the production of potable w ater.
Investment plans for the production and/or standardization of Geographical Indication Products (G.I.P.)
and/or products of Protected Name of Origin (P.N.O.) provided that they are made by enterprises w hich are
located in traditional or listed stone buildings and/or building blocks of industrial nature, save those for w hich
a joint ministerial decision is required for their submission to the incentives law.

36. Istron Plot
Establishment, expansion, modernization of thematic parks which consist of organized forms of tourism and w hich dif ferentiate or expand the tourist product and offer complete inf
rastructures and services, including (at least) services related to housing, eating, recreation and social care.
Establishment, expansion, modernization of highways necessary for the tourist development of the country.
Investment plans for building and utilization of arts and craf ts centers and buildings in the special arts and craf ts and industrial zones w hich are determined according to the city and
urban planning as w ell as areas for social or cultural operations, central markets and slaughter houses run by municipal enterprises of 1st or 2nd degree or by co-operatives. Also,
investment plans by the same interests for the modif ication and rearrangement of old industrial estates and other installations as areas of social and cultural operations, exhibition centers,
central markets and slaughter houses.
Investment plans for enterprises of liquid fuels and liquid gases, for the production of storage installations or the supply of equipment for the transport of liquid fuels and liquid gases to an
island.
Investment plans for the establishment of recovery and rehabilitation centers, as these are def ined in article 10 of Law 2072/1992 and investment plans for the supply of housing for
independent living to people w ith special needs.
Establishment or expansion of hotel units of at least 3 stars (3*), formerly B ' class.