Sunday, July 21, 2024

Governments buying Islands

Greece: Ever considered buying an island in Greece?

The word Greece is almost synonymous with the word island. With around 6000 islands in total, mostly privately owned, this should be a private island paradise…

However selling or buying an island is virtually impossible in this country, thanks to an elaborate maze of bureaucracy, which must be navigated at all governmental levels, plus military and religious regulations, decrees, laws, proclamations and a virtually non-existent land registry.

Skorpios Island

Skorpios Island

The process is consequently blocked, because proving the most fundamental part of any land transaction – ownership – is very difficult.

In the following article, the author talks with a number of key real-estate players in Greece, who highlight the extreme complexities of the history, current laws and policies impacting the sale of private islands in Greece today.

In another earlier, but related article from the British newspaper The Guardian, the authors report on the controversial suggestions made by German politicians, in reaction to Germany participating in the financial bailout of Greece, to sell land, including private islands, art works and historic buildings in order to cut the country’s huge debts.

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