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Added 20/01/08
Greece property market 'set to blossom'


Greece is the latest Fly to Let destination to use recent figures and polls to argue that it bucking the global trend when it comes to negativity surrounding tourism and the property market.

The recent Telegraph Travel Awards 2008 poll of over 25,000 readers placed Greece in second place in the Best European Country ranking.

The ministry of tourism believes Greece's ranking ahead of the Portugal and Spain is a sign that its injection of €40 million is bearing fruit. Turnover in the tourism sector in Greece increased by 2.7 percent in Q2 2008 compared to the same period in the previous year.

And more recent figures show that during January to September 2007 arrivals in Greece by UK tourists grew by 6.4 percent compared to the same period in 2006, according to the Greece Tourism Report Q3 2008.

The country was also put in the spotlight following the summer 2008 hit film 'Mamma Mia', inspired by the songs of ABBA and starring A-listers Pierce Brosnan, Meryl Streep, Colin Firth and Julie Walters.

Nick Edwards, co-author of 'The Rough Guide to Greece', said: “It is not simply the holiday sector that is set to reap the rewards of Greece's recent positive results, the property market is also set to blossom.

“According to Forbes.com Greece is said to be predicting a 2.7 percent growth in its economy in 2009, a positive figure given the context of the worldwide 'credit crunch' and one that will surely be inviting for those looking to buy an investment purchase.

“This is sure to also be encouraged with new flight routes to the country and its islands opening during 2009 by budget airlines looking to cash in on Greece's increased popularity - for example Jet2's new Manchester to Crete service launching in May next year.

Irini Tzortzoglou, Deputy Branch Manager of Piraeus Bank UK, added: “It is true that we cannot bury our heads in the sand when it comes to the global financial crisis, however it is important to look at the bigger picture and to recognise that different economies are set to fair differently during this time.

“Greece, for example, is one destination that is currently riding on a wave of popularity following a good year in 2008 and these positive results should see it through 2009 more securely than many European countries. As a second home destination, Greece has a great deal of potential and is still relatively undiscovered meaning that the 'true Greek lifestyle' is still very achievable, and 2009 looks like a good year to discover it.”


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