IDEAS home Printed from https://ideas.repec.org/p/wiw/wiwrsa/ersa06p545.html
   My bibliography  Save this paper

Constrains in Real Estate Investments in Greece

Author

Listed:
  • Nikolaos Triantafyllopoulos

    ()

Abstract

It is generally considered that property is by far the largest store of wealth, and development economics suggests that property markets are the bedrock for economic development. Countries make efforts to promote national and international real estate investors and enterprises. Real estate markets are mainly organized by the State through institutional frameworks and practices. In this paper, we focus on the reasons for real estate market low transparency and effects on tourism investments in Greece through a systemic analysis of the property development process. National or international real estate investors encounter an unfamiliar environment in which they find themselves in a difficult position due to low real estate transparency. Specifically: - Absence of financial benchmarks; - Lack of historical or current market statistics; - Financial statements of listed vehicles that are neither detailed nor standardized according to International Accounting Standards; - Urban, regional and environmental planning procedures and codes that are not clear; - Situations where local assistance or under-the-table payments are required to navigate the investment/development/management process; - Lack of title insurance; - Environment in which government or public utilities change urban development status and regulations, introducing risk. Tourism is considered by the Greek State as the most promising economic sector of the country. Tourism Development Co., created in 1998, is a state-owned company that has undertaken to develop and revitalize the assets owned by the Hellenic Tourism Organization located in the most privileged sites of the country (large land plots for development, casinos, marinas, hotels, health clubs, etc.) by the mobilization both of international and national funds. Tourism Development Co, as a State-owned company, is a relevant case to study State transparency, real estate market transparency and international investors’ attitudes and practices, through examining specific projects of property development and privatization.

Suggested Citation

  • Nikolaos Triantafyllopoulos, 2006. "Constrains in Real Estate Investments in Greece," ERSA conference papers ersa06p545, European Regional Science Association.
  • Handle: RePEc:wiw:wiwrsa:ersa06p545
    as

    Download full text from publisher

    File URL: http://www-sre.wu.ac.at/ersa/ersaconfs/ersa06/papers/545.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Shang-Jin Wei & R. G Gelos, 2002. "Transparency and International Investor Behavior," IMF Working Papers 02/174, International Monetary Fund.
    2. Jakob Svensson, 2005. "Eight Questions about Corruption," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 19-42, Summer.
    Full references (including those not matched with items on IDEAS)

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wiw:wiwrsa:ersa06p545. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gunther Maier). General contact details of provider: http://www.ersa.org .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.