CONTENTS: INTRODUCTION, WHAT IS A HOTSPOT?, JOLLY HARBOUR, ANTIGUA - ST. JAMES, BARBADOS - GOLDEN SANDS, BULGARIA - DUBROVNIK, CROATIA - DUBAI, UAE - EL GOUNA, EGYPT - FORTALEZA, BRAZIL - ACCRA, GHANA - GOZO, MALTA - BUDAPEST, HUNGARY - KINSALE, COUNTY DONEGAL, IRELAND - LIMASSOL, CYPRUS - CANCUN, MEXICO - NATAL MIDLANDS, SOUTH AFRICA - NAXOS ISLAND, GREECE - MOUNT MAUNGANUI, LEIGH, NEW ZEALAND - NIMES, FRANCE - ORLANDO, FLORIDA - PANAMA CITY, COSTA BLANCA, PANAMA - KRAKOW, POLAND - LAGOS, REDONDO, PORTUGAL - MURCIA, SPAIN - UNAWATUNA, GALLE, SRI LANKA - PHUKET, PATTAYA, THAILAND - FETHIYE, TURKEY - ISOLA D’ELBA, TUSCANY - QUEENSLAND, ADELAIDE
| NAXOS ISLAND, GREECE | |||||||||||||||||||||||||||||||||||||||||||||||||
| C O U N T R Y
D A T A
| Population | 10.62 million persons | |||||||||||||||||||||||||||||||||||||||||||||||
| PopulationGrowth | 0.210 percent | ||||||||||||||||||||||||||||||||||||||||||||||||
| Land Area | 130,800 sq km | ||||||||||||||||||||||||||||||||||||||||||||||||
| Currency & exchange rate | 1 Euro = 100 cents (~ 0.644 GBP) | ||||||||||||||||||||||||||||||||||||||||||||||||
| GDP-PPPMethod | 151,392.0 millions of US dollars | ||||||||||||||||||||||||||||||||||||||||||||||||
| GDP Growth | 3.88 percent | ||||||||||||||||||||||||||||||||||||||||||||||||
| GDP Per Head | 14,250.0 Thousands of US Dollars Per Person | ||||||||||||||||||||||||||||||||||||||||||||||||
| Financial | Interest Rate | Inflation Rate | |||||||||||||||||||||||||||||||||||||||||||||||
| 2% | 3.9% | ||||||||||||||||||||||||||||||||||||||||||||||||
| National Bank | Bank of Greece | ||||||||||||||||||||||||||||||||||||||||||||||||
| Political | Greece is a unicameral parliamentary democracy. Executive power rests with the 300-member parliament that is elected for a maximum 4-year term by adult suffrage. The current Prime Minister, Costas Karamanlis, and his Centre-right New Democracy party won office on 7 March 2004 for the first time since 1993. The President, Nea Dimokratia was elected on the 7th of March 2004 and is elected for a 5-year term but has no executive powers. Greece joined NATO in 1952 and the EC (now the EU) in 1981. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Social Security | Yes | ||||||||||||||||||||||||||||||||||||||||||||||||
| Languages | Greek; some speakers of English, French, Turkish, Macedonian, Romanian, Romani, Bulgarian and Albanian | ||||||||||||||||||||||||||||||||||||||||||||||||
| Customaries | The Greeks have a very strong sense of cultural and historical heritage, and a sense of unity prevails. The Greek Orthodox church has a strong part to play on the Greek way of life, especially in the countryside. Greek bureaucracy is very slow. Persistence and attendance in person at the office or ministry concerned is almost the only way of getting things done. Identification documents and various authorisation letters or seals are necessary. Smoking is prohibited on public transport and in public buildings. Taking photographs of military installations is an offence and can be dealt with harshly. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Ethnic Make-up |
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| Tax | Income Tax | Capital Gains Tax | |||||||||||||||||||||||||||||||||||||||||||||||
Non-residents are taxed on their income at the same rate as residents. | Capital gains derived by individuals are generally not taxed. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Description | Traditionally an agricultural producer, accession to the EU stimulated growth in other areas, particularly tourism, shipping, food processing, mining, chemicals, textiles and metal products. Despite this mixed Greek economy with such heavy dependence on tourism and shipping, approximately 20% of the labour force still works in agriculture and farming. Tourism is the most important service industry with roughly 10 million visitors per year. Much work on improving the infrastructure and transport network has been undertaken prior to the Olympic Games in Greece during summer 2004. It is hoped that such improvements will further improve the tourism in Greece. It’s major trading partners are the mainly the European countries, namely Germany, Italy, France and the UK. It adopted the Euro on January 1 2002. Outside the EU its major trading partners are Saudi Arabia, Japan and the USA. | ||||||||||||||||||||||||||||||||||||||||||||||||
| L O C A L
D A T A
| Investor Profile: | Cash & Equity Investor Pension Investor Holiday Investor Retirement Investor Downshifter Investor Business Investor | |||||||||||||||||||||||||||||||||||||||||||||||
| Category: | Silver | ||||||||||||||||||||||||||||||||||||||||||||||||
| Population:
| Total | British | |||||||||||||||||||||||||||||||||||||||||||||||
| 18,000 | < 100 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Climate: | Hours of Sunshine Per Day in Summer | Days of Rain Per Year | January | July | Average Water Temp. | ||||||||||||||||||||||||||||||||||||||||||||
| Thirteen | 15 | 15C | 26C | 22C | |||||||||||||||||||||||||||||||||||||||||||||
| Proximity to: | Airport | Beach | Nearest City | ||||||||||||||||||||||||||||||||||||||||||||||
| Olympic Airways links Athens with Naxos and the airport is near Ayios Prokopios | Ayia Anna & Plaka | Paros Island | |||||||||||||||||||||||||||||||||||||||||||||||
| Restaurants and bars: | The main party scene is in the centre Chora, where there are discoteques, bars, piano bars and nightclubs with Greek popular music. There are eating- places of all kinds: the typically Greek restaurants ("estiatoria'), serving mostly made-up dishes, tavernas which specialise in grilled meats, souvlaki shops, and seaside restaurants that serve fresh fish daily. One should try the local specialities, such as wild rabbit or partridge. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sports and leisure facilities: | Snorkelling, water sports, jet skiing, windsurfing, boating, diving, trekking | ||||||||||||||||||||||||||||||||||||||||||||||||
| Transport: | Public Transport | Roads | |||||||||||||||||||||||||||||||||||||||||||||||
| The island can be reached by air from Athens and by ferry from Piraeus and Rafina. Some ferry services Some services go directly to the island and others make previous stops at Paros, Ios, Santorini and Tinos. Naxos has a good bus system that lets you easily get to the beaches and villages | Cars, bicycles and motorbikes can be hired. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Crime rate: | Low | ||||||||||||||||||||||||||||||||||||||||||||||||
| Main types of employment | Tourism and services. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Future plans: | To maintain the natural beauty of the island whilst improving upon its tourism industry. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Yield range | 11 – 16% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Type of property | Entry Price | Rent- Peak | Rent- Off Peak | Average Annual Yield | |||||||||||||||||||||||||||||||||||||||||||||
| 2 bed apartment | £55,000 | £800 | £700 | 16% | |||||||||||||||||||||||||||||||||||||||||||||
| 3 bed apartment | £64,000 | £900 | £800 | 16% | |||||||||||||||||||||||||||||||||||||||||||||
| 3 bed townhouse | £93,000 | £1050 | £800 | 11.6% | |||||||||||||||||||||||||||||||||||||||||||||
| Detached | £100,000 | £1100 | £800 | 11.4% | |||||||||||||||||||||||||||||||||||||||||||||
| Demand for letting | Peak | Off peak | |||||||||||||||||||||||||||||||||||||||||||||||
| Very High | High | ||||||||||||||||||||||||||||||||||||||||||||||||
| Finance and leisure scores: | Total (out of 10) | Financial (out of 5) | Leisure (out of 5) | ||||||||||||||||||||||||||||||||||||||||||||||
| 7 | 4 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
| Flights scheduled from: | London Gatwick, London Luton, Manchester and other major and regional airports (Remember that a connecting flight may be required to Naxos) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Typical cost of flights: | Peak | Off Peak | |||||||||||||||||||||||||||||||||||||||||||||||
| 120 – 200 GBP | 80 – 160 GBP | ||||||||||||||||||||||||||||||||||||||||||||||||
| Operators: | Easyjet, Malev, Air France, Greek Airways, British Airways, Lufthansa, Czech Airways, Alitalia | ||||||||||||||||||||||||||||||||||||||||||||||||
| Description: | Being the largest island in the Cyclades, Naxos has a commodity many of its more illustrious neighbours lack - space. Mountains, lush valleys of citrus and olive groves, pastel-coloured coastal plains and wide stretches of empty, golden sand all but envelop the tiny, quaint villages that lie dotted amongst this rich panoply. You get a great yield and no capital gains tax to pay when you sell. How much capital gain you’ll get over time is unsure. This is why I have only given it a silver rating. Even though the area is very pretty and would make a great holiday home demand for owning property on the island is low. This however is not bourne out by the going property prices, with the entry level greater than £55,000, but there are few properties for sale which keep property prices propped up. Stick to popular areas. Forget any areas more than 250m from the beach. | ||||||||||||||||||||||||||||||||||||||||||||||||
| Hot Website: | http://www.naxosnet.com/ | ||||||||||||||||||||||||||||||||||||||||||||||||
| Estate Agents: | Name | Address | Tel | Web | |||||||||||||||||||||||||||||||||||||||||||||
| Neon Naxos Realty | Platia Protodikiou Naxos, Cyclades 84300, Greece | (011) 0030-285-26644 | www.naxosrealty.com
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| Veronis Real Estate | Naxos Island Cyclades, Greece | +30 22850 29211 | www.veronis.gr/who/ | ||||||||||||||||||||||||||||||||||||||||||||||
| Konstantinos Kapiris | Takis Kontopoulos | Chora Naxos, Naxos 84300, Greece | +30-(2)2850-23157 | www.naxos-houses.com/ | |||||||||||||||||||||||||||||||||||||||||||||
| Greek-estate Ltd | 75 Galinou str 187.58, Attica, Greece | +30 210 4323198 | http://www.sitia.biz/ | ||||||||||||||||||||||||||||||||||||||||||||||
| Letting Agents: | Name | Address | Tel | Web | |||||||||||||||||||||||||||||||||||||||||||||
| Neon Naxos Realty | Platia Protodikiou Naxos, Cyclades 84300, Greece | (011) 0030-285-26644 | www.naxosrealty.com | ||||||||||||||||||||||||||||||||||||||||||||||
| Veronis Real Estate | Naxos Island Cyclades, Greece | +30 22850 29211 | www.veronis.gr/who/ | ||||||||||||||||||||||||||||||||||||||||||||||