Real estate with a connection to culture in one way or another is of increased interest to local and foreign investors.
Real estate which offers views of or is in close proximity to various cultural sites also have increased value.
Properties with a view of the Acropolis or near the Eiffel tower, housing units within the traditional neighbourhood of Prague or along the Thames river are some examples of real estate demand being aided by culture.
On the occasion of the 200 year anniversary of the Greek revolution, the Greek government embraced the value of its historic culture and exploited the event to the maximum with extensive promotion, with beneficial effects on tourism, leading to an increasing interest in real estate.
Greece has been blessed renowned artists such as Nana Mouskouri, Mikis Theodorakis, Demis Rousos and others, who have projected Greece’s culture worldwide. Then there is the popular syrtaki dance, which has found its way to YouTube and flash mobs, and the folklore and traditional activities which differ from place to place all over Greece.
The ancient monuments and local architecture, the islands and more remote locations draw people from abroad, including some celebrities. Chef Gordon Ramsey has filmed in Greece featuring the local food the local food and architecture.
This sort of cultural promotion has been on the rise and interest in real estate has as well, and not only in the more known islands and villages, though Cypriot investors are more active in Crete and Athens.
Cultural attraction for Greece has existed for many years, especially in the UK, where the foreign office requires knowledge of classic studies, while we would be amiss not to mention the European high commissioners and Russian ambassadors in Cyprus who speak Greek.
Culture played a big role in the Greek revolution of 1821 at a time that Serbia also revolted against the Ottoman empire, but which was ignored by the big powers. At the same time ageing Garibaldi of Italy, with 1.000 Italian revolutionaries participated in the Balkan wars on the side of Greece, not to mention in addition Lord Byron at Mesolongi and others. All attracted by the Greek culture.
Culture and promotion of Greece has increased considerably in recent years and if the bureaucracy in Greece was not as extensive as it is, its economy would have benefitted more.
Red tape is a big issue we also face in Cyprus and when it comes to culture we have a very long way to go. It is shocking that on the one had we put so much effort into attracting foreign investors and on the other often disappoint them to the extent that they leave the island, mostly due to bureaucraticdelays, with those who are to blame still holding cushy governmental jobs.
Antonis Loizou & Associates EPE – Real Estate Valuers, Estate Agents & Property Consultants, www.aloizou.com.cy, [email protected]