Cultural real estate in one way or another is of increasing interest to local and foreign investors.
Properties with views or in close proximity to various cultural sites also have increased value.
Properties overlooking the Acropolis or near the Eiffel Tower, accommodation in the traditional district of Prague or along the River Thames are just a few examples of the demand for real estate supported by culture.
On the occasion of the 200th anniversary of the Greek Revolution, the Greek government embraced the value of its historical culture and exploited the event to the fullest with wide promotion, with beneficial effects on tourism, resulting in growing interest in the ‘immovable.
Greece has been blessed by renowned artists such as Nana Mouskouri, Mikis Theodorakis, Demis Rousos and others, who have projected Greek culture around the world. Then there is the popular syrtaki dance, which has found its place on YouTube and flash mobs, and the folklore and traditional activities which differ from place to place all over Greece.
Ancient monuments and local architecture, islands and more remote places attract foreigners, including some celebrities. Chef Gordon Ramsey has filmed local cuisine, local cuisine and architecture in Greece.
This type of cultural promotion has increased and interest in real estate has also increased, and not only in the more well-known islands and villages, although Cypriot investors are more active in Crete and Athens.
The cultural attraction to Greece has existed for many years, especially in the United Kingdom, where the Foreign Office requires knowledge of classical studies, while it would be wrong 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 when Serbia was also revolting against the Ottoman Empire, but which was ignored by the great powers. At the same time the aging Garibaldi from Italy, along with 1,000 Italian revolutionaries fought in the Balkan wars alongside Greece, not to mention Lord Byron in Mesolongi and others. All attracted by Greek culture.
The cultivation and promotion of Greece has increased dramatically in recent years and if the bureaucracy in Greece was not as extensive as it is, its economy would have benefited more.
Bureaucracy is a big problem that 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 hand we have put so much effort into attracting foreign investors and on the other often disappoints them as they leave the island mainly due to bureaucratic delays with the culprits still occupying cushy government jobs.
Antonis Loizou & Associates EPE – Real Estate Experts, Real Estate Agents & Real Estate Consultants, www.aloizou.com.cy, [emailÂ protected]