At a time of doubt and uncertainty in the world economy, it is encouraging to be presented with positive facts about Europe. In an article in the Greek financial newspaper “Naftemporiki” published on Friday the 15th of February 2008 (pg. 5), the economic growth of all the European Union member states in 2007 is 2,6% when compared with 2006 while Greece had a growth of 3,95%.
Naturally no one can disagree that this growth is decreasing when compared with previous years but it may be considered as leveling off after the explosion of growth which was generated because of the 2004 Olympic Games hosted in Greece. The construction sector was obviously a dynamic element in the growth created during the past five years. The positive factor is that this has evolved in a real estate market for various areas in Greece such as the island of Crete.
It is no secret that builders have become developers because they focused on attracting in Crete, potential home owners from wealthier countries. One of the revelations of the past year is that these companies now realize that Greeks are also looking for properties and realize that the percentage of home owners is quite high when compared with other countries in Europe. By focusing on international clients, companies had forgotten that the local culture purchases or builds a house at least once in their lives, for example when one is getting married. Investing in properties for the future generations of a family is equally popular.
A temporary slowing down of the world economy or a sub prime loan generated crisis, can not change the culture of the people in a country, especially when the locals are the Cretans. As a result the purchase of properties is not slowing down exactly because it is also generated from the local market as well as from the international clientele. This means, that the property market has an additional shield of protection and a factor which may convince people to view buying property in Crete as a safe investment.
It may come as a surprise that national or local cultures and beliefs can have an influence in maintaining economic growth in a country. On the other hand, it is important to remember that human resources are behind every economic chart no matter whether it is positive or negative.
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