Why Isn't There A Bigger Choice?

9 February 2021 ©

The English have a saying that their 'home is their castle'. For Hydriots, this goes further, their home is their blood and sinew. So once they commit to selling, which is rare, it's like asking them to sell a member of the family. Actually, they would almost rather sell a member of the family than have to sell their house!

The reasons I can suggest for so little Hydra real estate being on the market are:

You don't sell the family assets, you make them work for you.

Too many inheritors that don't all agree to sell.

There are too many irregularities with the property to bare contemplating trying to sell.

And of course, if you own a property in paradise, why on earth would you want to sell it!

Combinations of these reasons conspire to keep the average number of properties available to buy at around 100. Not a bad thing for Hydra as this helps to keep prices steady and scarcity makes owning property even more desirable & prestigious. It does mean that finding the right property can take a lot longer than it would in other places for house hunters.

The Family Assets

Traditionally, in the 'good old, bad days' when taxes and annual fees weren't collected, property ownership was a prestigious asset to any Greek family. Quite aside from the prestige of being a property owner, the 'book' value of owning a house, piece of land or even a ruin formed a valuable estate. These assets were absolutely imperative to the Greek (and Hydriot) way of providing for future generations. Having several disposable properties meant that as the children grew to adulthood, they could be endowed with a family property as a coming of age or wedding gift. And with the added benefit of pushing the younger generation out of the family nest. 

Assets With A Price Tag Nowadays

However, these days, recent laws (and existing laws that are now better enforced) mean that property assets come with a price tag that is changing attitudes.

Annual ENFIA bills, property transfer and inheritance tax now make Hydriots consider ways of earning an income from their assets to offset the costs. On Hydra, it is quite feasible for the head of a family to own an assortment of 10-15 properties. Some could be houses, pieces of land that can never be built on or perhaps some ruins that need rebuilding. All will have either been bought in the distant past or inherited. Until annual ENFIA property tax was introduced, the properties weren't costing the owner anything. Now, each property has a yearly price tag. So if you estimate approximately €400 per property, times potentially 10 properties, that's an annual cost of €4000. Especially for older generations this is a considerable dent in their Greek pension.

Covering The Costs

But Hydriots are still reluctant to part with their valuable assets by selling them though. As I hinted above, the sensible Hydriot attitude is more likely to put their assets to work. The surge in demand for holiday rentals since 2008 with portals such as Airbnb (and Hydradirect) has been a lifeline embraced by Hydriots. 

So this is one reason you won't find a massive list of property for sale on Hydra. Hydriots know when they are onto a good thing because they cover their assets' cost without selling. The goose as it were is still laying more than enough golden eggs, and they have no intention of cooking the bird!

Too Many Inheritors

Hydra is dotted with what seems to be an abundance of empty properties that house hunters drool over and would dearly like to buy and renovate. Because of inheritance, one derelict property can have an extraordinary number of owners. Often getting all the inheritors to talk to each other can be impossible. Some of the title owners will have decided on an acceptable price and agree to sell. But it only takes one part-owner who doesn't want to sell to completely negate the other's wishes. 

So disagreeing inheritors is another factor to why there is such a limited amount of available real estate stock on Hydra. 

Too Many Irregularities

There are many owners of property on Hydra who would very much like to sell. But the very thought of having to get their paperwork in order is enough to make them scratch that idea. They head to the hills of Hydra resigning themselves to it being too much of a Herculean task.

I confess that I love these types of 'irregular' properties. If the owner(s) agree that they want to sell, I am quite happy to take on Hercules' role.

It has to be said that I am a little weird in-so-much as I thrive on the task of getting the legalities sorted. Over the years there's very little I haven't come across and overcome. Plus I have a super relationship with several vital professionals and authorities that is invaluable. But even I can't manage to get a property legalised and ready to go to market quickly. It can take years and a lot of patience. So this is another reason for there being so little choice. Simply put, there are still too few properties with the correct paperwork, and they can't be sold until it's sorted.

Why Would Anyone Want to Sell?

And the final reason ...

If you already owned a house on one of the most idyllic of the Greek islands would 'you' willingly want to sell your gorgeous oasis?

Perhaps this is the biggest reason why there is so little choice. When you own a piece of Hydra, you simply don't want to ever part with it!

Regards, Kelsey