How Timeshares Work
Before you decide to buy a timeshare in Greece, let's take a look at how they work. Timeshares allow you to own a fraction of a property. If you have bought a month in a timeshare, you own 1/12th portion of real estate. You and the other owners take turns using it.
Most shared units are purchased for a minimum of one stay per year. Depending on the arrangement, you may have the option to choose when to use the property. Timeshares can be owned for 5 years, 50 years, or even indefinitely, as long as you pay maintenance fees.
Some people think of a timeshare as an investment. But it is not the case. A timeshare in Greece is a repeatable vacation. Vacations are not investments since they do not gain value over time or generate income. You are not likely to make a profit reselling your timeshare. But you can save some money if you plan to travel a lot.
Two Types of Timeshares
Right-to-Use Timeshares. It is the cheaper option. You are not buying a share in a property, only the right to lease it for a fixed amount of time each year. Developers often offer several of their resorts instead of just one. You can stay at different places and try new experiences.
Deeded Timeshares. You are buying a stake in a resort. The duration of your stay depends on the size of the share. If you think about getting a deeded timeshare in Greece, be ready to part with a significant sum. You will also have to pay a maintenance fee. You will be stuck with the same property for 10 years or more. The upside is that you can rent out or resell your share.
Becoming an Owner
When you buy a timeshare in Greece, you make a serious financial commitment. In addition to the initial payment, you will have to pay taxes, maintenance, and insurance fees. The EU laws protect buyers to a certain extent. They also cover timeshare resale and exchange contracts. Depending on the size of the unit and the location of the resort, the initial payment can range from €1,500 to €30,000.
Things To Know Before Buying
The seller must give you full information about the terms of the deal in writing. You may request the details in any official EU language.
You get a 14-days cooling-off period. You are free to withdraw from the contract without providing a reason during that time.
You get a longer cooling-off period if you were not given full information about the timeshare. It is extended to 3 months and 14 days.
You don't have to pay anything during the cooling-off period.
Are you looking to become a Greek resident using the Golden Visa? Buy a timeshare valued at €250,000 and keep it for at least 5 years.
Buying a used timeshare from a private seller is less expensive than making a deal with a developer.
Visit the property before you buy it or send a trusted representative.
How To Rent Out Your Timeshare
You can rent out a deeded timeshare in Greece. It's a reasonable choice if you cannot visit the country. Use specialized websites and forums to look for people interested in your offer. The rental offer should cover maintenance fees. The rule of thumb is to multiply your maintenance fees by 1,5 or 2 depending on the seasonal demand. Get in touch with booking websites and advertise the unit. The best option is to hire a resort rental professional.
Reselling Your Timeshare
If you've decided to sell your timeshare in Greece, be patient. It might take a while. List your timeshare on online marketplaces. Look for reputable platforms that have good reviews and no hidden fees. Get in touch with a professional who can help you find a buyer and close the sale.
Remember that according to the EU laws, a hired professional cannot charge you for services before your timeshare is sold.
Choosing the Best Resort For a Timeshare
Both mainland Greece and the islands offer a lot of opportunities for vacationers. Do you prefer large cities and exuberant nightlife? Buy a timeshare in Athens. Are you looking for some peace and quiet? A resort next to a fishermen's village on a smaller island might be a better option.
Athens. Visit iconic sites like the Parthenon, the Acropolis, and the Ancient Agora. Athens has plenty of museums, water parks, shopping malls, sporting events, bars, and nightclubs.
Thessaloniki. An eclectic mix of Byzantine, Roman, and Ancient Greek architecture. Visit museums, open-air markets, and relax in Turkish hammam baths.
Meteora. Take a look at medieval Christian monasteries or spend your day rock climbing.
Delphi. Visit the Temple of Apollo and other sacred places of the ancient Greeks.
Golden Coast Holiday Club is a popular timeshare resort located in Athens on the Marathon beach.
Explore the ancient ruins of Corinth or take a tour of the Corinth Canal. Mystras has beautiful hiking trails. Visit Olympia, the birthplace of the Olympic Games. Don't forget about the Archaeological Museum of Mycenae.
Porto Hydra Hotel is a timeshare resort located in the small town of Ermioni in the Peloponnese region.
If you want to buy an affordable timeshare in Greece, take a look at the islands. They offer a lot more opportunities than the mainland.
Crete. The largest Greek island, Crete has quite a few historic sites. Visit the Cave of Zeus or the palace of Minoan king Knossos. Popular timeshare resorts include the RCI Gold Crown resort of The Village Holiday Club and the Leoniki Residence.
Corfu. A lush, green island, Corfu has a lot to offer to those who love nature. The main attraction is the UNESCO World Heritage site of Corfu City. The Aeolos Beach Club timeshare resort is popular among buyers.
Rhodes. Tourists can visit the medieval Palace of the Grand Master and the Acropolis. Nature lovers flock to the island in August to see the Valley of the Butterflies. If you are interested in buying a timeshare, take a look at the RCI Gold Crown resort of the Sun Beach Holiday Club.
Kos. This large island is just 5 miles from the Turkish border. The island offers a mix of Green and Ottoman buildings. The Kos Imperial timeshare resort has received glowing reviews from guests over the years.
Skiathos. Beach lovers should visit this tiny island with more than 50 world-class beaches. Enjoy amazing water parks and outdoor cinemas. The Nostos Village timeshare resort is located there.
Purchasing a timeshare in Greece is reasonable if you have the means. Most resorts are located on the islands. Buying prices start from €1,500 for a 1-bedroom unit. Rentals are €600 and up. Always check reviews and visit the property before signing the contract.