Evia, Greece - An investment Opportunity

• Central Evia set to grow from 100,00 to 200,000 inhabitants over next 10 years
• Adjoins new national distribution centre for Greece
• 1 hour from Athens(and the international airport) by road and rail
• Residential opportunities for local and international market
• Stunning scenery

Evia (spelt many times Evoia or Euboea) is an island 50 miles North of Athens which is second only in size to Crete and has over 750 kms of coastline. It is  connected by two bridges to the mainland and the prefecture extends 20 kms up to the motorway linking Athens with Thessalonike.

Over the last ten years the central area around Halkida (otherwise spelt Chalkis - see the map) has grown from 60,000 to 100,000 inhabitants and the region is planned to double its population to over 200,000 over the next 10 years.

Why this Growth ?

The investment in communications infrastructure in Greece over the last ten years has suddenly put the area on the map. It is at a natural crossroads linking the  North of Greece with the South and is only 50 miles from Athens , yet , until the new suspension bridge was completed in the late 1990's its only link was a small bridge that could not take heavy transport or by ferryboat.

Unlike other islands (and despite its size) Evia has no airport. In 2002 the new Athens international airport was completed,  suddenly bringing it within an hour's journey.

Future prospects

The improvement in communications has acted as a catalyst for a step change in the area's prospects:

• There is a surging demand for industrial premises 30 kms away along the motorway , as industry is driven out of the Athens region either for legal, environmental or economic reasons

• New distribution parks are being developed alongside the motorway as the traditional Greek transport systems undergo radical modernisation

• The coastal region  between Halkida and Eretria is developing as an area of holiday homes for Athenians,  and as a holiday resort for foreign (mainly French) tourists.

• Halkida itself is developing not only as a commercial centre , but also as a dormitory town for Athens - the journey time by road to the centre of Athens will be cut to an easy commuting  one hour with the completion of the 15 Km link to the  motorway in 2009. As a result prices for land in the up-market Agios Minas area have doubled over the last four years, yet are still cheap compared to Athens prices.

• In 2008 new signalling systems and track improvements will allow the journey time by train from Halkida to the centre of Athens to be reduced to well under an hour, and link Halkida directly with the airport

• A new by-pass around the Halkida / Artaki conurbation will open up the road North to the spa town of Aidipsos, and other towns such as Limni and Politika.

• Large tracts of land just opposite on the mainland , which have been nominated as residential zones but have lain dormant through lack of communication infrastructure are expected to be developed.

• The area, its beaches and clubs have long been a day-trip tourist destination. Improved communications mean that even in the winter months the waterfront bars and restaurants are thronging with Athenians.

• Over the last three years foreigners (English, German, Greek American) have now begun to build villas and buy seaside apartments in the area as retirement homes

• The supporting framework is also under development with new schools (the local state schools have a very good reputation for achieving results in the National university entry exams) . A new university level hospital is under discussion, The administration centre for the region is being relocated and is currently under construction. The Electricity utility and tax administration have been moved to out of town premises.

• New commercial and retail centres are being developed - supermarkets (Carrefour group, Lidl, Dia), clothes stores (Sprider), all the major electrical and computer superstores have recently moved in. New car showrooms. New hardware stores are opening, mimicking the Praktiker DIY. stores in Athens.

In summary the area is undergoing radical change offering numerous investment opportunities, whether commercial , retail, residential or leisure and , in the author's opinion, will be one of the fastest growing regions not only in Greece but even in Europe over the next 5 - 10 years

Andrew Blackler FCMA
Business and Property Consultant