Unlike many other parts of the world which have fallen on harsh times thanks to the global economic climate, Greek islands such as Crete, Corfu and the exquisite Samos, are actually opening up to prospective property developers.
Yannis Perrotis, head of CB Richard Ellis-Atria, real estate consultant in Athens, explained: "The islands have something for everyone, and they are close to home for Europeans, so foreign interest is strong."
Strong tourism encouraging further development
A long-time favoured holiday destination for many Europeans and a country of great historical importance, Greece has developed massively since 2004, when the city of Athens hosted the Olympics.
Greece is the third most popular country for holidaymakers from Britain, and tourism contributes over 16 per cent of the country's GDP, according to the World Tourism Council.
With further growth in the tourism industry expected over the coming years and new routes from airlines such as EasyJet improving access to property markets on Crete and other islands, there will be strong demand for rental accommodation.
Welcoming government policy
As well as increased infrastructure investment in and foreign exposure to the country's property market, there has also been a shift in official policy, with the current authorities working to ease the purchasing process for international investors.
In fact, the government has gone so far as to guarantee rental returns of eight per cent a year for two years in order to attract greater outside foreign investment - a move it hopes will increase international tourism by 50 per cent in time for 2013.
It is, however, important to remember that different Greek islands each have their own specific rules on property ownership. While some islands require more paperwork, others are more particular about issuing building licenses, so it is best to go in well researched.
Samos: benefiting from new planning laws
Nowhere are these developments more noticeable than on islands such as Samos. The sunny haven, which is located in the north Aegean island chain, has managed to retain its natural and historic beauty, and remains relatively undeveloped compared to other, more overexposed areas of the Mediterranean.
But new planning laws now allow developers to build on up to 35 per cent of the land providing it is part of a resort - a big first step towards a more open real-estate market considering that freehold properties were previously only allowed to be built on two per cent of a plot.
Speaking to the Telegraph, Robin Barrasford, an international property developer, explained the island's allure to holidaymakers and property investors.
"Samos has a great climate, a welcoming atmosphere and rich culture, with incredible ancient ruins dotted around the island and there are direct flights from the UK between May and October."
Although prices on the island are by no means cheap compared to emerging markets - apartments start at approximately 70,000 euros (£55,000) in regions such as Pythagorio and Vasi - there is growing demand for high-end property from buyers in Britain and Europe.
Indeed, there are currently estimated to be about 70,000 foreign owners with property in Greece and its islands, including Samos. Although no official records of house purchases exist, anecdotal evidence suggests that this number is rising rapidly.
"Samos is as undiscovered as it is under-developed," said Paul Treherne, director of overseas investment consultancy Independence Properties. "With government backing for up-market tourism and the huge investment in infrastructure, Samos will soon be in the hearts and minds of both investors and holiday makers alike."
