A few months ago at a bank auction of a confiscated luxury villa on the island of Mykonos no one was interested in acquiring it. On the contrary, at a similar bank auction of an olive grove of 125 acres in Messinia, southern Greece, there were no less than 8 bids.
Maybe this is only a coincidence, but then again it can mean that things are changing and people are thinking rationally again.
The advent of the financial crisis has created many woes, but at the same time, it has created the need to look back to forgotten things and practices that can take us out of the swamp, like young people going back to work at the family property.
Olive oil branding ranks at the top of the inquiries advertising agencies are receiving and in the Messinia region over 20 applications have been submitted to the local Department of Industry during the last two months for permits to make branded olive oil.
Good luck to the newborn entrepreneurs, but there is more to it than meets the eye; despite the crisis, people have decided to do something with their money. And since most upstarts will invest their savings (bank financing is virtually non-existent), money will flow in the market, equipment will be bought, new hiring will take place, and so on.
Of course, this by itself can’t take Greece out of the burdensome predicament, but olive oil production is a real and promising business, unlike all the others that brought the country and other previously solid economies of Europe on the verge of extinction.
Related Articles
Jul. 29, 2024
Olive Trees on Corfu Face Threat from Wood-Eating Insects, Experts Rule Out Xylella
A lab in Athens ruled out Xylella fastidiosa as the cause of the dieback in central and northern Corfu groves.
Sep. 5, 2024
Bringing Peloponnesian Flavors to American Kitchens
The producer behind Kosterina believes there is a place in the American kitchen for Koroneiki olive oil produced in its place of origin and traditionally cured Greek olives.
Jan. 2, 2024
Greece to Provide Work Permits to 30,000 Migrants to Curb Labor Shortage
By easing vetting procedures for migrants already in the country, Athens plans to increase the agricultural workforce.
Apr. 9, 2024
The Farm-to-Table Restaurant Bringing the Cretan Diet Back in Vogue
The owner and managers of Peskesi are working to reintroduce the Cretan diet to locals and tourists alike.
Aug. 19, 2024
The Olive Tree and The Olympics: An Ancient Bond
The olive tree has always symbolized unity and excellence in the Olympic Games.
Mar. 19, 2024
Registration of Kalamata Olives as Intellectual Property Renews Controversy in Greece
The registration of the Kalamata table olive PDO from Messenia with WIPO will restrict the term's use by table olive producers in Greece, re-igniting an ongoing debate.
Apr. 30, 2024
Greek Court Rules Kalamon Olives May Use Kalamata Brand
The supreme court rejected an appeal by Messenia-based growers that only they could use the Kalamata branding, an appellation worth €200 million in exports.
Feb. 19, 2024
A Dismal Harvest Concludes in Greece
With the country’s olive oil production almost halved compared to last year, record prices at origin have shaped a market searching for equilibrium.