Greece lies in the extreme southeast of Europe. It has an area of 132,000 square kilometres (51,000 square miles), of which approximately 20 per cent is made up of islands. The country borders with Albania, Yugoslavia and Bulgaria to the north, Turkey and the Aegean Sea to the east, and the Mediterranean and Ionic seas to the south and west. Greece is divided into a number of districts (nomos), governed by local governors elected by the people.
Collective investment vehicles were first regulated in Greece by Law 608/70. However, subsequent developments in collective investment urged for more integrated and up-to-date legislation. Law 1969/91 constitutes the dominant legal instrument governing these vehicles today, whereas Law 2778/99 regulates specifically vehicles of collective investment in real estate.