Wednesday May 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Holiday homes see interest from abroad increase

 But many waiting for prices to drop

By Nikos Roussanoglou

More and more property buyers from abroad are scanning the Greek real estate market for investment opportunities, although for the time being they only seem to be window shopping, as they expect prices to drop further.

In a recent report on the Greek holiday home market, property services company Savills says there has been a 30 percent drop in average prices compared with the 2007-08 period, just before the start of the financial crisis.

Savills argues that holiday home transactions in Greece remain at very low levels and that the stock of unsold properties is increasing. Luxury holiday homes average at 6,700 euros per square meter, while the average asking price for a modern two-bedroom house is 2,400 euros/sq.m.

These prices concern quality constructions in the most popular areas with a sea view and only represent a small portion of the properties for sale, as in most cases there are discounts if the properties have remained on the market for a year or more.

The most expensive areas are Myconos, Santorini, Corfu and certain parts of Crete and Halkidiki, i.e. spots that have always attracted a great number of buyers from abroad. In Greece’s case, the interest is mostly coming from the British, Russians, Germans, Chinese and Turks, while there is also a small demand from diaspora Greeks. Besides the aforementioned areas, the islands of Paros and Cephalonia are attracting interest too.

Nevertheless most potential buyers have chosen to wait, expecting prices to drop further, which serves to explain the fact that demand for holiday homes in Greece is at the lowest point of the last 15 years, according to Savills.

A few months ago, Savills had conducted a survey in association with Internet site Homeaway among 3,000 British holiday home owners and tenants, which ranked Greece ninth among the most attractive countries for British holiday home buyers -- and that was before the country’s debt was restructured and the new government was formed.

ekathimerini.com , Friday October 12, 2012 (21:31)  
Target of Greek scorn shapes nation’s fate as IMF point man
Greek failure to pay IMF would be default, Canada’s Oliver says
Euro strengthens as Greece works to draft deal with creditors
ATHEX: Hopes for end to talks help stocks expand
WWF accuses minister of ‘backtracking’ on environmental protection
The conservation group WWF Hellas on Wednesday levelled heavy criticism against the government, and in particular against Reconstruction, Environment and Energy Minister Panagiotis Lafazanis...
Prosecutor seeks guilty verdicts over beating of Egyptian worker
A prosecutor recommended on Wednesday that a Piraeus court find guilty the four men suspected of beating and abusing Egyptian bakery worker Walid Talb (photo) on the island of Salamina 2012....
Inside News
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
SOCCER
Berg brace gives Panathinaikos four-point lead
Panathinaikos beat Atromitos on Sunday and took advantage of the goalless draw between PAOK and Asteras Tripolis to open a four-point gap from PAOK at the top of the Super League play-off mi...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. WWF accuses minister of ‘backtracking’ on environmental protection
2. Prosecutor seeks guilty verdicts over beating of Egyptian worker
3. Minister backs idea of doctors doing military service in remote parts
4. Council of State to assess entry changes at model, experimental schools
5. Postal workers to walk off job in demand of more staff
6. Target of Greek scorn shapes nation’s fate as IMF point man
more news
Today
This Week
1. Some 300 mln left banks on Tuesday
2. Romantic notions meet reality
3. Target of Greek scorn shapes nation’s fate as IMF’s storm-chaser
4. The G-7's problem: Can the world deal with a Greek default?
5. Solving the Gordian Knot
6. FYROM PM blames Greece for name impasse
Today
This Week
1. Conspiracy madness
2. National self-awareness put to the test
3. Albanian demarche raises concerns about possible territorial claims over Greece
4. Hotel contracts with a ‘Greek default clause’
5. Neither Grexit nor a dual currency will solve Greece’s problems
6. Merkel said to plan address for Greece if deal reached
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.