Thursday March 5, 2015 Search
Weather | Athens
20o C
11o 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)  
Industrial products offset agricultural exports’ losses
BoC disposing of 41 properties across Greece
RAE offers gift to natural gas power plants
Emergency intervention by BoG to acquire T-bills
Police, ministry dodge blame for migrants order
The Greek Police and the Interior Ministry on Wednesday both dodged the blame after new police guidelines on migration control were issued and then revoked within a few hours following a veh...
Speaker says laws may not stand
Parliament Speaker Zoe Constantopoulou suggested on Wednesday that some laws voted by less than 151 of 300 MPs when Golden Dawn MPs being held in pretrial custody were not allowed to cast ba...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a «sacrifice» to win trophies or leave. "Olympiakos ...
Inside Sports
FOCUS
Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
Strapped for cash and under pressure to deliver on reforms, Greece's new radical government has ruffled feathers in Brussels by not respecting the diplomatic niceties of the negotiating tabl...
COMMENTARY
Up the creek without a paddle
One of the issues that dominated the country’s pre-election debate was whether SYRIZA, which eventually won the vote, had worked out a plan B. It was clear from the start that its much-hyped...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Industrial products offset agricultural exports’ losses
2. BoC disposing of 41 properties across Greece
3. RAE offers gift to natural gas power plants
4. Emergency intervention by BoG to acquire T-bills
5. Valavani offers debt penalty write-off
6. Police, ministry dodge blame for migrants order
more news
Today
This Week
1. Up the creek without a paddle
2. Greek officials have ruffled feathers in Brussels for not having good diplomatic manners
3. Panousis says no official decision on undocumented migrants
4. More Germans booking holidays in Greece, tourism chief says
5. For Greece, a lesson from Ireland, Kenny says
6. ECB glimpse of Cyprus debt shows limits of bank cleanup
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.