Friday April 25, 2014 Search
Weather | Athens
21o C
15o 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 Greeces 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 countrys debt was restructured and the new government was formed.

ekathimerini.com , Friday October 12, 2012 (21:31)  
Ellaktor lands major Doha metro project
World seeks produce from Greece
Eurobank opens book for capital increase
Govt presents its growth model for the coming years
Work at new Athens cultural center gathering pace
It was revealed on Thursday that the outer shell of buildings at the Stavros Niarchos Foundation Cultural Center should be completed by July 28. The planting of trees and shrubs on the 17-he...
Greece makes request for debt relief as loan tranche approved
Greece made its first official request on Thursday for further debt relief as the Euro Working Group (EWG) met in Brussels to rubber-stamp the 2013 primary surplus and approve the release of...
Inside News
SOCCER
4,000 officers to police Greek Cup final
Police says it will ban mass gatherings in central Athens amid heavy security measures planned for Saturday's Greek Cup final between Panathinaikos and PAOK at the Olympic Stadium. More than...
BASKETBALL
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
Inside Sports
COMMENTARY
At the mercy of fools
The death of a young man at an Easter lunch in a village near Rethymno on Crete and the very serious injury of an American guest at a Resurrection ceremony on Santorini must not be forgotten...
COMMENTARY
Putting the party above the country
The case of Sabiha Suleiman, the Roma activist whose candidacy for the European Parliament was announced by SYRIZA only to be withdrawn shortly afterward, is an illustration of the leftist o...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Ellaktor lands major Doha metro project
2. World seeks produce from Greece
3. Eurobank opens book for capital increase
4. Govt presents its growth model for the coming years
5. Work at new Athens cultural center gathering pace
6. Greece makes request for debt relief as loan tranche approved
more news
Today
This Week
1. Ellaktor lands major Doha metro project
2. Putting the party above the country
3. Three missing from cargo ship that went down off Crete
4. Central Athens cleanup a sign of Greece's turnaround
5. Strong card in debt talks
6. Samaras meeting with Dimon key to Greek return to bond markets
Today
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Putting the party above the country
5. Government looks to kick on
6. Greece offers to help find Turkish F-16 lost in 1996
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.