Thursday April 17, 2014 Search
Weather | Athens
15o 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 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)  
Greece startup leaders say they cant break jobless cycle alone
Euro award institutions choose Greece
Mission to woo Russian visitors
IOBE: Reforms are the only way for economy to return to growth
Homemade bomb targets car of deputy Parliament speakers wife
A homemade explosive device on Thursday destroyed the car of deputy Parliament Speaker Giorgos Kalantzis's [photo] wife. The vehicle was parked outside the couple's home in Kavala, northern ...
Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
Laid off cleaning ladies wearing crowns of thorns on Thursday protested outside the Finance Ministry in Athens, local media said. Demonstrators reportedly waved banners against the job cuts ...
Inside News
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national teams triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
EDITORIAL
Transparency of political party funding
Ensuring transparency in the funding of political parties and the manner in which they choose to spend their funds are crucial to the smooth functioning of our democracy. After all, most of ...
COMMENTARY
Historical baggage
In Ukraine, which is on the brink of civil war, its not just whether the former Soviet republic will join the Western camp or retain a neutral status reminiscent of Finland before the break...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Homemade bomb targets car of deputy Parliament speakers wife
2. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
3. Greece startup leaders say they cant break jobless cycle alone
4. Mayoral candidates clash over Athens mosque plans
5. Seven arrested over Toumba violence
6. Ground-breaking Good Friday mass signals thaw in Cyprus
more news
Today
This Week
1. Ground-breaking Good Friday mass signals thaw in Cyprus
2. Seven arrested over Toumba violence
3. Mayoral candidates clash over Athens mosque plans
4. Greece startup leaders say they cant break jobless cycle alone
5. Wearing crowns of thorns, cleaning ladies hold protest at Finance Ministry
6. Homemade bomb targets car of deputy Parliament speaker's wife
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
6. Samaras sees no need for third bailout
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.