Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o 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)  
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Measures to reduce unemployment
Education minister calls for probe into predecessors reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
ANALYSIS
EUs three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Polands prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the countrys need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Dont feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.