The reduction in prices in the Greek market and the huge stock of unsold properties, estimated at somewhere between 25,000 and 40,000 units, have led the market to its lowest point in the last 15 years.

By Nikos Roussanoglou

The drop in the prices of holiday homes in Greece today compared to the period before the crisis stands at up to 45 percent, according to opinions aired by market professionals at the 2nd Greek-Russian Real Estate Forum in Athens on Tuesday.

Organized by the Greek-Russian Chamber of Commerce, the forum was also attended by representatives of some 60 regions in Russia who have more than 250,000 associates. Those attending heard that the reduction in prices in the Greek market and the huge stock of unsold properties, estimated at somewhere between 25,000 and 40,000 units, have led the market to its lowest point in the last 15 years.

However that very decline in prices may prove to be the redeeming feature of the market as Greece is now becoming a much more competitive destination for foreign buyers in general, rivaling countries such as Spain and Portugal, although its prices are still less attractive than those in neighboring countries including Bulgaria and Turkey, which attract a considerably higher number of buyers.

The forum heard that Russian buyers are most interested in holiday homes in the 100,000-200,000-euro price range, and especially apartments, while the most popular areas are Halkidiki, Skiathos, Corfu and Crete. In general, Russians seeking such properties tend to be entrepreneurs with a family, aged between 35 and 45, and willing to spend an average of 115,000 euros on a holiday home.

Greece and Spain are among the top choices of Russians in search of holiday homes, while as far as Greece is concerned, 93 percent of interested buyers look for apartments. More than two-thirds (70 percent) seek out secondhand properties.