ECONOMY

Interest in cheaper Turkish holiday homes grows

Interest on the part of Greek investors looking to buy a holiday home in Turkey has grown recently due to high property acquisition costs in Greece, according to an industry source.

An unnamed Greek real estate agent operating in Turkey was cited by business website Capital.gr as saying that low property prices, good-quality construction and a large number of residential housing complexes are also helping draw Greeks to the other side of the Aegean.

The cost of buying real estate in Greece is considered to be among the highest in the European Union. According to a survey put together by the OECD, Greece is the sixth most expensive country to buy property in.

The high costs have weighed on weak market sentiment, as demand in Greece?s residential property market is seen falling to record lows.

A survey recently put together by Athens University showed that nine in 10 respondents opposed the idea of buying a holiday home in the next two years.