ECONOMY

Greek holiday home market attracting foreign buyers as prices drop

Foreign buyers spent some 250 billion euros on holiday homes in Greece last year, compared to 168 billion in 2013, as prices in the popular but debt-hit tourism destination have fallen by 50 percent since the outbreak of the crisis, Kathimerini understands.

According to data from the association of Greek estate agents and chartered surveyors (EPPA), 60 percent of the properties went to European, Russian and Chinese buyers.

Another survey by Engel & Volkers Athens North found that buyers last year spent an average of 77,500 euros to acquire a holiday residence in Greece. The most expensive property was sold for 850,000 euros, it said.

Myconos and Santorini attract the most buyers, while demand remains strong in Crete, Rhodes and Corfu.