Author Topic: Property: buyers market  (Read 7544 times)

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Offline Maik

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Property: buyers market
« on: Saturday, 01 March, 2014 @ 00:55:03 »
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In a market that has hit rock bottom in the maelstrom of Greece's financial meltdown, basement flats are selling for as little as €5,000 (£4,150) in the less salubrious parts of Athens. On the isle of Mykonos, cash-strapped Greek celebrities have been selling luxury villas for a song.

"Last year, there were just 3,600 sales in all of Athens."

"At their peak, in 2005, in the euphoria of the Olympic Games, there were 250,000 sales in Athens."

The situation... is so dire that home ownership – at nearly 87% the highest in the EU – has become cause for black humour. "The joke now doing the rounds is: if you want to punish your child, you threaten to pass on property to them," he said. "Greeks traditionally have always regarded property as a secure investment. But now it has become a huge millstone, given that the tax burden has increased sevenfold in the past two years alone."

At no time has there been such a glut of property on the market, according to the Hellenic Property Federation (Pomida), which reckons more than 500,000 property owners want to sell. Across Greece, about 300,000 residences are believed to be empty.

"For northern Europeans who want to buy a holiday home or a plot to develop for business, it's a golden opportunity," says Stratos Paravias, Pomida's president.
http://www.theguardian.com/world/2014/feb/28/home-ownership-greece-property-market


Offline Maik

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Re: Property: buyers market
« Reply #1 on: Monday, 10 March, 2014 @ 01:42:49 »
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Property prices on Greek islands have dropped significantly in recent years, presenting major investment opportunities. The average price of houses at popular island destinations has dropped by a total of 33 percent since 2008, according to estate agents, while on large properties and luxury homes the decline is as much as 40-50 percent.

According to Ioannis Revythis, the... bulk of buyers’ interest at the moment concerns the purchase of land for future development into holiday accommodation.

“Nowadays 80 percent of buyers on islands are foreigners; just 20 percent are Greeks,” explained Revythis.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_09/03/2014_538021