Greece may be in the headlines on a daily basis because of its economic problems but don’t let that stop you from investing in the country. If anything the Greeks need all the help and inward investment they can get. The Ongoing Euro crisis has caused property prices in the debt ridden but spectacularly sunny nation to plummet by up to 20%.
With property prices continuing to fall now is the time to invest in a new property. House prices in Athens have fallen by over 6% since June 2011 according to the bank of Greece. Central Athens may be risky in the present economic climate but, in ever-popular Crete, you can get two-bedroom villas for less than £100,000.
Estate agents in the country are predicting that if the left wing SYRIZA party wins the upcoming elections and pulls the country out of the Eurozone then property prices could fall by a further 20%, making a saving of a whopping 40%. For a holiday home or a place to retire too Greece is definitely an attractive prospect, for people seeking work however it should be avoided.
The office of Beauchamp Estates on the island of Mykonos has seen enquiries increase dramatically as the election date draws near. Roi Deldimou, who runs the Greek arm of the London Based luxury estate agent said,
“People have decided that this is the time to buy, though obviously they are waiting for the elections, For better or worse they want to get ready to act,” she said, adding prices could drop by another 20 percent whether Greece leaves the euro or not.
Enquiries and sales are double what they were a year ago, said Spyros Mantzos, director of Apropertyingreece.com, which has sold properties throughout Greece for between 60,000 pounds and 18 million pounds ($93,200-$28 million).
“There are already bargains out there, and buyers are betting that if Greece leaves the euro they will be able to live much more cheaply.”
A big draw of Greece is that its living costs are far cheaper than those found in the UK, and with many cheap flights to the country, so staying in touch with back home is easy. There are hundreds of islands in the Aegean Sea to choose from and one of them is bound to appeal to you. There are islands for everyone, from quiet relaxed ones, to party islands.
On the islands prices haven’t dropped as dramatically as those in the cities and their value is not expected to plummet making a villa on Corfu or Mykonos a sound long term investment. The market in holiday properties is reasonably buoyant, certainly compared with other sectors of the Greek economy.
Greece may be in trouble now but the country has endured far worse situations before in its long history. It survived the Persians, the Romans and the Ottoman Turks and it will endure throughout the Euro crisis, the stoic Greek people will make sure that it does.