Figures released by the Bank of Greece have highlighted that property prices in the recession ravaged country are still plummeting at an alarming rate which is good news for expats seeking to start a new life in the sunny country.
The average price of a property in Greece tumbled by a whopping 11.6% in the second quarter of 2013 with the major cities seeing the fastest declines. The biggest decline was recorded in the Greek capital of Athens where house values tumbled by 12.7%.
The pattern of newer property losing its value faster than older builds has now been reversed making now a good time to buy a quaint cottage on one of the Greek islands.
Since the start of the financial crisis in 2009 property prices are a massive 30% lower than they were in pre-crisis days making now an excellent time to invest in Greek property. Since the crisis began unemployment in the country has rocketed to 26% and is expected to reach 28% by the time any improvement begins to appear. Greece may not be an ideal place to go if you’re looking for work but for retirees it’s perfect.
Some experts have suggested that more and more overseas investors are becoming interested in Greece as they have been drawn to the country’s low prices and the possibility of making a big profit when the economy finally begins to emerge from the mire. If you’re looking for an investment opportunity then Greece could be the perfect place to start.