Well that would be nice but highly unlikely. We looked recently and the property prices are still very high. Unlike countries like the Uk where the prices fluctuate according to the economy in Greece this appears not to happen. The Greeks and foreign home owners will have to reconsider the prices they ask if they are desperate to sell but as there are no guidlines to value a property it is more ask what you want for it and see who is daft enough to pay that price. For example the Uk now in areas the prices have dropped considerably, a loss of up to 40 thousand pounds. We were shocked that we could buy a three bed terrace for around 35'000 euros and for that money in Greece we can get a studio or a ruin.
Property prices
With the economy in such dire staits I wonder how the prices of property are faring?
How soon will I be able to buy a villa with pool and sea view for £20,000?
How soon will I be able to buy a villa with pool and sea view for £20,000?
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I agree. Greek property prices are very high and rental relatively cheap. They are coming down bit by bit, but it seems to be a slow process.scoobie said:Well that would be nice but highly unlikely. We looked recently and the property prices are still very high. Unlike countries like the Uk where the prices fluctuate according to the economy in Greece this appears not to happen. The Greeks and foreign home owners will have to reconsider the prices they ask if they are desperate to sell but as there are no guidlines to value a property it is more ask what you want for it and see who is daft enough to pay that price. For example the Uk now in areas the prices have dropped considerably, a loss of up to 40 thousand pounds. We were shocked that we could buy a three bed terrace for around 35'000 euros and for that money in Greece we can get a studio or a ruin.
I'm finding the same thing. We had started looking last year (well, 2010) and were expecting to see prices come down in 2011 but at least in our market, they haven't moved at all. On the other hand, prices are down a little on rentals. So we're not actively looking anymore.
Unlike the UK the majority of Greece has not large home building contractors, most are small local builders. Even during the current climate the building industry quietly continues. Yes, some people have "frozen" their build, but I believe generally home building continues for the local communities.
This may not apply in relation to holiday homes for ex-pats though.
People in Greece build as money permits, not getting into debt of mortgages etc. Family homes are built over a time period.
Unlike Spain ex-pats also tend in the main not to have mortgages on properties in Greece and if money is not "desperate" will just close the house up rather than sell it at a ridiculously low price.
This may not apply in relation to holiday homes for ex-pats though.
People in Greece build as money permits, not getting into debt of mortgages etc. Family homes are built over a time period.
Unlike Spain ex-pats also tend in the main not to have mortgages on properties in Greece and if money is not "desperate" will just close the house up rather than sell it at a ridiculously low price.
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