Greek Cottages and Villas Sold Short Massively But Buyers Still Uninterested

25,000 cottages, many of them belonging to famous Greek actors and singers, are currently in search of a willing buyer, according to data recently published by the Hellenic Association of Realtors (HAR).

That selling bug has spread through many Greek owners of luxury villas: celebrities, businessmen, independently wealthy who live a fairy-tale life away from the public eye, stockbrokers and other wealthy Greeks who invest in real estate.  It seems most are having trouble making ends meet.

High maintenance costs and of course the devastating tax rate are the main reasons why these people are trying to abandon their million-euro cottages. Many foreigners who bought cottages in Greece during the past decade also now want to get away from our crisis-hit country and, of course, need to get rid of their estate properties as well.

Such cottages are to be found in regions of Attica such as Kifisia, Varkiza, Filothei and Psychiko, which are rather known for their wealthy residents, but also on big Greek islands such as Myconos, Santorini, Rhodes and other popular tourist areas.

It appears that the current economic situation has changed the way of life for rich and poor alike. Unbelievably expensive estates, magical villas and dreamy cottages are on sale, but despite the existing bargains, buyers are nowhere to be found.