More and more property buyers from abroad are scanning the Greek real estate market for investment opportunities, although for the time being they only seem to be window shopping, as they expect prices to drop further.
In a recent report on the Greek holiday home market, the property services company Savills said there has been a 30% drop in average prices compared with the 2007-08 period, just before the start of the financial crisis.
Savills, as daily Kathimerini reports, argues that holiday home transactions in Greece remain at very low levels and that the stock of unsold properties is increasing. Luxury holiday homes average at 6,700 euros ($8,666) per square meter, while the average asking price for a modern two-bedroom house is 2,400 euros, or $3,104 per square meter.
These prices concern quality construction in the most popular areas with a sea view and only represent a small portion of the properties for sale, as in most cases there are discounts if the properties have remained on the market for a year or more.
The most expensive areas are the islands of Mykonos, Santorini, Corfu and certain parts of Crete and Halkidiki, spots that have always attracted a great number of buyers from abroad. In Greece’s case, the interest is mostly coming from the British, Russians, Germans, Chinese and Turks, while there is also a small demand from diaspora Greeks.