Greek island holiday homes for sale.
Holiday homes in the Greek islands may never be cheaper as Greeks suffer under the country's economic woes. There has been a dramatic drop in demand for home by Greeks in 2011 at many seek to offload their second homes and holiday apartments in the economic crisis. Greek owners of holiday apartments and villas are putting them on the market as much as to avoid the latest punitive tax hikes for second homes.
Meanwhile, housebuilders and property companies are dropping prices in a desperate bid to get rid of the large stock of newly built holiday homes.
Most homes in the Greek islands have been highly valued in the past with demand from Greeks and foreign tourists helping to push up prices.
Tax exemptions for second homes look set to be abolished in Greece and panicky owners look to offload surplus property and those who enjoy Greek Islands travel can now pick up a bargain.
Latest estimates say there more than 3,000 unsold holiday homes on the holiday island of Paros. Mykonos has about 1,500 properties on the market while Santorini expects to top 1,000 this summer.
Unsold homes on Corfu are estimated to be as high as 4,000 while Rhodes could have 1,500 on the market. In Crete, once a favourite with Britons and Germans, the number of unsold homes is expected to reach 5,000.
Market experts warn demand for island homes has dropped by 50 -70% in the last two years. Estate agents say increased interest from Russians, Germans and Britons may help to keep prices stable but many homes are now valued at half the prices they commanded five years ago.