Greek island property prices fall
Guest Post: October 2012
Greek island property prices fall.
Rising numbers of people who took Greek Island holidays this year have been eyeing up the Greece property market for cheap holiday homes. More potential property buyers have been scanning the Greek real estate market for investment opportunities as property prices in Greece continue their downward trend.
For the time being most people only seem to be window shopping, with a sharp rise in enquiries at the end of the 2012 holiday season not yet reflected in sales of Greek Islands villas and homes.
But real estate agents expect sales of Greek Island properties to rise as prices drop further. In a recent report on the Greek holiday home market, property company Savills noted a 30% drop in the average price of a Greek Island property since 2008, just before the start of the Greek financial crisis.
Most real estate dealers say Greek holiday home transactions have stalled recently but this means the stock of unsold properties is steadily increasing.
Luxury holiday homes in the Greek Islands now average at €6,700 a square metre, while the average asking price for a modern two-bedroom house is just €2,400 a square metre.
These prices are for modern, high-spec homes in popular areas and with a sea view. These are only a small portion of the properties currently up for sale and there are bigger bargains to be found. Estate agents can offer big discounts on properties that have been on the market for more than a year.
The most expensive areas are the most popular Greek holiday islands of Mykonos, Santorini and Corfu, while certain area of Crete and Halkidiki still attract large numbers of buyers from abroad.
The biggest buyers of holiday homes in Greece are the British with Russians, Germans, Chinese and Turks not far behind. There is also a small, but rising, demand from Greeks living abroad who want to return to their native islands.
And it is not just individual homes that are being put on the market. Savills are offering a whole 'village' of 24 homes at Zorkos on Andros and a complex of 10 luxury villas at Platys Yialos on Mykonos — prices on application,