Lower-priced Greek properties

Friday, July 23, 2010

Lower-priced Greek properties

Cheaper Greek property prices and a weak economy could soon start to attract more bargain house hunters.

Data released by the Foundation for Economic & Industrial Research and Propindex shows that the average price of a property in Greece dropped by 7.7 per cent in the first quarter of 2010.

Currently in recession, the country's weak economy, submerged in public debt, suggests that property values could fall further across some parts of Greece, which may in turn attract greater international demand for homes in the country.

Rising tax levels and mounting wage reductions are expected to add extra strain to affordability levels in Greece, and may encourage some vendors to slash property prices in order to secure a quick sale.

Greece, located in southeastern Europe, has long been a popular holidaying destination for Brits, and is growing ever more fashionable as a place to buy property, especially as property prices across much of Greece recorded double-digit price falls during the first quarter of this year. Apartment prices are now back to levels last seen in 2006.

Homes in Crete are attracting particular interest at the moment. Crete is currently one of the most searched for destinations among people looking for property for sale on www.aplaceinthesun.com.

To read our guide to buying a property in Greece, click here

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A Place In The Sun