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Luxury properties on the Greek islands go down in price

09 July 2014 / 18:07:30  GRReporter
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The sale of luxury properties in the most popular holiday destinations in Greece at particularly reasonable prices is continuing for the fifth year in a row. Although the investor interest is significant, real estate agencies state that the sales are not yet many and are now at the level of that before the financial crisis.

They also claim that the number of holiday houses and villas for sale is over 30,000. It may even be as high as 50,000, including the thousands of houses that are located at a short distance from the sea.

Indicative is the fact that from the beginning of the year to the month of May, 17% of the properties sold were holiday houses, all buyers were foreigners and half of them from European Union member states. 63% bought properties worth up to 100,000 euro and only 11% bought luxury villas.

The research conducted by Alpha - City Property company shows that the market on the Cycladic islands is "frozen" and the buyers do not seem willing to invest. The vast majority of them are foreigners who are looking for property near the sea, with beautiful views, high-quality construction and very reasonable prices.

In the expensive areas of Santorini the fall in prices is in the range of 20%-30% and they amount to 3,000 euro/sq m - 4,000 euro/sq m. They are identical in Mykonos but the decline is about 40%.

The greatest interest in buying property in Crete has been expressed by Russians and Chinese, but it has not yet turned into actual transactions. In 2013, the most expensive property sold was worth 170,000 euro, and the decline in prices was in the range of 25% to 40%.

The properties on the islands in the Ionian Sea are drawing the interest of Russians and Arabs, especially when taking into account the sales of Skorpios and Oxia islands. In Lefkada villa prices are in the range of 1,400 euro/sq m and 3,100 euro/sq m, in Corfu they vary from 3,000 euro/sq m to 8,000 euro/sq m, in Kefalonia from 1,500 euro/sq m to 5,000 euro/sq m, and in Zakynthos from 4,000 euro/sq m to 6,000 euro/sq m.

Prices in Halkidiki marked the most significant decline of over 50%. The price per square metre in Afitos is in the range of 1,200 euro and 1,900 euro, whereas in Paliouri it varies from 1,200 euro to 2,000 euro.

In Attica the investor interest is focused on seaside villages that are located as close as possible to Athens, namely Rafina, Nea Makri, Porto Rafti, Agia Marina and Anavissos.

The majority of the foreigners who want to buy property in Greece are looking for houses worth up to 100,000 euro. This means that they are not investors. At the same time, a significant part of them are very interested in reasonable offers for luxury houses and villas, with prices starting from 400,000 euro and going up to 4-5 million euro.

The main candidates for the purchase of villas in Greece are Chinese, Arabs, Russians, Britons and Germans.

Tags: EconomyMarketsPropertyVillasPricesInvestorsGreek islands
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