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Euro crisis takes tough toll on property in Greece

Euro crisis takes tough toll on property in Greece

Euro crisis takes tough toll on property in Greece

By: Nick Marr -  Category: Greece - Added: 2012-06-27

The continuing political uncertainty in Greece and the future of the Euro has had an unsettling effect on property prices in the stricken country.  And, the problems could get worse if the country were to exit the Euro over the next few months.

The economic turmoil in Greece has also resulted in an increasing number of Brits looking to sell their holiday homes in the country.  So, for brave investors, there are certainly opportunities to pick up cheap property in Greece, as we see here.

Opportunities exist in Greece for brave investors

The Daily Telegraph recently reported that ‘expats or second-home owners in Europe could see property values dramatically slashed if Greece was to exit the euro.’

Estimates made by a leading foreign currency specialist showed that properties in Greece would be hardest hit.  Prices of property in the country could fall by up to 50 per cent according to estimates by the firm, published in the Telegraph.

The currency firm also revealed that it has seen enquires from Brits looking to sell their European homes rise by almost 200 per cent since 2008. It found that almost two in five Brits (39 per cent) are looking to sell their properties in Greece, compared to 34 per cent in Spain and 23 per cent in Portugal.

Mark Bodega, marketing director at the company that commissioned the research, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

Nick Marr, director of Greece property specialists Homes Go Fast, said: “It is perhaps not surprising that the uncertainty has resulted in many Brits looking to sell their Greek homes.

“However, with falling prices comes an opportunity for brave investors to snap up low cost property.  Prices in Greece are falling, and this, coupled with the strengthening pound, means investors can get more for their money.”

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