Currently: 1,275,126 Listings of Properties for Sale

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.”

Low supply holds back US house sales
By:  -  Category: United States - Added: 2015-08-03
UK cracks down on corrupt property investment
By:  -  Category: United Kingdom - Added: 2015-07-28
Brits £50k better off in France
By:  -  Category: France - Added: 2015-07-27
Irish property has fastest rising prices in Europe
By:  -  Category: Ireland - Added: 2015-07-21
Spanish property enquiries reach record high
By:  -  Category: Spain - Added: 2015-07-20
US buyers step up demand for property
By:  -  Category: Italy - Added: 2015-07-15
Lettings demand doubled, say Greek agents
By:  -  Category: Greece - Added: 2015-07-08
Bank of England cautions on buy-to-let boom
By:  -  Category: United Kingdom - Added: 2015-07-06
US home sales soar - but so do prices
By:  -  Category: United States - Added: 2015-07-03
New Zealand changes tax laws for property investors
By:  -  Category: New Zealand - Added: 2015-07-01
Bank of Spain: Housing market has bottomed
By:  -  Category: Spain - Added: 2015-06-23
Foreign buyers return to Frances prime market
By:  -  Category: France - Added: 2015-06-17
Turkey leads European house price growth
By:  -  Category: Turkey - Added: 2015-06-15
Brits fuel Barbados property boom
By:  -  Category: Barbados - Added: 2015-06-11
Foreign investment floods Australias hotel sector
By:  -  Category: Australia - Added: 2015-06-09
US property sales at highest level in 9 years
By:  -  Category: United States - Added: 2015-06-08
British demand for French property rebounds
By:  -  Category: France - Added: 2015-06-02