Foreign investors are flying in to Greece to acquire low-priced island villas while the country is still at the peak of its financial crisis. Today, financial analyst has branded Greece a buyer's market.
However, there are risks that tag along when buying real estate properties in Greece since it is facing its financial crisis. According to Realty Biz News, there is a possibility that Greece will have a new currency.
According to George Eliades, managing partner of property firm Algean Group, that there are buyers who are in a rush to acquire properties like vacation homes on Mykonos Island. It has been noted that the property values of islands have slumped down since 2011. In Athens, it has been on records that properties have dropped almost half its price since 2011. It is indeed admitted by real estate brokers that you would find great deals at this time when you buy properties in Greece.
European leaders will have a summit this weekend. The purpose of which is to decide whether they will have Greece's last bid for a bailout or not. Leaders are still hoping to rescue Greece from its financial crisis.
Today, most investors are eyeing properties in Athens. There are villas owned by rich people and other smart houses including rugged green coves of Khalkidhiki that are up for grabs. Independent UK says that affluent people from Greece are considering running away from the economic trouble that their country is facing. "Lots of foreigner clients are looking because now is absolutely the best time to buy," said Svetlana Kuklina from the Greece.ru estate agency.
However, Arab News says that if Greece quits the euro there is a tendency is that the good deals or negotiation could be trapped. Prices of the assets are also noted to be spiraling down, thus investors said that "Greece's messy political outlook and uncertain future in the currency bloc has razed the appeal of such opportunities, sealing off a vital source of capital."
