GREECE BOUNCES BACK
again
Overseas buyers are back in on our favourite Aegean Islands, reports Liz Rowlinson
F
ive years ago, Greece was mired in its debt crisis and there were very real fears that it might leave the euro. Even bargain hunters felt wary of
investing in this sick man of Europe. But in 2014 things are a little diff erent.
Whilst unemployment is still high in Greece and home values in Athens and T essaloniki have plummeted by nearly 50 per cent, the Greek economy has been slowly improving and the foreign buyers are back. Greek GDP is expected to rise by 0.6-0.7
per cent this year as the government’s fi erce austerity measures have eaten away at the colossal sized debt, and bond prices have risen. Add to that the fl ourishing tourism in many of the island hotspots, and there’s a
new-found confi dence amongst consumers. “Since January the market’s gone wild,”
says Sypros Mantzos of A Property in Greece (
apropertyingreece.co.uk). “We are two or three times busier than last year. T e reasons? T e reduction in property purchase tax [from 10 to 3 per cent] has helped incentivise buyers; the recovery of the Greek economy is another, alongside the end of all those worries about an exit from the eurozone. Finally the recovery of the UK recovery has encouraged second-home owners to think again about buying – whilst prices are still down.” Mr Mantzos says that even in the
popular islands, prices are still stagnant and vendors are still very open to off ers, so for those with cash (there are still no mortgages available) there are plenty of
opportunities. So here we try to bring you a good selection of what’s on off er.
Crete T e most popular market for Mr Mantzos is still Crete, with the Peloponnese and Corfu next in demand. Crete is a comparatively large and diverse overseas market, popular across all price ranges, according to Maggie Waldon of Crete Property Consultants (
creteproperty.co.uk). “Following several lean seasons, the
market began to recover at the end of last year. We have seen buyers across a cross section of properties, a mix of renovators, retirees and those seeking a secure investment property,” she says. “T e new lower property purchase tax has helped, but also the golden visa scheme [for non EU
Amanzoe in Porto Heli in the Peloponnese is Greece’s most luxurious resort. Villas are selling there from €3 million.
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