A stylish villa on a resort island became the status symbol of choice for many Greeks during the country’s credit-fuelled property boom.But after six straight years of recession,even trophy vacation homes are on the market at knockdown prices.
Yet for steely-nerved investors, Greece offers a once-in-a-generation buying opportunity, with a record number of high-end properties on the market, says Katerina Samaropoulou of Samaropoulou Associates, a Greek estate agent. “Prices have fallen by around half since 2008. You can find excellent quality vacation homes in Greece at similar prices to Spain and Turkey, where previously they could be as much as 40 per cent higher because so few were available.”
Would-be buyers focus on regions that have long attracted foreigners: Corfu, a cluster of Cycladic islands led by Mykonos and Santorini, and the Porto Heli region of the Peloponnese, including the island of Spetses. A few look further afield to Crete or Halkidiki in northern Greece, which is popular with Russians, and Patmos, a small island in the Dodecanese archipelago where historic houses occasionally come up for sale.
In December, the 35,000 sq metre Elies estate near Porto Heli was sold for an undisclosed amount – though less than the listed asking price of €40m – to a Greek shipowner and his Russian wife. “It’s encouraging that a showpiece property has gone to a Greek buyer . . . It could reassure foreigners the country risk is starting to recede,” Samaropoulou says.
Yet for steely-nerved investors, Greece offers a once-in-a-generation buying opportunity, with a record number of high-end properties on the market, says Katerina Samaropoulou of Samaropoulou Associates, a Greek estate agent. “Prices have fallen by around half since 2008. You can find excellent quality vacation homes in Greece at similar prices to Spain and Turkey, where previously they could be as much as 40 per cent higher because so few were available.”
Would-be buyers focus on regions that have long attracted foreigners: Corfu, a cluster of Cycladic islands led by Mykonos and Santorini, and the Porto Heli region of the Peloponnese, including the island of Spetses. A few look further afield to Crete or Halkidiki in northern Greece, which is popular with Russians, and Patmos, a small island in the Dodecanese archipelago where historic houses occasionally come up for sale.
In December, the 35,000 sq metre Elies estate near Porto Heli was sold for an undisclosed amount – though less than the listed asking price of €40m – to a Greek shipowner and his Russian wife. “It’s encouraging that a showpiece property has gone to a Greek buyer . . . It could reassure foreigners the country risk is starting to recede,” Samaropoulou says.
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