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EU, Fewer Bargains Give Greece’s Property Market Hope for Recovery - 7 April 2010

Despite the country’s highly publicized debt, the property market in Greece isn’t as dire as it’s believed to be.

More than 85 percent of Greeks still own homes and most aren’t willing to sell under the long-instilled assumption that property is the best type of investment, real estate experts say. Most of the properties becoming available are ones owned by foreigners—those most scared of the falling economy.

While Greece has seen more economic woes in the last six months than it did in the last two years, experts are predicting that property prices won’t fall much more this year in touristy places like Mykonos. The best deals will come from Ionian Islands like Corfu and Kefalonia, or the Pelion peninsula, where homes are a quarter of the price than more popular destinations.

While inconvenient locations such as these were once seen as poor investments, an increased number of flights are making them more accessible. However, what’s also hurting the current housing market in Greece is the number of half-developed marinas and properties awaiting the proper licenses and funding to be completed. Experts suggest that the government should fast track some of the legal red tape on these projects to boost the economy, like they did for the 2004 Olympics.

Regardless, Greece is hoping for an international bailout. France and Germany are already on board to make a deal with the EU and the International Monetary Fund to give Greece 22 billion Euros toward its debt.

 

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