Foreign homeowners and estate agents in Greece will welcome last week’s Greek Parliament approval of the austerity measures that bring the country a step closer to staying in the Eurozone, however, the unsung winners once this crisis comes to an end could be anyone who has been brave enough to purchase in Greece in recent months.
According to a Elaine Ferguson,, Head of the OverseasGuidesCompany.com Resource Centre: “Avoiding a Grexit from the European Union will bring relief to existing overseas homeowners who won’t want to see their asset in Greece revalued in a new currency that is likely to de-value it.
“Never mind the uncomfortable transition period that the country would go through in having to change currency, and the issues it would throw up for homeowners who need to transfer money to and from Greece.
“It is interesting how appetite for Greek property has remained buoyant throughout 2015, after being a star performer in 2014 – fuelled perhaps by adventurous buyers who recognise the recent instability has made for a buyer’s market, if a risky one.
“Is it a coincidence that four of the top ten destinations in terms of increased searches on the Rightmove Overseas during June 2015 were in Greece? This tallies with recent feedback I received from one established Greek estate agent, who said ‘Whatever happens, property prices are very low and at bargain levels. We see this in the massive increase in enquiries over the past few months.’
“A developer based in expat hotspot Crete has also had a positive experience during the Greek uncertainty.
He said: “Since earlier this month, we have not experienced any detrimental spike in web hits or brochure requests. For expats here, austerity in the main passes them by. Hopefully, it would appear matters here will now stabilise and things will become calmer. With Greece now stepping out of the chaotic media spotlight, we can concentrate on doing what we do best – building homes for people who want to realise their dream of living in Crete.”
Could it be that by the year end, recent purchasers in Greece are toasting a smart investment? Only time will tell, but some things are certain – the sun will still shine there and the sea will sparkle.
