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Bargain hunters looking for properties on Greek islands may be disappointed

Last Updated: July 28, 2015

The Greek stock market may have hit rock bottom, but prominent Greek real estate brokers report a surge in enquiries for homes on the Greek islands. The agents say that most enquiries are from Europe and Middle East Asia.  Many foreign buyers are eyeing vacation villas on the world famous islands of Mykonos and Santorini, as well as Port Heli, in hopes that their prices will plummet. 

Property prices in Greece have fallen 40% since 2007, according to Bank of Greece. Property prices on the island of Mykonos went down 30% before stabilizing last year. The island saw a brief spell of recovery in prices in 2014.

However though enquiries have increased, there haven’t been many sales

Home owners on these islands seem unwilling to sell. They are watching developments and not lowering their asking price, real estate professionals report. They are opting to rent their properties, instead of selling at throwaway prices.

European Leaders are still hoping to rescue Greece from its financial crisis. Greece needs to agree on the details of a new aid program before August 20, when the country is scheduled to make a payment of 3.2 billion euros on bonds held by the European Central Bank.


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