Property Bargain Hunters Flock To Greece

A recent drop in prices has seen properties in Greece becoming much more desirable among Expats

London, UK (Pryce Warner International) August 11th, 2011 – Property specialists in Greece have reported a large increase in the amount of people seeking property in the debt-addled nation, with Brits particularly keen to snap up some bargain homes.

With news that Greece is to receive a second bailout and the brief rallying of the pound, some are seeing this as an opportunity to invest in property while the prices are low and the future seems relatively secure.

However, analysts are commenting that this is a highly risky strategy as it relies on Greece becoming more stable over time and crucially, not reverting back to the Drachma. If Greece were to revert to the Drachma the value of any property purchased would be massively reduced almost instantly.

The most popular searches are for the smaller island locations which some hope may be less affected by the austerity measures and social unrest.

The Dodecanese Group of islands that includes Rhodes and Samos have proved especially popular, with searches for properties in the region increasing by more than 50% in the past month alone.

Crete has also seen a 20% spike in interest, and it would appear that the attention focused on Greece due to the debt crises has made some people investigate potential opportunities for investment.

David Retikin, Director of Operations at Pryce Warner International, a Financial Services Provider for Expats, commented: “With Greek house prices dropping, it may superficially seem like a good time to invest in Greek property. The second bail-out also seems to have reassured potential investors that Greece will not default and will regain its economic stability. However, several ratings agencies have stated that this second bailout package is a default in everything but name. It is also worth remembering that the planned austerity measures are extremely severe and will not only see a massive reduction in the quality and quantity of public services, but also an increased cost. This will no doubt lead to years of political and economic unrest where the best-case scenario is that the country does not need another bailout in the next few years. But the worst-case scenario is that Greece defaults again and has to revert back to the Drachma. This would prove disastrous economically and would mean anyone who had invested in property in Euros would see the value of their investment diminish considerably. Anyone considering purchasing property in Greece in the near future should consult internaitonal property specialsts before doing so to minimise all potential risks."

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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