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Is This The Right Time to Sell Your Greek Holiday Home?


Is This The Right Time to Sell Your Greek Holiday Home?

 So are you looking to sell property Greece quick? It’s not going to be easy because there’s a lot of competition in Greece, with a lot of people trying to get rid of their holiday homes. But surprisingly, property prices haven’t fallen as much over the last few months as they did in 2014 and up until mid-2015.

In the Greek islands such as Mykonos, Santorini, Crete, Rhodes and Corfu, things were never really bad even during the worst days of the Greek crisis. It is clear that the people here are not dumping their properties, even though prices have fallen by over 30 percent.

The reason for this is that most people in Greece don’t have any mortgage on their properties. That’s because mortgages were not allowed in Greece until recently. So there is no reason for the homeowners here to sell their properties, which have been passed on to them from generations.

With banks collapsing and the stock market completely worthless, the only valuable asset that the Greeks can hold on to is property. That is why the property market in Greece hasn’t collapsed yet and is unlikely to, regardless of the situation in the rest of the economy.

As Haris Menelaou, an estate agent based in Greece says, "Property is the safest asset- we've seen banks closing and stock falling, but if you do your homework and put money in a good location and follow the legal procedures you will see gains in the long run.”

 

 Still, there are a number of international property hunters who smell a bargain and are looking closely at properties in the Greek islands, in particular. If you are looking to sell property Greece online, you will need to target these buyers better.

You will also need to worry about the new VAT (value added tax) on property sales, which is expected to drive up the costs for everyone. All Greek islands are hoping for some exemptions on the VAT, which is prohibitively expensive for sellers, but the government seems unwilling to grant them. 

 So is Greece safe? It most certainly is. The infrastructure in most parts of Greece is still world class. The airports are fully functional and the roads are well maintained. The public transport is as reliable as ever – buses, trains and ferries run on time. The Wi-Fi is universal and getting fast internet is not a problem. While banks are in trouble in Greece, getting cash from ATMs has never been a major issue.

What about tourism; after all, tourism is Greece’s main business. Tourism was up by 20 percent in 2015, reaching record numbers, which is really quite impressive. So the demand for Greek holiday homes is as strong as ever.

This is particularly so because there are great bargains to be found everywhere. In Mykonos, for example, which is probably the most popular Greek island, beachfront mansions that cost $25 million in 2008 are today available for a bargain $5 million. Tourism in Mykonos has been as high as ever and there is a huge party atmosphere here on most days of the week. Crisis? What crisis?

 It is the same story in Crete. Crete is the largest Greek island and has a flourishing tourism-based economy. The coastal resorts here are as lively as ever and the infrastructure is just as perfect was it was in the pre-crisis days.

The people seem happy, joyful and hopeful, which goes against everything you have heard about the situation in Greece over the last 12 months. In fact, there is a huge rise in enquiries from abroad in 2016, according to estate agents based in Greece, which is certainly good news for you if you are looking to sell a holiday home in Greece.




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