A nice villa in Greece going cheap

[Wahaay]

Despite all the current problems in Greece the housing market still appears to cling to unreasonably high prices.

Is this part of the general Greek refusal to accept the inevitable staring them in the face ( corruption, over-paid, over-manned and inefficient public services, an eventual default and departure from the euro ) or is the housing market there still active.

Crystal-ball gazing, I know, but anyone on the ground with any ideas what might happen ?

 

[oldnick]

Noboy knows what'll happen.
Many good articles about greece in recent days -this weeks Economist,todays Sun Times ,yesterday's Mail. And I'm still none the wiser, despite my contacts with Greece and watching Greek TV most evenings.

Property prices seem unreasonably high compared to neighbours such as Turkey and Bulgaria (though not italy). A property in Samos is twice the price of a similar one a few kms away in Kusadasi, the same for Chios/Cesme, Kos/Bodrum, rhodes/Marmaris. And the Turkish infrastructure has vastly improved in recent years.

So in one way you get a much better deal in Turkey . And for the foreseeable future there'll be less trouble in Tky than in Greece. Turkey is economically booming ,has a stable govnt with a strong mandate and a continually improving infrastructure.

But in the long term I believe that as part of Europe Greece will not be an outcast for long -and Turkey is a Moslem country and perhaps becoming more so.

If your property is not far from an airport, if there is a reasonable infrastructure -and facilities including cafes and restaurants ,and if you check and double check the deeds then I'd go for a Greek property.
Yes, Greece is facing economic and possibly social collapse but this won't make Greeks sell off their property cheaply -indeed, the opposite.

The market is quiet at the moment and most seaside properties are being sold by foreigners not Greeks. Greeks don't want to look like they have any money and ain't buying.

Tell me some details-location and price - and I'll give you my opinion.

I worked/lived in Greece before coming to Ireland and visit regularly and talk frequently to my relatives in Greece,inc my brother who has properties in several parts of the country.
(Which he won't sell because his attituide is that ,after the crisis, he'll still have property -not worthless cash)

Last word - I would not buy any property abroad unless i intended to make good use of it. Having an empty property for most of the year is crazy- and the rental market in Greece is not great.

 

[Wahaay]

Hi OldNick,

Are we the only people who read this forum ?

Nowhere in particular yet but for the same reason I bought in Florida ( 70% below 2008 prices, long-term investment, good rental income, etc ) I suspect Greece might eventually be in a similar position.

Reasonable transport links with Ireland, short flight, long summer, long-term investment - probably either Crete or an island close to Athens such as Evia.

And prices will come down dramatically eventually I believe, it's just a matter of when.

And Turkey ? I don't think so. Yes, it has all of the reasons going for it you mention but I simply don't like the Turks as a people.

I've taken that day-trip from Kusadasi to Samos and the difference in attitude, manners, business practice and general air of civility is remarkable.

Did you read Jeff Randall in the Telegraph ? Excellent article with a great joke in there. " The Greeks couldn't even organise a Pasok in a brewery. "

http://www.telegraph.co.uk/finance/...not-only-Greeks-whove-lost-their-marbles.html

 

[oldnick]

Not many viewers to this forum because overseas property investment has dried up from Ireland.-Too many people got their figures burnt, including me who stupidly bought in 2006 in Florida (thus my resentment of you buying A Florida place at a bargain price!).
Greek property is almost unkown by the Irish who are heavily into Algarve, various Spnish coasts -and in recent years Bulgaria and Turkey.( mainly from working class Irish).
As a travel agent with a few shops I got to know where people had property - and was amazed in my Ballyfermot ,Tallaght shops at the no. of Turkey/Bulgaria buyers compared to ,say, my naas or city shops where many people had bought near Port/Sp golf courses.
Greece rarely came up from any social class.

If I was younger and wanted to buy in Greece ( and I do share a "villa" in samos and flat in Athens with my siblings) it would have to be close to a lively centre/airport.
Winters on Greek isands or anywehee in greece can be much colder and dismal than people realise Jan-March is miserable. The local busy town turns inton ghost towns as half the population is in the big cities and the rest go early to bhed and huddle round the TV. thr proeprties ,even new ones , are rarely cosy. Loads of marble which is lovely but bloody freezing for a few months.

Crete would be a climatic exception ,especially the south coast -rarely chilly in Winter. rhodes,too, is better than many. Corfu can be wet and cool for many months - far too damp as well.

Evia - but where? My cousins have a place on the southern tip at Marmara ,beautiful but needs aboat trip to get there from rafina -mind you thats near Athens airport.
Personally I prefer northern Evia (nr Edipsos) but that's a long drive from Athens.

My choice would either be on the mainland within an hours drive of Athens .Only becaue I get stir crazy without places to visit, or one of the nearby islands in the Saronic Gulf - Aegina, Poros or Sptses -all with good hydrofoil connections.

Having said all the above iI'd go for Marbella or Nice. Strange for someone with Grek connections speaking fluent Greek,but ease and cost of connections to other places in west Europe, and lots of places to visit nearby are important.
Less important so for others perhap

 

[Wahaay]

Not many viewers to this forum because overseas property investment has dried up from Ireland.-Too many people got their figures burnt, including me who stupidly bought in 2006 in Florida (thus my resentment of you buying A Florida place at a bargain price!).
Greek property is almost unkown by the Irish who are heavily into Algarve, various Spnish coasts -and in recent years Bulgaria and Turkey.( mainly from working class Irish).
As a travel agent with a few shops I got to know where people had property - and was amazed in my Ballyfermot ,Tallaght shops at the no. of Turkey/Bulgaria buyers compared to ,say, my naas or city shops where many people had bought near Port/Sp golf courses.
Greece rarely came up from any social class.

If I was younger and wanted to buy in Greece ( and I do share a "villa" in samos and flat in Athens with my siblings) it would have to be close to a lively centre/airport.
Winters on Greek isands or anywehee in greece can be much colder and dismal than people realise Jan-March is miserable. The local busy town turns inton ghost towns as half the population is in the big cities and the rest go early to bhed and huddle round the TV. thr proeprties ,even new ones , are rarely cosy. Loads of marble which is lovely but bloody freezing for a few months.

Crete would be a climatic exception ,especially the south coast -rarely chilly in Winter. rhodes,too, is better than many. Corfu can be wet and cool for many months - far too damp as well.

Evia - but where? My cousins have a place on the southern tip at Marmara ,beautiful but needs aboat trip to get there from rafina -mind you thats near Athens airport.
Personally I prefer northern Evia (nr Edipsos) but that's a long drive from Athens.

My choice would either be on the mainland within an hours drive of Athens .Only becaue I get stir crazy without places to visit, or one of the nearby islands in the Saronic Gulf - Aegina, Poros or Sptses -all with good hydrofoil connections.

Having said all the above iI'd go for Marbella or Nice. Strange for someone with Grek connections speaking fluent Greek,but ease and cost of connections to other places in west Europe, and lots of places to visit nearby are important.
Less important so for others perhap

If I had the money I too would go to Marbella or Nice but I don't so I continue to look for bargain properties elsewhere.

I've been going to Greece regularly for 35 years so I'm fairly aware of all the pitfalls and have seen the changes.

The islands are lovely but remote and, like you, I'd go stir crazy after a week or two.

Crete I love and its southerly location makes the winters shorter but, to be honest, my place in Florida has the winter sorted.

But Athens is get-toable reasonably easily from Ireland most of the year.

As for Bulgaria and Turkey - no thanks !

 

[Bronte]

Despite all the current problems in Greece the housing market still appears to cling to unreasonably high prices.

Isn't that because most Greeks are awash with money as they don't declare income never mind pay taxes.