According to the facts, the prices for holiday homes have reduced by 40%, (from 2009) and in some cases even more during the past year, so now a new market has been created for anyone who can afford it. The greatest interest comes from Northern Europeans such as Germans, Austrians, Swiss, British and many Russians who prefer Halkidiki.
The “new factor” is that buyers are looking, not only at houses for personal use, but also as an investment opportunity. The types of buyers have also changed from millionaires to middle-high income buyers. On the island of Rhodes, for example, a house near the sea is available for an average European’s income of around 35,000 Euros.
Greece’s crisis offers investor opportunities. Greece has a lot of opportunities in many important sectors for the Greek economy. We believe that there are enlightened investors who will come and invest in Greece, seeking good returns and also benefit the economy. A key sector for the small common buyer is second homes with rental return potential, such as the Village Club at Porto Carras Golf and Marina Resort with prices ranging from 95,000 to less than 600,000 Euros.
Fluctuating exchange rates present an opportunity for Second Home buyers. The most recent market turbulence within the euro zone creates an unprecedented real estate investment opportunity to purchase a holiday home in Greece. Due to the decline of the euro, the purchase of a second home or holiday home in the Greek countryside has become more attractive to prospective buyers that use the Dollar, Swiss Franc or the Pound for their investment.
According to data from the foreign exchange market (May 23rd) the euro “sank” against the dollar to its lowest level since the summer of 2010. The day reached the lowest level of $1.2544, while at the end of the trading day the prevailing rate settled at $1.2563 U.S. dollars, registering a 0.99% loss.
How does this impact the real estate market? Simply by changing only the rate of the euro against the dollar the Greek holiday home property market reflects a 15% to 20% cheaper cost for someone who has access to dollars, to finance the purchase of a second home.
Posted in : Greece Real Estate News, News
