Real estate in Greece. Market review.

Greece is one of the favoured recreational places for Europeans and Russians. The richest cultural and historical heritage, the soft Mediterranean climate, the invisible beauty and diversity of natural landscapes each year attract tens of thousands of tourists to the land of the ancient Ellad.

Many of them, while in Greece, are thinking about acquiring a home or apartment in the country. Russian buyers of Greek real estate, among other things, attract cultural and spiritual proximity, long-standing historical links, transport accessibility and relatively low cost of housing, which is generally lower than in Spain, Italy and Cyprus.

The acute socio-economic crisis affecting Greece in recent years has not only led to a decline in tourism flows, but also to the demand for housing, both domestically and by foreigners. However, despite this, there has been no significant decline in real estate prices in Greece, unlike in a number of other countries. For example, in the midst of the crisis in 2009, housing prices on average fell by only 10 per cent.

In large part, the relative sustainability of the Greek housing market is due to the slow pace of construction. Many Greek developers are family enterprises that build housing through their own means, rarely relying on banks. Such companies prefer to wait hard times than selling their facilities at lower prices.

On the other hand, there is now a good discount in the purchase of housing in Greece. And if local builders and house owners used to seldom meet the buyer, then the house or apartment in Greece can be bought with a discount of 10 to 15 per cent.

The most popular among foreigners is on the coast of Greecein the Khalikdiki peninsula, on the island of Crit and other islands of the Aegean and Ionic Seas. Real property in Central Greece, Peloponnes and the major cities of Athens and thessaloniki is less demanded by foreigners, most of whom are returnees.

The purchase of housing by foreigners in the country has been difficult for a long time. In particular, the purchase of real property in so-called border areas required special authorization from the Greek Ministry of Defence. Almost all of the country ' s resort regions had been in those territories.

In June 2011, the Greek Government, in search of ways to attract additional foreign investment, denied the country ' s main resort regions the status of the border area, thereby eliminating the need for authorization.