Massive price reductions on Greek Property as some British owners seek to repatriate funds.
As the traditionally busy summer period approaches in the Greek Real Estate market, some vendors are drastically reducing prices to bring funds back to the UK while the Euro still has strength against Sterling.
An example is a stunning four bedroom lifestyle villa for sale in the cosmopolitan resort of Elounda, Crete where the price has been dropped from 2 Million Euros to offers over 1 Million.
Crete, Greece, - July 16th 2009
With 10 years of solid year-on-year growth in the Greek real estate market and an uncertain year ahead domestically , some British owners of property in Greece are choosing to reduce prices and negotiate with buyers to capitalise on the still strong Euro.
None of the serious players in the market are denying that a combination of the Global uncertainty (read reducing visitor
numbers and property hunters to Greece 2009 ) and a recent history of price inflation - that for some makes now a
good time to “cash in” their investment in Greece. Take for example the case of the detached villa in Elounda,
Crete . Built to a high standard for the UK based owner, the property was initially marketed at “ offers around ” 2 Million Euros , but now has been reduced to offers “over 1 million euros” .
Andie Cox, partner in bespoke property agents Location whose head office is based in Crete says its far from the situation seen in Spain , but for some, the time is right to return funds to the UK
“ Greek developers have on average only 5 – 8 properties to sell, most of them with low lending ( if at all) and thus are well placed to ride out the inevitable slowdown in property in the current climate.
We are finding though that with so much uncertainty still lurking in the not too distant future, some individual property owners, especially UK based are prepared to accept offers to tempt the fewer buyers that are now in a stronger position than they were two years ago when the property market was at it's peak.
The Euro is trading still around 1.12 - 1.17 to the Pound - if you bought your property at 1.45 in the summer of 2006 or at the dizzy height of 1.6 in 2002, you can see there is still room for vendors to achieve a return on their investment and still be priced competitively in a difficult market.
The flip side of course is there are bargains for buyers who have the cash to negotiate right now !”
About Location
Founded in 2003, Location specialises in finding the very best properties and plots of land throughout Greece , bespoke for the desires and preferences of its global client base. We have located all sorts of properties for sale - idyllic beach hideaways, luxury villas ranging from Euro 500k to Euro 30m, perfectly situated plots of land for development and even a centuries old windmill. We relish the challenge of finding the perfect property for each individual client. Whether it be a beautifully situated beach hideaway, a detached villa or a beach front development land plot we have many fantastic and interesting property investment opportunities.
For more information about Location , or this particular news story , please contact Andie Cox on the number below.
Contact Info:
Mr Andie Cox
Partner
Location
Phone: (0030) 697 777 8126
(0044)
Email: info@locationlocationlocation.eu
Web: www.locationlocationlocation.eu
