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Is now the time to buy real estate in Greece?

It could be an excellent time to buy property in Athens. According to a report earlier this year from real estate analysts, the real estate market has dropped by 40 to 50 percent since the beginning of the financial crisis.

The correlating drop in home prices has caused a lot of foreign and domestic investors to take an interest purchasing homes in Greece. This home buying fervor has helped to stabilize the country's real estate market, but it has yet to rebound, meaning that it could be a good time to join the bandwagon and buy. That said, there is a considerable amount of reluctance when it comes to homeowners agreeing to sell at much lower prices.

Homeowners are also reluctant to sell because the money they receive will end up becoming ensnared in their bank accounts because of nationally instituted capital controls. Nevertheless, more and more homeowners are realizing that it appears to be now or never, because it could take a very long time for their home values to recover their original values.

For those hoping to buy property in Greece, it could be good to know that 80 percent of new property transactions in the country are cash only. Meanwhile, the remaining 20 percent are achieved through bank loans.

There are a lot of reasons why Greek-Americans may want to own a home in Greece, not the least of which is because they want to be closer to their relatives back home again. However, buying a home in Greece is different than in the United States. As such, it could be beneficial for those considering the purchase of a home to first consult with an attorney about the process.

Source: ekathimerini.com, "Global house hunters increasingly looking at Athens property market," accessed Nov. 25, 2016

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Hahalis & Kounoupis, P.C. - Greek Law Group
Phone: 610-628-1336
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Hahalis & Kounoupis, P.C. - Greek Law Group