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How long will Greek home values take to recover?

Greece’s recent economic crisis has had many impacts. One is that housing prices in Greece plummeted. How long will it take for real estate values to recover to their pre-crisis levels? A recent study estimates it will take a very long time, around another 34 years.

The study was by PricewaterhouseCoopers. Among the things the study did was make predictions as to when home values in Greece would return to where they were at in the 2002 to 2008 period. The study predicted that this wouldn’t occur until 2050.

This underscores how deeply the housing market in Greece was impacted by the various economic events and factors in Greece in recent times, including the economic crisis, and how long these impacts might be felt.

The current state of home values in Greece can raise many issues and challenges for Greek Americans who own property in Greece. It can also create some added complexities in legal matters that can involve Greek property. Such matters include:

  • Divorces: Property in Greece can sometimes be among the marital property in a divorce and thus one of the factors in property division matters.
  • Estate planning: Real estate in Greece is one of the assets a person may be intending to leave their loved ones in their will or other estate planning documents.

Now, along with challenges, current housing market conditions in Greece could also present some opportunities on a variety of fronts.

Whether trying to address challenges or pursue opportunities in relation to Greek real estate, properly handling the legal matters connected to one's efforts can be very important. Attorneys experienced in U.S.-Greek real estate legal issues can provide guidance to Greek Americans when it comes to such matters.

Source: Greek Reporter, “Houses in Greece Will Return to their 2008 Value in 2050,” Philip Chrysopoulos, Nov. 28, 2016

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Hahalis & Kounoupis, P.C. - Greek Law Group
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Hahalis & Kounoupis, P.C. - Greek Law Group