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Greek property market sees another decline

Real estate transactions in Greece have many unique aspects.

One contributor to this are Greek laws connected to real estate. These laws impact what sorts of issues come up in relation to transactions involving real estate in the nation. Skilled U.S.-Greek real estate lawyers can help Greek Americans who are involved in a Greek real estate deal understand what Greek laws apply to their transaction. They can also guide such an individual through the various unique legal issues related to the transaction.

Another thing that can add distinctive elements to Greek real estate transactions is the unique state that Greece’s property market currently is in. The country’s recent economic struggles have put the Greek real estate market in a very different place than many of its counterparts in the rest of Europe.

This can be seen in statistics on the Greek property market in 2016’s last quarter that were recently released. The statistics are based off of Bank of Greece data. The data indicates that, in that quarter, Greece saw yet another year-over-year decline in property rates (a 0.6 percent drop). Reportedly, it was the only EU country to see a real estate market decline that quarter.

As a note, this decline was smaller in degree than the ones previous quarters saw in Greece. The thought among some experts is that the country’s real estate market is stabilizing.

One wonders when the Greek real estate market will stop contracting. One also wonders what effects the continued declines have had on real estate transactions in the country.

Source: Tornos News, “Greek realty market is the only one in the European Union to contract,” April 11, 2017

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