There is Still Time for Investors to Get the Chance to Acquire Properties at Discounted Prices in Greece.
Greece’s Real Estate market is still creating the preconditions for a good buying opportunity as the financial crisis is not completely over yet.
If the time to buy is when the blood is running in the streets, to quote the famous phrase from Baron Rothschild, now could still be just such a time.
From 2008 to 2009 the Greek Real Estate market saw an abyssal decline in some cases even up to 70% mainly because of the lack of essential factors
in the Economy: stability, predictability and economic development.
From 2014 until 2019, seller’s panic has been replaced by an anemic optimism. The optimism is because, on one hand, Greece is now firmly connected to the Eurozone (something was in doubt 5 years ago),
as the European Central Bank made certain that there is plenty of liquidity to keep Greece’s crisis from spreading too far. And on the other hand, inevitably, much of that liquidity is making its way into the real economy.
Two more factors are accelerating this upward trend of the demand.
a) The Airbnb effect which turns big central Athens neighborhoods into short term lease only elevates the rents in other residential areas.
b) The success of the Greek Golden Visa (Residency by Investment) scheme which is the most affordable €250.000 in the E.U. brought more than 10.000 buyers in the market
After all the above, there is still time for contrarian-oriented investors to get the chance to acquire properties at discounted prices in many areas especially in Athens Greater area and in the mainland.
The Real Estate market has still a long way up to catch 2005-2008 prices
How long this window of opportunity is going to last? Everything indicates that it won’t last long.