The property market in Greece

Has seen some decline in demand in 2008 however the prices are not likely to crash a modest correction in the region of 5% is likely recovering in 2009, this is relatively good news for people who have bought property recently of course and is better news for future investors who are perhaps unable to buy in there proffered location at the moment. Of course inflationary pressures and interest rate hikes may see this figure exceeded but it is thought to be unlikely.
Construction costs are rising, as they are everywhere due to the rise in commodity prices however many of the more resourceful constructors are simply renting out their existing stock for a while until the global economic situation improves and demand in sales returns, this does however give really good opportunities to rent somewhere for the time being at a very cheap rate and suck it and see so to speak.
But if you have the cash or are able to secure one of the elusive mortgages that are on the market it is a buyer?s market sellers who simply must sell have to be realistic in a more competitive and limited market place.

 

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