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Despite economic woes, Greek holiday properties reach record value

Despite economic woes, Greek holiday properties reach record value

Despite economic woes, Greek holiday properties reach record value

Prices may have sunk dramatically in larger Greek cities, but on the islands it is a completely different story.

Georg Petras, Managing Agent at Engels and Volkers on Rhodes told Die Welt: “We just reached a record price of €13,000 per square metre for a holiday home.”

He added that he no longer sees Greece as a country in crisis and bargain hunters are too late to find a cheap holiday paradise in the country. Compared to 2013 he also says that demand for the most popular sites in Rhodes has increased by 30% fuelled by international buyers including from the UK and EU as well as those from Middle Eastern countries ravaged by war and civil unrest for whom Greece appears something of a safe-haven. The Golden Visa on offer to those who spend over €500,000 on property has also increased interest from further afield.

This is in stark contrast to cities like Athens and Thessaloniki, where prices have fallen by up to 45% since 2007, and goes to show the robustness of demand for prime beachfront property in Mediterranean holiday destinations.

Another example of this is in Marbella, Spain where British buyers are returning in search of low prices that will be available for a limited time only. Additionally the Spanish Golden Visa is attracting non-EU buyers, particularly those from Russia to the area.

EH International offers Prime beachfront apartments on the area’s New Golden Mile from €186,000.

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