Greek crisis: good news for buyers?

Agios Nikolaos, Crete Photo: DaffyDuke

British homeowners and estate agents in Greece will welcome the Greek Parliament's approval of the austerity measures last week, but has the crisis been good news for buyers?

Demand for Greek property has remained surprisingly buoyant throughout 2015, even in June 2015, when the negotiations were at their most heated and the prospect of a Grexit loomed large. Indeed, Rightmove Overseas saw four of its top 10 rising destinations accounted for by Greece in June, while on TheMoveChannel.com, enquiries for Greek property rose amid falling interest for other European destinations, including Spain, Italy and Portugal.

One established Greek estate agent told OverseasGuidesCompany.com: "Whatever happens, property prices are very low and at bargain levels – we see this in the massive increase in enquiries over the past few months."

A developer based in expat hotspot Crete has also had a positive experience during the Greek uncertainty: "Since the 'bank holiday', we have not experienced any detrimental spike in web hits or brochure requests. For expats here, austerity in the main passes them by. Hopefully, it would appear matters here will now stabilise and things will become calmer. With a strong pound and Greece stepping out of the chaotic media spotlight, we can concentrate on doing what we do best – building homes for people who want to realise their dream of living in Crete."

Elaine Ferguson, Head of the OverseasGuidesCompany.com Resource Centre, comments: "Avoiding Grexit will of course bring relief to existing homeowners who won't want to see their asset in Greece revalued in a new currency that is likely to de-value it. "Never mind the uncomfortable transition period that the country would go through in having to Change currency and the issues it would throw up for homeowners who need to transfer money to and from Greece."

"Could it be that by the year end, recent purchasers in Greece are toasting a smart investment?" she adds. "Only time will tell, but some things are certain - the sun will still shine there and the sea will sparkle."