Skip to comments.Home ownership in Greece 'a sick joke' as property market collapses
Posted on 03/07/2014 4:34:43 PM PST by Lorianne
In a market that has hit rock bottom in the maelstrom of Greece's financial meltdown, basement flats are selling for as little as 5,000 (£4,150) in the less salubrious parts of Athens. On the isle of Mykonos, cash-strapped Greek celebrities have been selling luxury villas for a song.
But Vergos prefers to focus on another figure. "Last year, there were just 3,600 sales in all of Athens I repeat, all of Athens."
Greece's social and economic crash is reflected in its property slump. Data released by Eurostat, the EU's statistics agency, earlier this month showed that the country had suffered the second steepest decline in house prices after Croatia, the bloc's newest member.
Since the outbreak of the Greek debt crisis four years ago, property values nationwide have dropped by around 32%, according to the Bank of Greece; estate agents contacted by the Guardian estimated the decline at nearer 50%.
(Excerpt) Read more at theguardian.com ...
“3,600 sales in all of Athens”
‘The population of Athens, the capital city of Greece is 3,247,000 in the metro area and 747,300 in city proper.’
Athens and many parts of Greece are amazingly gorgeous! I spend some time at Iraklion AB on the island of Crete, and flying in and out to Athens. Maybe it’s time to go vacation house shopping!
i’m trying to come up with one reason why we will not suffer the same fate.
Heh. Ping me if you do. I'm at a complete loss.
I agree!We are the most in debt country in the world and our day is coming unless we change.
alas entry fee is still over a million so my wife's dream of living in the Aegean is still out of reach.
That is what I just mentioned to Mr. GG2
Greece will be a Russian colony before too long.
True, even if you got an island house for free.
the new property taxes are usurious, that’s why owners try to sell at loss.
I wonder what property taxes or fees are levied on the property sales, making transfers too onerous for most people to bother with.