Holiday home investors need to be savvy to pick up a bargain in Greece
27 March 2010
People looking for a second home and second home insurance in Greece will have to be savvy if they are to pick up a bargain.
Despite the economic turmoil being experienced by the country, which has seen lending grind to a halt and the bottom fall out of the domestic property market, holiday home bargains are few and far between.
According to Ioanna Plakokefalou, from Hellenic Realty, "foreign buyers are hoping for bargains, but they're scarce".
Speaking to the Daily Mail, Ms Plakokefalou said: "We had been expecting price drops earlier this year, but they didn't come."
"The most significant price drops - of 20 per cent - are when foreign nationals need to sell as a result of crisis in the rest of Europe," she added.
According to the Royal Institute of Chartered Surveyors, holiday home insurance customers looking to expand their property portfolio should be aware that the European market is showing signs of recovery – which could mean price increases.
Source: www.intasure.com
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