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  • #42764
    stavros
        • Topics: 4
        • Replies: 25
        • Total: 29
        • BIC Junior Member
        • ★★★
        Member since: 14th October 2011

        Hi everyone,

        I know the situation in Greece is bad. I’ve just returned from Asia and am presently in Mallorca. It’s pretty bleak here too. However, people are still buying property: buyers from northern Europe.

        I think I’ll go back to Asia but may buy a ‘bolt-hole’ first. This leads to the reason for my post. What is selling in Crete? Contacts in Corfu and Lesbos tell me they are selling property.

        I’d be interested to hear the view of forum members.

        Thanks,

        Stavros

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        BullionVault

        #43256
        MartinP
            • Topics: 82
            • Replies: 581
            • Total: 663
            • Practcally Cretan
            • ★★★★★★
            Member since: 27th July 2007

            I’m told it’s mostly Scandinavians buying, plus some very rich Russians. The latter won’t look at anything under €700,000.

            Considering the strikes, demonstrations, power cuts and the "Golden Dawn" party, I’m amazed that anyone is buying property here.

            #43560
            Gem
                • Topics: 27
                • Replies: 289
                • Total: 316
                • Practcally Cretan
                • ★★★★★★
                Member since: 28th December 2010

                Properties under about 170 euros appear to be selling quite well in some areas – so I have been told.

                #43775
                Del Boy
                    • Topics: 28
                    • Replies: 286
                    • Total: 314
                    • Practcally Cretan
                    • ★★★★★★
                    Member since: 24th August 2007

                    Any property will sell if it’s in a clean and tidy area. Also depends on how it’s marketed by the agent, most don’t care if there is a cat on the bed when taking photographs, presentation means a lot to the buyer.

                    #43945
                    MartinP
                        • Topics: 82
                        • Replies: 581
                        • Total: 663
                        • Practcally Cretan
                        • ★★★★★★
                        Member since: 27th July 2007

                        Properties under about 170 euros appear to be selling quite well in some areas – so I have been told.

                        Hee hee, I’ll take ten, please! ;)

                        #44083
                        stavros
                            • Topics: 4
                            • Replies: 25
                            • Total: 29
                            • BIC Junior Member
                            • ★★★
                            Member since: 14th October 2011

                            Hi Gem,

                            I take it your 170E was an abbreviation for 170,000E :)

                            Stavros

                            #44189
                            Gem
                                • Topics: 27
                                • Replies: 289
                                • Total: 316
                                • Practcally Cretan
                                • ★★★★★★
                                Member since: 28th December 2010

                                Yes, thanks Stavros! Martin, I hope you’ve told the Mrs you’ve got that much cash to splash! She will be pleased. :D

                                #44277
                                YoMo2
                                    • Topics: 37
                                    • Replies: 574
                                    • Total: 611
                                    • Practcally Cretan
                                    • ★★★★★★
                                    Member since: 24th March 2011

                                    Some supreme optimists on here. As far as I can see, nothing is selling unless owner is prepared to take an offer around 50% of asking price.

                                    You can sell anything if the price is low enough.

                                    All of which, Stavros, means you are laughing if you want to buy rather than sell. If that is the case, why are you interested in what is selling?

                                    Andrew

                                    #44350
                                    daveellen
                                        • Topics: 25
                                        • Replies: 87
                                        • Total: 112
                                        • BIC Full Member
                                        • ★★★★★
                                        Member since: 25th January 2011

                                        Not a thriving market but properties are still moving. Yes prices are down but what property market isn’t?
                                        Still hasn’t reached the floor and best guess is that buying now you had better assume a 10-15 year period if you want to get any return on it as an investment.
                                        I’m told that 150-200 [thousand] is the best price range.

                                        #44415
                                        ganesh
                                            • Topics: 25
                                            • Replies: 475
                                            • Total: 500
                                            • Practcally Cretan
                                            • ★★★★★★
                                            Member since: 21st September 2009

                                            Call me naive but how much nicer would the world be if we all viewed our ‘properties’ as homes rather than ‘investments’ and everyone looked for places they really wanted to live in rather than great value or bargain.Sadly,times have changed. :(

                                            #44472
                                            garrigue
                                            Participant
                                                • Topics: 16
                                                • Replies: 94
                                                • Total: 110
                                                • BIC Full Member
                                                • ★★★★★
                                                Member since: 26th September 2009

                                                Too right. I agree. We did just that.

                                                #44517
                                                Gem
                                                    • Topics: 27
                                                    • Replies: 289
                                                    • Total: 316
                                                    • Practcally Cretan
                                                    • ★★★★★★
                                                    Member since: 28th December 2010

                                                    We DID really want to live here……………………..

                                                    #44557
                                                    Topdriller
                                                        • Topics: 76
                                                        • Replies: 1435
                                                        • Total: 1511
                                                        • Practcally Cretan
                                                        • ★★★★★★
                                                        Member since: 3rd March 2007

                                                        With all due respect to those who bought a ‘home’ here, rather than a house that might appreciate in value, it should be noted that with the ever changing socio-economic situation here in Greece it would perhaps be wise to buy with an exit strategy in mind.

                                                        A Brit friend of ours bought a small 50m2 village house in need of repair and renovation some years back for €27,000.  She spent a further €25,000 to turn it into a lovely holiday home but then had cash flow problems back in the UK.  She is selling it today for €33,000 having spent a further €6000 in legalisation costs etc.

                                                        Her plan was to have a Cretan retirement home when the time came, her daughter was at university etc.  It was originally advertised – 18 months ago – for €55,000.

                                                        Houses here on Crete are not selling quickly, or if they are it’s at greatly discounted prices, and it’s been said by those in the business that perhaps 30% of all Brits living here have been trying to sell for a year or more so as to return to the UK.

                                                        You also have to consider who the buyers are in today’s depressed market place.  It’s now far, far harder to obtain an international mortgage – from a UK based bank – and equally hard, if not harder, to obtain a loan from a Greek bank.  This means the buyer must have cash and those with cash are striking tough deals – because they know they can, know the people selling may be desperate to move etc.

                                                        Perhaps ironically, it may well be the most expensive houses which are selling here on Crete because the rich are still relatively rich, even in these difficult times.

                                                        House prices all over Europe have slumped – and indeed in the US they’ve dropped by up to 50% across the board – and so to sell you have to be a realist.  You also have to know what the buyer wants – as someone else said earlier in this thread – and sea views, a pool, a well laid out garden are always going to be more attractive for the majority of buyers, rather than a small village two up two down many miles from anywhere.

                                                        And yes, I know this is a broad generalisation but it’s also a stark fact of life.

                                                        So, and to reiterate, if you want to buy here and you have concerns about future health issues, the economy, the possible return to the Drachma then buying a house which has a chance of being sold in the future would seem to be a good idea. Once bought, any house with a little love, time and application can be turned into your ideal home.

                                                        Jon   

                                                        #44592
                                                        Topdriller
                                                            • Topics: 76
                                                            • Replies: 1435
                                                            • Total: 1511
                                                            • Practcally Cretan
                                                            • ★★★★★★
                                                            Member since: 3rd March 2007

                                                            Came across this article re the drop in property prices in the two main Greek cities, as well as the drop in house loans.

                                                            http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/11/2012_470459

                                                            Jon

                                                            #44623
                                                            stavros
                                                                • Topics: 4
                                                                • Replies: 25
                                                                • Total: 29
                                                                • BIC Junior Member
                                                                • ★★★
                                                                Member since: 14th October 2011

                                                                Hi Jon,

                                                                Thanks for your comments.

                                                                I have just read the article in Ekathimerini. It’s not surprising given the dire employment situation.

                                                                Stavros

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