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Buying in Greece
Buying in Greece - Considering purchasing a vacation home in Greece, well there's no better time than at the moment. The nation`s recession and devastating austerity measures have generated property costs to fall. The cost of buying in Greece is now compared to the period prior to the crisis and prices are up to 45% lower.
The Northern Greece resort of Halkidiki, and islands including Crete, Corfu and Skiathos are getting a lot of interest from international investors and in particular Russian buyers. Wealthy Russians have taken a big interest in Greece`s falling property prices and have made investments in hotels, holiday homes and land. No precise figure is known in how much money has been invested in Greece by the Russians. But figures have shown that on average Russians have been buying holiday apartments within the price range of 100 000 euro`s upwards.
In a bid to help the failing economy of Greece, the Russian business world have also purchased Thessaloniki football club and helped finance hotel developments. Further investment is anticipated in Greece`s privatisation program with interest in the national rail company OSE being among them.
Apart from Russian`s buying in Greece neighbouring Balkan countries have seen investment from a number of politicians from Albania, Bulgaria, Serbia and Macedonia buying holiday homes in northern Greece. The economy in northern Greece has also been kept active this summer from tourism from these regions.
Greece`s property market is at the moment highly competitive with other popular destinations such as Spain and Portugal. And international interest is extremely high in the holiday home sector. There is a massive supply of Greek properties available, so for buyers with spare cash there has never been a better time than now for buying in Greece.