German Press: 50% cheaper the houses in the Greek islands

Posted on 30 July 2010 by Kiki Danaktsis

According to the German newspaper Frankfurter Allgemeine Zeitung, “the villas in Greek islands cost about half price”.
As the newspaper comments, in the past only Hollywood stars and millionaires were looking for villas and now it’s difficult to find a buyer despite the better prices.

The newspaper gives two examples:

1)a villa in Corfu with 3 rooms costs 750.000 euro, when a little time before, the price was 1,400,000 euro.

2) The price of an unfinished house in the cosmopolitan Mykonos was 2,500,000 euro. Now the potential buyer will pay 500,000 euro less.

We should underline that for both houses there is no buyer yet.

The real estates in Greece say that “as the economic situation remains uncertain in Greece, the house market will not recover”. In other European countries the house market crisis is not of the size of the Greek crisis: In Spain, the prices are decreased 8-10% from 2008, while in Portugal and Italy the prices remain the same.