Time to buy Greek property
Experts predict a bounty of holiday homes will soon be available throughout the Greek property markets due to heavy tax measures imposed by the government to help cut the massive mountain of debt affecting the country.
New property taxes form part of the government’s austerity package introduced to enable the country to repay the loans that have been given to kick start the ailing economy. Many Greek families are no longer in a position to afford a holiday home and are looking to sell – this has resulted in oversupply in many of the popular beachside resorts and prices are beginning to fall.
Local agents on the popular holiday islands of Corfu and Mykonos are expecting an influx of overseas buyers hoping to pick up an idyllic sun drenched holiday hideaway, established properties are likely to be more sought after as the transfer tax on sale is only 10 ten per cent rather than the 23 per cent that applies to new build properties.