Houses priced like new cars bring foreign real estate buyers to Greece

Global Business

The Greek real estate market has been affected by the financial crisis since 2008. Agents compare the prices to those not seen since the 1980s. CCTV’s Eirini Zarkadoula reports.

Houses priced comparable to new, cheap cars bring foreign real estate buyers to Greece

The Greek real estate market has been affected by the financial crisis since 2008. Agents compare the prices to those not seen since the 1980s. CCTV’s Eirini Zarkadoula reports.

In many cases prices have fallen 40 percent below objective valuations. According to experts, buyers can find newly-built houses in prices they could previously not imagine. In some cases there are houses sold for almost $15,000 a price comparable to the cost of a new car.

However, real estate agents claim that these prices don’t reflect reality, since the houses are old or are located in regions with a bad reputation.

Some analysts believe Greece also may see an increase in residential sales as foreign investors including northern Europeans, Russians and Chinese are attracted by the country’s liberal visa program and Mediterranean climate.