• SOLD

Greek real estate cheaper than ever but comes with strings attached (video)

Real estate prices in 2014 are at 1980s levels making purchases attractive

The Greek real estate market that has been affected by the financial crisis since 2008 has caused agents to compare the current prices to those of the Eighties. CCTV’s Eirini Zarkadoula points to data that shows that prices, in many cases, have fallen to beneath 40 percent of objective values. New houses can be purchased at almost $15,000, the cost of a new car.

Despite low prices, property taxes (ENFIA) and additional possession taxes have doubled, causing many owners to sell their house because they can’t pay their dues. Analysts believe that there may be an increase in sales as more Europeans, Russians and Chinese are drawn by the country’s “golden visa” program that automatically gives those who purchase a home worth over 250,000 euros a residency permit – a law set to change and become more permanent giving homeowners citizenship status.