New research has revealed that more than 480 hotels in Crete, Macedonia, Chania and other places in Greece have been put up for sale in the past month, as Daily Mail reports citing local media.

According to the publication, some of the hotels are being sold for prices as low as €250,000 adding that this price is less than half the cost of a two-bedroom house in Fulham, London.

The hotel owners are forced to sell their properties due to great financial problems they face, says the article.

Up to now, 5% of the Greek hotels are on market: 106 hotels have been put up for sale in Macedonia, 66 in Crete and 53 on the Ionian islands, including Zakynthos and Lefkada.