Given that there’s so much talk about the economic crisis in Greece, you would think selling Greek property to cash buyers would be a hard thing to do. Would it surprise you to be told that there’s a lot of interest in Greek properties?
As a matter of fact, rich, high-net-worth individuals from Russia, China and the Middle East are very eager to buy properties at bargain prices in Greece, especially in the Greek Islands such as Mykonos, Crete, Corfu and Rhodes.
In fact, the Greek Islands seem to operate in a different world altogether, compared to the mainland. The overseas property market here remains very strong and the business is as good as ever.
Tourism is the biggest employer in the Greek Islands. A record 22.6 million tourists visited Greece in 2022. The figures for 2023 are expected to be even higher.
Below are some of the major factors which have helped the real estate economy recover in Greece.
There are other good news in store. The property tax for buyers has been reduced from 10% to 3% – this measure was taken to encourage even greater investment in Greece and make it once again a top overseas property destination.
The government has worked very hard to pay back the huge debt received from the IMF, World Bank and the European Central Bank. The public debt has come down greatly from the highs of 2014 because of the strong austerity measures in place.
Yes, things have not been great for ordinary people in Greece. Pensioners get a much lower pension than before; public sector workers have faced serious salary cuts, and many of the subsidies that made things easier for the ordinary folk in Greece have been taken away.
But that has certainly brought the economy under control again. The GDP has actually risen over the last 12 months by 0.6%, after having contracted for several years at a stretch. Bond prices have witnessed a revival as well.
There is no fear of the Greek economy collapsing in the near-term future, as long as the government sticks to the guidelines given by the ECB, World Bank and the IMF. The fact that the Greek government has made it very clear that there won’t be a Grexit in the future and that Greece will continue to stay in the Eurozone is very reassuring indeed.
If you are looking to sell your property in Greece, you can start by seeing the property from the perspective of the buyer. Your buyer is interested in the lifestyle offered by Greece, so sell that to them. Promote the property with pictures of beaches, warm and friendly people, the party culture, and the relaxed and laid-back lifestyle in Greece.
Spend some money on renovating the property, have it repainted, hire plumbers, electricians, and gardeners, and focus on the kitchen and the bathrooms as that’s the first thing a potential cash buyer would notice. Make sure that the property looks at its very best.
Finally, hire a UK estate agent who specializes in overseas property rather than a local one as they would have much greater exposure to cash-rich, high-net-worth investors from emerging economies such as China, Russia, and the Middle East.
If you want to sell property in Greece fast to cash rich buyers contact us today.