Greece has been a very popular tourist destination for many years and the annual number of tourists is roughly twice its population. The relaxed Mediterranean lifestyle, the history, the food, the landscape and the beaches all combine to make a very attractive tourist destination. Unsurprisingly this also means that many people think about buying a holiday home there, an investment property to rent out or even a property to live or retire in.
Greece has had a difficult few years and there is no doubt that the economy has suffered greatly in recent years. As a result prices have plummeted, making Greece a more affordable place to visit. Property is no different and house prices have dropped considerably since the financial difficulties started. House prices continue to drop amidst worries over whether Greece will stay in the Euro.
Although house prices have dropped, much of what attracts people to Greece remains with many people taking the view that buying a property in Greece may be a worthwhile investment whilst property prices are low. At this present time bank lending via mortgagees remains constricted and so cash purchases are the single option for property buyers.