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You’ve heard it here first: Greece is back, slowly, but surely. Greece recently paid the third tranche of €289bn of the bailout program. As Prime Minister Alexis Tsipras said, “This is a day of liberation.”
He also called what the country has been through in the last decade as a “modern-day odyssey.” Now the Greek government is finally independent, and does not have to look at the EU, European Central Bank and International Monetary Fund for approval on every single decision they make.
Claus Vistesen, chief economist at Pantheon Macro says, investors are looking at Greece in a whole new light. “If they had to issue debt for some infrastructure projects, or whatever it may be, and the market turns around and says ‘we’ll pay that’ and at a yield Greece can pay, that would be a big moment for Greece,” MR. Vistesen says.
This is certainly good news for those considering selling property in Greece. If you have a property in Greece and have been waiting for a while to sell it, so that you can get a good price for it, this could well be the time for that.
Indeed, so many British and Irish expats have been waiting for the Greek economy to improve. Now, selling overseas property in Greece doesn’t seem to be as hard as it looked a few years ago.
British and Irish expats are involved in the property market there as both buyers and sellers. The biggest buyers of properties by far are the Russian, Scandinavian and Chinese buyers. Also involved are American, Australian and other European buyers.
But the recession has still not completely gone away. Remember, the economic crisis in Greece lasted more than 10 years. Over a million Greeks were forced to leave their country for greener pastures abroad.
Suddenly there is a serious shortage of labour for construction activities. This is even as unemployment is as high as 19 percent! The debt to GDP ratio is 180 percent.
The locals are incredibly fed up of all the austerity measures and want things to get back to how they were, when Greece was one of the richest countries in Europe.
Greek politicians such as Kyriakos Mitsotakis have promised the public that they would do away with all the restrictions imposed by the EU and the IMF. However, as Jack Allen, a top economist at Capital Economics says, the government must resist the temptation to pull back the austerity measures. He says, “Given Greece’s ageing population and the quite big pensions cuts, there will be quite a lot of pressure to reverse that.”
Regardless, Greece remains one of the top holiday destinations in the world. There are many wealthy foreign investors who want to buy holiday homes in the fabulous Greek islands such as Mykonos and Rhodes. These islands have been largely insulated from the economic crisis.
The holiday home market is going up, says real estate developer, Ioannis Xylas. “The stabilization of holiday housing market values is expected to continue throughout 2018, but only if accompanied by a normalization of property supply, liquidity and taxation,” Mr. Xylas explains.
This is certainly good news for those considering selling property in Greece fast. Just remember to hire the right agency for selling overseas property in Greece.