Greek debt crisis sparks a rise in interest in property

by Ray Clancy on July 25, 2011

Greece property market boosted with debt crisis

Interest in property in Greece has increased rapidly in recent weeks as potential property buyers sense that prices are likely to be very competitive amid the current debt crisis.

International search portal Rightmove Overseas says in its latest monthly report that Greece saw a 21.7% increase in searches in the month of June.

Overall, some 53.4% of locations saw an increase in searches, 46.4% of locations saw a decrease in searches and 0.09% of locations saw no change in searches.

New Zealand saw a dip in searches, down 5.8% while Croatian property continues to rise, up another 17% this month. In addition, Cape Verde increased 33 places into the top 10 trending searches table.

‘In June, we saw searches increase for idyllic island locations as people look to escape the traditional UK summer downpours. Greek islands, most notably the Dodecanese island group, which includes Rhodes and Samos, attracted over 50% more searches month on month. With Crete also increasing in searches by over 20%, it’s clear that the problems with the Greek economy are helping drive attention to the investment opportunities located there,’ said Shameem Golamy, head of overseas sales at Rightmove.

Other island locations that have risen in searches include the Balearic Islands, with both Ibiza and Minorca rising in popularity, along with the Italian island of Sardinia. ‘The Cape Verde archipelago in the mid-Atlantic has always been attractive for canny investors and with some airlines currently offering direct flights from Manchester to Boa Vista from £246, it’s no surprise that searches for properties there increased by over 46% last month,’ he explained.

‘No matter where buyers are looking, they are still interested in getting good value for money in the short term with the prospect of making a bit of money over the long term,’ added Golamy.

Savvy Britons are seeing the debt crisis in Greece as an opportunity to take advantage of a fluctuating housing market, with the potential to yield significant returns down the line, once the Greek economy is in a healthier state, according to David Kerns, dealing manager at Moneycorp.

‘However, until Greece has got its economic house in order, and it becomes clearer to investors how the country will fare in the future, it’s unlikely that a lot of purchases will take place. Should things begin to crystallize, Greek property could prove to be a great investment opportunity,’ he added.

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