There will certainly be a time the pile back into property in Greece but is that time now? Further travel restrictions, a weak economy and underlying problems within the EU. There will be a time but perhaps not just yet?
I believe that the time for property investment in Greece is now, as the prices now in Greece are up to 4 times less than other European countries, and the economy is slowly rising and improving. Also, an initiative was given to the investors by the Greece government, where since the 1st January 2020 and until 31st December 2022, no VAT will need to be paid while purchasing a new property. An additional advantage of the property investment in Greece now, is that you can find and purchase a house for €250,000.00 in Athens, the capital of Greece. In which other European capital you can purchase a house for that amount of money?
I am a consulting for a property in Northern Cyprus and regularly monitor google searches for buying real estate in Mediterranean countries. According to my observations, even despite a strong decline in the first half of 2020 due to the covid crisis, Greece ranks first or second among the Mediterranean countries in terms of the number of interested investors from different countries, including the demand for properties in the Greek islands. I think now is a good time, but in my opinion it is probably worth waiting for January-February 2021 for a better understanding of global trends in the economy of the whole world and Greece in particular. Perhaps prices will drop a little more on the basis of a general slowdown in markets.
Personally, I think Greece would do better dropping out of the European Union, which has the country over a barrel. Over the last couple of years there have been rumours of EU representatives cherry picking the best assets in the country and acquiring them for next to nothing. Has Greece really been plundered by the EU? I would be interested to hear feedback from somebody on the ground.
In many ways I think Greece was used as a pawn by the European Union to see how far they could push one member state in exchange for staying in the EU block. This hasn't reflected well on the European Union. As for buying Greek property, there will be a time and place further down the line but not for me at the moment.