According to the Bank of Greece, in the first quarter of 2015, real property in the country was at a cost of 3.9 per cent per annum. Greece remains one of the European leaders on the decline in housing prices. However, as compared to previous years, this decline is no longer so devastating. For example, in 2014, the square meters depreciated by 7.5 per cent and in 2013 by 10.9 per cent per year. Since the beginning of the economic crisis in 2008, homes and apartments in Greece have lost 30 to 50 per cent of the cost.

The weak domestic demand is constraining the recovery of the industry. E-Real Estates estimated that only 750 mortgage loans were issued in the first quarter of 2015. Comparison: 75,000 loans in 2009 and 120,000 loans for housing in 2006. The number of transactions is also very low: in the first three months of 2015, 1,800 properties were replaced by owners and, for example, over 165,000 sales in 2004.

At the beginning of 2015, Greece had 200-250,000 sales facilities. Of these, 50 to 60,000 recreational homes, 80 to 90,000 new buildings.

Foreign demand Real estate in GreeceOn the contrary, the record is rising, largely because of the price declines in the crisis. However, the actions of the Greek authorities, which had done much to attract foreign investors, should not be mentioned. In particular, the tax on the purchase of real property was reduced from 80 per cent to 3 per cent of the price of the facility. A " gold visas " programme has been launched, whereby foreigners in square metres from Y250,000 are granted residence permits in Greece. Many public property sites, including islands in the Mediterranean Sea, were marketed.

Result: In 2012, foreign buyers spent $113 million on recreational homes in Greece, in 2013 I-168 million, and in 2014 I250 million.