Glasgow, UK, October 17, 2011 — The housing market difficulties across the EU have hit Greece particularly hard, with the Bank of Greece confirming that the prices of houses and Villas In Greece have tumbled. The situation is worst in the larger cities such as Athens and Thessaloniki, who have experienced year-on-year price drops of 6.71% and 4.7% respectively. The volume of residential purchase transactions has also fallen, with overall purchases in the second quarter of 2011 a worrying 39.1% lower than the previous year.
Despite a massive bailout package from the IMF, there are still concerns that this is another sign that the Greek economy is floundering. Lower wages, pension cuts and reduced government spending have all contributed to the average Greek citizen being less able to purchase property than in the pre-2008 housing boom years.
To raise funds, Greece is offering up to 6,000 of its islands “for sale” in a bid to attract foreign capital. There is also a concerted effort to maintain foreign demand for Villas In Greece, particularly from German and British investors. An injection of cash into the Villa Greece market from tourists keen to take advantage of the Greek climate could help brighten the financial forecast for the region.
For a Villa Greece or luxury suite holiday, Elounda Villas offer leases on their high-end properties in the Elounda beach region of Crete. For further information or to book a break in the Elounda Villas resort visit http://www.eloundavillas.com/.
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