If becoming the owner of a Greek island piques your interest, now is the time to take action. Many Greeks in possession of these beautiful oases will be forced to put them on the market for the first time in generations, mostly due to the recent financial bailout of their country.
The country’s first tax on real estate, instituted in 2014, will leave many island owners unable to foot the hefty tax bill necessary to keep their land. This new structure will likely hit Greece’s rich demographic more heavily than ever before, and many of the country’s elite will find themselves with an overflow of assets, but in need of cash.
Greek property prices cut in half since 2009
A Bild Magazine survey revealed that since the economic crisis of ’09, Greek property prices have dropped by 50 percent. This means that many lavish Greek islands are not only set to enter the market, but they will be more affordable than ever.
Due to the advantageous depreciation of these lavish islands, foreign investors are scouring all over Greece looking for deals on properties before they’re all gone. Last year, 20 islands were put up for sale, and an even further influx is expected in 2015.
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