Real estate market in Greece is now divided into two: the mass market continues to become cheaper, and the luxury one is increasing in price. The most expensive villa in Greece was put up for sale for €13,000 per square meter, according to ee24.com citing welt.de. On the example of Greece it is obvious how divergent the needs and capabilities of ordinary people and rich foreign buyers are.
Georg Petras, managing agent of Engels & Völkers on Rhodes believes that the real estate market in Greece is not in crisis anymore: despite the fact that housing on the popular resorts became cheaper by 15-20% since 2007, it's too late for bargain hunters to search for cheap houses and villas, especially on the coast.
Housing on Rhodes on the elite resorts gained additional 30% in popularity, with leading buyers coming from the UK, Germany and Netherlands. "Newcomers" are Libyans, Egyptians and Syrians.
The situation is different in urban and rural areas in the "internal" parts of the country. Over the past 7 years, real estate in Athens and Thessaloniki fell in prices by 45%, and the number of transactions declined.