site.btaAgents Do Not Expect Drastic Fall in Greek Real Estate Prices

Agents Do Not Expect Drastic Fall in Greek Real Estate Prices

Sofia, July 8 (BTA) - Real estate agents do not expect a drastic
 fall in property prices in Greece due to the current crisis.
Nor is it likely that Greek housing properties for sale will
increase, but it is possible that sellers will become more
flexible and willing to negotiate, Polina Stoikova, CEO of a
company offering real estate abroad, told BTA earlier this week.

Stoikova said that even if Greece leaves the euro area, Greek
real estate prices will probably continue to be quoted in euro.

If the Greeks return to the drachma, real estate prices may
remain in euro, because the Greek people cannot imagine
themselves outside the EU, said Orlin Vladikov, Founding
President of the Union of Real Estate Agents in Bulgaria.
Vladikov predicted that if the drachma is reintroduced, it will
not last more than five to ten years, after which Greece will
reunite with the European family.

According to Stoikova, people in Greece are not particularly
eager to sell their properties, because the problems in the
banking system make it uncertain whether sellers would have
access to their proceeds. But Bulgarians are interested in
buying real estate in Greece and keep making viewing tours. A
one-bedroom apartment on the Greek seashore can cost between
30,000 and 40,000 euro if it is farther from the beachfront.
Stoikova's company currently offers over 2,000 Greek properties
for prices ranging from 40,000 euro to more that 1 million euro.

The property rent season in Greece is bustling, and most houses
along the coastline have already been taken, Stoikova said.
Clients are looking for apartments as well as houses. A typical
Bulgarian tenant will rent a house for 100 to 150 euro per night
 if it has two or three bedrooms to it, so that the cost can be
shared with friends. The rent will normally be for at least a
week, and in some cases it is for the entire season.

The last few months have seen Greek small and medium
entrepreneurs looking to rent Bulgarian properties, including
small shops and offices with a floor area of up to 100 square
metres as well as warehouses. Many of them want to relocate
their business to Bulgaria to avail themselves of the tax
incentives. Vladikov predicted that relocation will be a lasting
 trend, because even if the tax burden on Greek businesses in
Bulgaria increases, it will still be economically advisable for
them to do business in Bulgaria.