US, UK buy­ers tar­get homes on My­conos and San­torini

Kathimerini English - - Front Page - NIKOS ROUSSANOGLOU

De­mand for hol­i­day homes on the coun­try’s two most pop­u­lar is­lands, My­conos and San­torini, re­mains huge thanks al­most ex­clu­sively to for­eign buy­ers tak­ing ad­van­tage of fa­vor­able changes to cur­rency ex­change rates.

“The dif­fer­ence with the rest of the mar­ket is so big that we some­times won­der whether its another coun­try and not Greece,” one es­tate agent com­mented.

The weak­en­ing of the euro against the US dol­lar and the Bri­tish pound has ren­dered the do­mes­tic hous­ing mar­ket par­tic­u­larly at­trac­tive for Amer­i­can and Bri­tish buy­ers. They not only ben­e­fit from the con­sid­er­able drop in the sale prices of hol­i­day homes, av­er­ag­ing at 40-50 per­cent com­pared to 2008, but also from the no­table strength­en­ing of their pur­chas­ing power (by about 20 per­cent) on the ex­change rate shifts.

A sur­vey by Geoaxis sur­vey­ors in the first half of the year showed that hol­i­day home prices on the Cy­cladic is­lands fell by just 3 per­cent, against 10.4 per­cent last year. Were it not for My­conos and San­torini, the drop would have been steeper.

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