Foreigners using debt crises to seek property deals in Greece

Bargain-hunting Britons are using the euro debt crisis to seek good property deals in Greece, it has been revealed. There was a 21.7% increase in interest in Greek property in June 2011, a survey by property company Rightmove and foreign exchange company Moneycorp found.

Some areas of Greece, including Rhodes and Samos, saw a 50% increase in internet searches in June. There was also a rise in searches for Italy, Spain and Turkey, while there was a 17% increase in Croatian property interest. But there was a decline in interest in New Zealand properties, possibly as a result of the strengthening of the New Zealand dollar against the pound.
 
Overall, 53.4% of places showed an increase in searches in June 2011, with Spain the most popular country followed by France, USA, Portugal and Italy.
 
Rightmove’s overseas head, Shameem Golamy, said: “It’s clear that the problems with the Greek economy are helping drive attention to the investment opportunities located there.”
Olann Kerrison, senior currency analyst at Moneycorp, said savvy Britons had been alerted “to the potential that the Greek housing market might hold in the future, once the economy is in a healthier state and the government achieves stability”.

Read more: www.expressandstar.com



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