The number of foreigners searching
online for Greek real estate has soared in recent weeks, said
Greek real estate group Spitogatos on Wednesday, as a debt
crisis threatens to pull the country from the eurozone and
international media continue to warn of a financial collapse.
In the period between June 11 to July 8, the highest spikes
in property searches on the group's four websites came from
Russia, which increased 244%; alongside Italy, with a 194%
increase; followed by France at 156% and Turkey at 105%,
Spitogatos Group said.
"The increase in searches is strongly linked to the media
exposure of Greece, occupying the front page of every newspaper
in the world, the hype related to the on-going negotiations and
the decline in the real estate demand and prices over the last
few years," said Dimitris Melachroinos, CEO of Spitogatos.gr.
Melachroinos said that over the last eight years, prices
for Greek real estate have decreased by 50% on average and
annual property sales transactions have dropped by more than
90%.
Another effect of the debt crisis has been a significant
drop in domestic property searches on the group's sites, where
searches originating in Greece dropped 38% between June 11 and
July 8.
Other big jumps came from countries that traditionally host
large numbers of Greek immigrants, such as the United States,
where searches climbed 114%; Australia, up 105%; and Canada,
which rose 96%.
Melachroinos said the figures don't necessarily translate
directly to an increase in sales, however.
"The real estate industry does not work with impulsive
purchases; regulation and socio-political environment is
crucial, so we have to wait for the development of events," he
said.
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