Estate agents find signs of recovery in Greek property market

Naftemporiki — Greece’s recession-battered real estate sector is showing faint signs of recovery, according to a nationwide study by an association representing estate agents and certified property assessors in the country.

The study, presented during a conference by the same association (EPPA) in Thessaloniki, shows that a vast majority of residences up for sale in Greece are older structures, with most would-be buyers also being Greek citizens. German and Serbian buyers are reportedly focusing on northern Greece.

Based on the study, 68 per cent of properties purchased in the first half of 2018 remained unsold for a lengthy period of time; 32 per cent of transactions were properties sold within six months of their first sale notice.

The study was based on a sample of 138 transactions across Greece, with 84 per cent of those conducted on a cash basis.