Entire Greek islands selling on the cheap thanks to tax burdens

More than 40 Greek islands are currently on sale at ridiculously low prices largely due to the effects of the financial crisis and increased taxation measures introduced by the Government.

Prices have been reduced to more than 60% in most cases, with real estate professionals noting that supply has doubled in a very volatile market for sellers.

According to one real estate agent active in the Saronic Gulf, islands that once cost 70 million euros before the crisis will not sell now for more than 10-15 million euros.

Experts are however adding the Greek island market is competitive compared to those of other rival countries. However, sales are hard to achieve due to other issues including construction limitations, extensive red tape, approvals by the archaeological and forestry services as well as from the defense ministry and in many cases the islands have been classified as protected nature areas.

A case in point, the sale of Scorpios, once owned by Greek shipping magnate Aristotle Onassis which went to a Russian billionaire together with neighboring islet Sparti for 117 million euros initially set in 2008 at 200 million euros.

Oxia off Zakynthos sold for a little under 5 million from the initial 7 million euros to the former emir of Qatar.

Meanwhile, the profile of those interested in buying Greek islands has also changed from the individual seeking his own private getaway to the investor/tourism interest groups seeking to erect luxury tourism facilities.

GCT Team

This article was researched and written by a GCT team member.

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