What sort of property deals are now taking place in Greece?

Property deals now taking place in Greece

Property worth up to 60,000 euros is the most popular type of real estate being traded in Greece, according to a survey prepared by the Broker Price Opinion Resource (BPOR) Greece.

The survey, held in December, found that three quarter of property transactions completed related to residential housing, with 15% of deals concerning land plots.

The data shows that 40% of deals were on assets worth up to 60,000 euros and 20% was on real estate valued at between 61,000 to 110,000 euros. Just over a quarter related to real estate worth between 111,000 and 250,000 euros, reflecting the solid interest in luxury homes brought about by foreign investors seeking residency permits.

Greece's residency visa for investments program, that offers investors a five year renewable residency permit in exchange for investments of more than 250,000 euros, got off to a slow start when launched in 2013 but interest has since picked up.

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Most of the deals last month, 85%, were done in cash, BPOR found, as the Greek economy remains in the grips of a credit freeze. Greek banks provided financing to just 13% of transactions as they struggle to manage some 100 billion euros of bad loans left on the in their balance from the country's economic crisis.