Foreign buyers see more downside to prices - survey

Property prices seen down 5% in survey

*55% of readers see Greek property prices further sliding by 5% in 2018

*High taxes, lack of transparency cited as key obstacles to investing in Greece

*Most respondents from US, UK and Australia

The majority of foreign buyers looking to pick up property in Greece believe that prices could drop by 5% this year, according to a survey held by

The survey, held February 15 to 23, found that 55% of readers see residential real estate prices edging down by up to 5% in 2018, extending an eight year slide where prices fell by more than 40%. About one in three respondents said they see prices stabilising at current levels.

After being launched about a year ago, has become a key source of information for foreign investors with an eye on Greek property for sale, drawing readers from 60 countries.

The site’s online property price survey was completed by some 50 readers, with most coming from the US, UK and Australia. About half of them said they are likely to buy property in Greece during 2018.

SEE ALSO: Apartment prices drop 0.3% - Bank of Greece

Questioned on what they see as being obstacles to buying property in Greece, most cited high taxes and a lack of market information. Grexit fears, capital controls and political instability were raised as concerns by about 10% of respondents.

“A lot of readers are looking to buy real estate in Greece but are worried about a lack of market data and the complex nature of the procedures involved. Both individual and institutional investors raise these concerns with the site,” said founder Stelios Bouras.