Kilkis wrote:Well if you want to base it purely on personal experience, every house that I know that has been sold in my area in the past couple of years the sellers have reduced the asking price by between 40 % and over 50 % in order to get a sale. The original asking price was about what they paid for it and was what an agent told them they could get.
No, contrary to you I base it on personal experience in combination with facts and figures and in dialouge with people who make a living buying/selling/building houses on behalf of clients. Again, I'm talking about specific areas in Crete (Apokoronas), not Greece nor Mongolia. That said, I'm not surprised to hear that lots of people have been "forced" to sell at a much reduced price which is due to a combination of having bought at a highly inflated price and poor buildingquality. This seems to be the case in particular with houses bought/owned by Brits and built by "Brits", some of whom have later on fled and/or been shot!
Even today you will find a demand, demand higher than supply (!) for properties that are ready for development in Plaka and with the right location. To some of us a house is not just a house (any house) but I realize to others that may be so!