Lawyer - anybody knows him?

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Kilkis
Posts: 8772
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Lawyer - anybody knows him?

Postby Kilkis » Sun May 21, 2017 3:30 pm

According to the government figures, prices are a bit higher now than they were back in 2000. It's people who bought close to the peak that are suffering the worst declines. Of course the period leading up to the peak was also the time of maximum number of transactions so the number of people who are worst affected is significant. The earlier you bought before the peak or the later you bought after the peak the less you are affected. The absolute peak varied a bit from area to area but was typically some time in 2008. It was a fairly flat peak so the date of the exact maximum doesn't really matter. If the reason for selling is forced/voluntary repatriation then you also have to take into account variations in the Sterling/Euro exchange rate. It is possible to suffer a significant loss in Euro but still be level or only down a little when you convert back to Sterling compared to how much Sterling you brought to buy. Many people I know got close to €1.5 for each £1 Sterling they brought to Greece. Today they would pay under €1.2 to buy back Sterling to return to the UK.

Incidentally, according to a friend's accountant, the committee that rules on moving money out of Greece is functioning reasonably well and it should be possible to move funds paid for a property in Greece out of the country PROVIDED you can prove, with pink slips, that the money to buy the property originally was brought in. I am told the process takes about 3 months.

Warwick

bobscott
Posts: 2066
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Lawyer - anybody knows him?

Postby bobscott » Sun May 21, 2017 3:45 pm

Kilkis wrote:You say you dropped the asking price considerably to get a sale. Could I ask on what basis you to set the initial asking price, e.g. you thought you would give it a try, you were hopeful you could get that amount, an agent suggested that asking price etc?



Warwick


A bit of both really. Suggested an initial figure, agent suggested a lower one and we eventually came to an understanding! B
Yesterday today was tomorrow. Don't dilly dally!

bobscott
Posts: 2066
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Lawyer - anybody knows him?

Postby bobscott » Sun May 21, 2017 3:47 pm

Kilkis wrote: C'est la vie as the English say.

Warwick


Not for much longer matey! BREXIT will put a stop to all that classy nonsense!!! Bob.
Yesterday today was tomorrow. Don't dilly dally!

mouche
Posts: 555
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lawyer - anybody knows him?

Postby mouche » Sun May 21, 2017 5:45 pm

Kilkis wrote: There is no right or wrong.

Warwick


Since when?

Kilkis
Posts: 8772
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Lawyer - anybody knows him?

Postby Kilkis » Sun May 21, 2017 6:54 pm

My personal experience is my personal experience. Your personal experience is your personal experience. If for any reason one of us decides to sell our property then we will find out reality, whatever it happens to be. Until then all we have is our own experience. I cannot change my experience. I can't make the fact that people I know dropped the prices of their houses, by between 40 % and over 50 % in order to sell, go away. It happened. It is an historical fact. It is not based on reports or statistics. It happened to people I know personally. These are real sales of real houses by real people.

Perhaps Plaka is different? Perhaps houses in Plaka are selling like hot cakes? Perhaps the rate of property transactions in Plaka has never gone down from the peak? Perhaps the rate of building in Plaka has continued at the same rate it was going in 2008? Perhaps prices in Plaka have continued to rise since 2008? I have no way of knowing. I don't live in Plaka. I don't own a house in Plaka. I have never bought a house in Plaka. I have never sold a house in Plaka. Until I went to a birthday celebration in Takis' taverna earlier this year I haven't been in or travelled through Plaka for at least 5 years, probably more.

I can only report my own experience. It is what it is.

Warwick

john4d
Posts: 457
Joined: Fri Dec 21, 2007 5:13 pm
Location: Near Vamos

Re: Lawyer - anybody knows him?

Postby john4d » Sun May 21, 2017 9:58 pm

As usual Warwick you do a lot of research before contributing to this board, but no research can tell us what we will get for our houses in the unlikely event that after Brexit we are forced to leave Crete. We only know that the resulting fire sale will produce significantly lower prices than are currently being obtained.
There's no such thing as a bad taste joke

Kilkis
Posts: 8772
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Lawyer - anybody knows him?

Postby Kilkis » Mon May 22, 2017 1:04 am

I agree, John, nobody knows what price a house will fetch until you put it on the market. All we can do is make estimates based on what other, similar houses fetched in the recent past. You are also correct that a sudden forced exodus of ex-pats would cause a glut in supply with no corresponding glut in demand so the price would be likely to be depressed further than current conditions.

The market appears to be bottoming out at the moment but even that is not a certainty. Greek banks have a massive non-performing loan book, somewhere around 35 % of all loans, much of which is in the form of mortgages. In 2015 the Greek government, under pressure from the creditors passed a new law, Law 4354/2015, changing the rules governing the sale of non-performing loans to third parties that could lead to a massive increase in repossessions and a consequent flood of properties onto the market. At some it is possible that this could cause another downturn in prices. So far investors have shown little interest in purchasing these non-performing loans so the banks are investigating alternative methods of resolving them in-house. Nothing is certain. "Prediction is very difficult, especially if it's about the future." --Nils Bohr.

Warwick

mouche
Posts: 555
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lawyer - anybody knows him?

Postby mouche » Mon May 22, 2017 12:15 pm

Kilkis wrote:Perhaps Plaka is different?
Warwick


Seriousely? Do you even consider that there may, repeat may, be a difference whether the house is in Plaka in Crete and a village in Northern Greece? Vow!

Kilkis
Posts: 8772
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Lawyer - anybody knows him?

Postby Kilkis » Mon May 22, 2017 4:52 pm

My experience is with houses about 15 km to the south west of Chania not in northern Greece. I haven't lived in northern Greece for almost 11 years. Do you think houses in Plaka, about 27 km to the east of Chania are that different from houses 15 km to the south west of Chania?

Warwick

bobscott
Posts: 2066
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Lawyer - anybody knows him?

Postby bobscott » Tue May 23, 2017 8:51 am

Going back to the topic - Vasilis Maropakis has now successfully concluded the sale of our property. All done efficiently and at a reasonable cost. Bob.
Yesterday today was tomorrow. Don't dilly dally!

mouche
Posts: 555
Joined: Sat Jan 15, 2011 5:43 pm

Re: Lawyer - anybody knows him?

Postby mouche » Tue May 23, 2017 6:29 pm

Kilkis wrote:My experience is with houses about 15 km to the south west of Chania not in northern Greece. I haven't lived in northern Greece for almost 11 years. Do you think houses in Plaka, about 27 km to the east of Chania are that different from houses 15 km to the south west of Chania?

Warwick


As always, you know best. Have a nice evening.


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