Greece property boom: Young Greeks are being priced out of market

Tourism is fuelling a property boom in Greece.
But as billions of dollars’ worth of real estate goes up for sale, young Greeks hoping to buy their first home say they are being priced out of the market.
Al Jazeera’s John Psaropoulos from Athens, Greece.
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#Greece #Athens #GreecePropertyBoom #GreeceRealEstate #GreeceHousing #GreecePropertyMarket #GreeceEconomy #TheEllinikon #LamdaDevelopment

[@furryflowersrescue]

There are plenty of empty properties in Greece, and many unfinished buildings. Prices have risen, but apart from the cities, most places sit on the market for years. This is due to the prices being fixed by the owners instead of real estate agents. Many Greeks, approx 70%, own not just one but often multiple homes, most without mortgages. This is why many refuse to budge on the inflated prices they set. They can wait to get what they want for their properties. Foreign investors are the main buyers, and the main reason for prices hikes. Greek government has recently increased Golden Visa in cities to €500,000.

[@bu2f]

U put the finger on a real problem, the cadastre laws in Greece are really weirds

[@hiss9989]

Young Greeks have been priced out of everything for at least a decade. Nothing new here.

[@Sofian375]

They already told you, you should not own anything.

[@Ufu4847]

But they want you to get vaccinated.

[@northerngrower-my7wb]

This is what happened in my country in toronto amd vancouver

[@krnpowr]

And here in the US, and across Asia as well. That's why young people can't have kids.

[@theofficialcybermonkeys1271]

@@krnpowrah I have 5 brothers and sisters we’re all late 20s to late 30s . My closest baby sister is the only one so far to have her first and probably only child but wasn’t planning on having it either. I’m 28 don’t plan on having a kid for another 5 years. They make it harder/less incentivized to raise one nowadays.

[@krnpowr]

@@theofficialcybermonkeys1271 Yup. My sister-in-law has a 2 yr old and a 3 yr old- both attending pre-school. $2K/month for each child. So for her two kids- it's $4K/month pre-school fees. That's more than what many people pay in rent or mortgage.

[@c.t.7450]

I was watching a video the other day in which in some places of Canada a 3 bedroom house with a yard is more expensive to buy than a whole castle in Europe!!!

[@krnpowr]

@@c.t.7450 Given that choice, who would want to live in Canada?

[@yolandaratliff4710]

This is happening everywhere. This is what all the young people in the U.S. are saying. I'm a realtor and they are not wrong. Just when they think they've reached their goal, the goalposts move.

[@boohoo79]

Greece is a dishonest tax evading parasite of a nation only the New Drachma will save Greece especially with tourism and thats it

[@krnpowr]

Capitalism has failed humanity. This is in fact why I never had kids- financial constraints. Now that I make good money, I'm too old.

[@kolabola7200]

​​@@krnpowrCapitalism and socialiam are abstract concepts of utopian fantasies that can never ever exit in real life. All these moneies and consistent inflation is the result of the fiat currency system that was born in 1971 in the west. It will go down in history as one of the worst moments in human history.

[@jackierogers566]

Air bnb is a huge problem

[@jjgreek1]

What goes up must come down

[@101logic]

Let’s not fool ourselves. There is no long term positivity to this based on what’s happening to London, Toronto, New York of which are all going to though this issue

[@c.t.7450]

They are creating neigbourhoods for ultra rich people all over the world and simutaneously make it harder and harder for everyone else to buy or even rent a place in those and even more distant areas

[@nick63837]

I feel sorry for the guy that left the Netherlands to go back to Greece. I live in the Netherlands from Greece.. I could never go back..

[@vassilisioannou5488]

That's because your not Greek your from Pakistan

[@nick63837]

@@vassilisioannou5488 Έλληνας είμαι..

[@Theo13136]

​@@vassilisioannou5488are you stupid I am the same I live in Australia but I'm greek ilithia

[@calziz]

It’s sad because we are hurting future generations from getting established

[@boohoo79]

New Drachma is the only solution

[@c.t.7450]

That option will only make the housing market even more desirable for foreign developing investors !they will buy everything really cheap for their currency and then sell it at top dollar prices(if you count the dollar as 'top' these days)!