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The general consensus is that properties in Greece and the Greek islands are currently undervalued.  You can reasonably expect to buy a two bedroom villa with a swimming pool in the very popular island of Crete for approximately €140,000. 

Prices for existing homes tend to cost slightly more than houses that are off plan.  The usual guide is to expect to pay 15-20% more for an existing property than for an equivalent property bought off plan.  An existing property will afford you with a traditional Greek construction, however, you should be aware that many existing properties would need renovation so this should be taken into account in your financing.

It is true that Greece is no longer as cheap as it once was, in large part due to the successful staging of the 2004 Olympic games in Athens and the inherently improved infrastructure, but properties in the Greek islands are still significantly cheaper than their counterparts in Western Europe. For example, two similarly specified properties in Greece and Spain would cost approximately 40-50% more in Spain than it would in Greece. When this is coupled to the fact that the cost of living is 40% lower than the UK and the very low crime rate in Greece, it is easy to see why this market is valued with a potentially high yield growth rate.

On the downside, the infrastructure in general on the Greek islands could be considered as somewhat weak and may be cause for concern for some buyers. Additionally, as the islands are dominated by tourism there can effectively by a total shutdown of the tourist infrastructure on some of the small islands during the winter months.   

Prices for property in Greece can vary considerably, but they will tend to be in the following range:

€28,000 for a rural property in need of some refurbishment
€35,000 for a building plot close to the coast
€42,000 for a small apartment or studio near the coast
€140,000 + for a townhouse or a small villa

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