Housing Sector Dealing with Over 10,000 Older Homes Abandoned Last Year

Saturday, January 7th, 2017
Last Update: 17:27

The latest data from GLP Values chartered surveyors of advisers, expert agents and brokers shows that an estimated 150,000-180,000 existing properties in Greece are being ignored by potential buyers as there is no demand for the older residences.

According to sources, experts say that once the market revives itself as the impact of the financial crisis in Greece dissipates in some sectors, the demand for purchases of properties will increase and buyers will be looking to purchase new or under-construction residences – not older properties.

Not only is the existing stock of unsold residences across Greece expected to remain empty, also in recent years there has been an increase in unwanted properties being turned over to the state through confiscations or waivers of inheritance. The total amount of abandoned properties last year was 10,500 and a drastic contrast to the 6,079 properties in 2013.

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