Europe Bottom for Greece property?

Interesting charts from a recent thread on Twitter: Tiho Brkan on Twitter

Does anyone own property there? Pros and cons?

 

Looks positive from that data. What do you know about greek property though?

 

Next to 0, hence the thread

Might be a better opportunity to explore undervalued international property than the US for example which has a lot of threads here.

 

Athens is nearly twice the price as 20 years ago, how has the population changed in that time and what are prices in absolute terms?

 

Anyone thinking about investing in the Greek property market should tread very carefully. The annual land tax on property property in Greece is a joke. Some property owners have annual ENFIA (land tax) obligations that are more than the value of their property. The vague, corrupt and unpredictable planning regime also makes Greece a very uninviting place for international investors. It is no surprise they can't find foreign buyers for most of their public assets. There have been some gains in prime markets there but the maze of overtaxation, corruption, unavoidable kickbacks mean that returns are always going to be subject to some hefty taxes, fees and 'commissions'. There are easier ways to make money.

 

Yes, have a share of a property in Greece, have a block with a derelict home on it surrounded by 5-7 story buildings. As @Bunbury has said and absolutely said spot on to might I add the corruption, red tape and utter bs makes it something to really think about before allocating any of your hard earned there.

 

Greek friends of mine have said that the people there don't want to work, don't want to pay tax. (Not so bad, maybe?)

Where would price growth come from?