The Greek financial crisis could make way for overseas property speculators states the director of international real estate company Homesgofast.com. The region which is ranked on par with Azerbaijan, Colombia, Panama and Romania could produce house prices well below the European average as the economy dips
The cost of borrowing for the Greek government briefly hit 38% in a stark illustration of the impact that a downgrade can have on the health of a nation’s finances. Greece has been graded BB+ by the credit rating agency Standard & Poor’s, official “junk” territory.
Nicholas Marr director at overseas property company Homesgofast.com “Despite Greek membership of the EU Greece has now the financial status of an emerging economy. This presents potential new opportunities for cash rich overseas property speculators. We all know profits are not only made on the sale of a property but on the purchase. However I would let the dust settle to see the real effects on the Greek housing market”
It seems international real estate investors seeking to benefit from the crisis will also have further European countries to choose from. The depth of the property bust in both Spain and Portugal has prompted the ratings agency Standard & Poor’s to downgrade the creditworthiness of both.
European leaders, led by German chancellor Angela Merkel, the International Monetary Fund and Greece’s leaders are scrambling to approve a bail-out for Greece as financial markets drive its borrowing costs higher.
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