# Buying a cheap flat in the crisis!



## tokyodan (May 9, 2010)

Hi there, I'm thinking of moving to Greece from Tokyo. I was wondering if this is the perfect time to buy a flat in a good part of Athens? Have property prices come down a lot? How much would a professional-type flat cost in a good area? (say 1-2 bedrooms, 50-60 square metres, nicely appointed, close to the business/entertainment districts). What are the good areas of Athens, anyway? Also, I was wondering how difficult it is to get a mortgage in Greece? I wouldn't have a job to start off.


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## scoobie (May 25, 2009)

tokyodan said:


> Hi there, I'm thinking of moving to Greece from Tokyo. I was wondering if this is the perfect time to buy a flat in a good part of Athens? Have property prices come down a lot? How much would a professional-type flat cost in a good area? (say 1-2 bedrooms, 50-60 square metres, nicely appointed, close to the business/entertainment districts). What are the good areas of Athens, anyway? Also, I was wondering how difficult it is to get a mortgage in Greece? I wouldn't have a job to start off.



I would think it better to rent a flat first then you have a chance to look around and see what area you would like to move to. Not sure about a mortgage but without work i guess it is no different here than any other country. You need to show a regular income to borrow any money. As far as prices go i do not think you will see lots of cheap places for sale. You may find cheap properties that are sold by expats who have left or want to leave they are often more open to a lower offer.


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## tokyodan (May 9, 2010)

Yes, sensible advice, of course. Thanks. Is there any area in Athens you'd recommend for living in, close to the business district?


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## wka (Sep 18, 2009)

You will not be able to get a mortgage easily. The banks here are not lending easily. If you don't have a job, I can't imagine a bank would lend to you. If you sell the house you own now, you would be in a much better position obviously.

There was an article in the newspaper the other day (I think it was Ναυτεμπορική or Τα Νέα) reporting that the real estate market in Greece is very concerned about the possibility of a drastic reduction in demand leading to very low prices for real estate. HOWEVER, it was just a newspaper article about how the real estate folks are worried. It was NOT reporting that this has actually happened. I left the newspaper in my office so I can't consult it to give you more info, sorry.


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