This crisis means the end for real estate. Middle class Greeks do not have enough money to buy. Richer ones do not invest as before, because of not wanting to take any risk. Potential buyers abroad are afraid to spend their money on something situated in a country with an uncertain future and economy.
Buildings are abandoned. Some in good shape, some in bad shape. Houses, apartment buildings or anything that has started being created some time ago has no plan on how or when finishing it. Not only because there are less buyers, but also because of a lack of money and owners, engineers or anyone involved who are not willing to invest their money at this period of time.
No jobs. People who were active in the real estate sector: from administrative assistants of estate agents, employees of engineers, etc. to building workers were the first victims of this situation. They were fired or they have to accept huge salary decreases. Concerning building workers, before they had to work with the unbearable heat and were waiting for a break, today they hope to work even with 40 degrees.
Although real estate is kind of dead, prices have not really been reduced. Only people who really are in need of money are selling their property at extremely low prices, but most of the properties have not lost their value.
Greece needs to start creating again!












