| Citibank recently published a report based on | | | | in Crete, we can confirm that there are options |
| research among the wealthiest people in the | | | | available that were not available 2 years ago. For |
| world. The sample population studied, reported | | | | example buying a key ready house of 100m2 |
| that property is their top priority in their | | | | that was constructed within the past 10 months, |
| investment agendas. Specifically residential | | | | on a 1000m2 plot enjoying sea views and being |
| properties are highly appreciated since they are | | | | only 2 minutes from the nearest beach for just |
| something easier to understand. The report notes | | | | 170.000 Euros is now possible. |
| characteristically that "Even the wealthy hold the | | | | However, good value properties fall within the |
| view that you should only invest in things that | | | | category of "insufficient or limited supply". Most |
| you understand". | | | | builders are reluctant in reducing or negotiating |
| This strong belief in the value of property is | | | | prices - even the ones facing financial difficulties. |
| shared by most Greeks as well and is one of the | | | | Additionally the Greek government announced in |
| reasons why properties have not greatly | | | | May of 2009 financial motives for home buyers |
| decreased in value in Crete. Local demand for | | | | which has strengthen the demand in the country. |
| houses and apartments has helped in sustaining | | | | One could of course wait in order to find the |
| the Greek real estate market and protected it | | | | lower priced bargain since no one can claim that |
| from a potential crash. | | | | the world financial crisis is over. But waiting for |
| The simplest of price mechanisms is supply and | | | | the bottom price to appear comes with the risk |
| demand. Ample supply and weak demand: lower | | | | of missing out on the best opportunity. Simply, |
| prices. Insufficient supply and strong demand: | | | | because it will be snapped up by someone |
| higher prices. People that sell land look at it in that | | | | prepared to take the risk. |
| context. Supply is obviously limited. "They're not | | | | Bottom line, properties still remain an attractive |
| making it anymore". | | | | long-term investment, offering a sense of |
| "Real estate cannot be lost or stolen, nor can it | | | | security that stock markets cannot provide in |
| be carried away. Purchased with common sense, | | | | today's economic environment. Even cash |
| paid for in full and managed with reasonable care, | | | | deposits look out of favor, as investors as well as |
| it is about the safest investment in the world". | | | | everybody else, question the safety of their |
| Franklin D. Roosevelt (1882-1945). | | | | money and banks slash interest rates. |
| So where are the bargains? International analysts | | | | And now low prices are available on the island of |
| generally agree that 2009 is the year to find | | | | Crete, which has all the qualities that ensure that |
| them since 2010 seems to be the year that the | | | | your purchase will offer you quality of life when |
| world economy will stabilize along with real estate | | | | you use it as well as a valuable asset in years to |
| values and prices. European officials already talked | | | | come. |
| of an expected interest increase in 2010. Focusing | | | | |