Will Athens Property Market Crash

Will Athens Property Market Crash Again?

There’s talk everywhere online about the impending crash in 2019

Housing prices in mature markets in places like London, Vancouver and Sydney have taken a bartering recently.

This means that when we tell investors that we’re buying property in Athens their first reaction is usually- you must be crazy!

But is it really so crazy? Everyone knows the great Warren Buffett made all his money buying when the ‘experts’ said ‘sell’.

Property is a weird one. People behave in strange ways in the property market boom and bust cycles.

Here’s an example (borrowed from Robert kiyosaki). When you go to the supermarket and they have a BOGOF on your favroite cookies, do you buy more or fewer packets?

Of course you buy more. Doh!

So why is that when we talk of real estate markets we find people including investors it must be said, who stop buying when prices are low?

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British Investor Falls Over Greek Real Estate

Case Study – British Investor Falls Over in Athens

The Unfortunate Tale of Mumbles

Whilst investing in Greece has its risks it’s also pretty straightforward provided you follow some basic rules and employ some common sense.

That brings us to today’s case study.

An investor from the UK that we’ve known for some time came over to Athens to shadow us for a while and start buying in Greece. We’ll call him Mumbles.

This was a guy with a long history of investing in property in the UK but perhaps not that worldly wise when it came to other cultures. He expected everything to be exactly the same process as it was back home.

On paper, it is.

Creative contracts are pretty much the same wherever you are in the world.

But the nuance, the local info, the things that are totally market specific, if you don’t get a handle on those you will come unstuck. This is what happened to Mumbles.

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