The property market in Greece has seen some decline in demand in 2008, however the prices are not likely to crash, a modest correction in the region of 5% is likely recovering in 2009. This is relatively good news for people who have bought property recently of course and is better news for future investors who are perhaps unable to buy in there proffered location at the moment. Of course inflationary pressures and interest rate hikes may see this figure exceeded but it is thought to be unlikely.
Construction costs are rising, as they are everywhere due to the rise in commodity prices although that is now levelling off, however many of the more resourceful constructors are simply renting out their existing stock for a while until the global economic situation improves and demand in sales returns. This does however give really good opportunities to rent somewhere for the time being at a very cheap rate and suck it and see so to speak.
But if you have the cash, or are able to secure one of the elusive mortgages that are on the market, it is a buyer's market. Sellers who simply must sell have to be realistic in a more competitive and limited market place.
Off plan is something to look at as builders may be forced to offer even greater discounts to get there projects finished incentives in the way of free air conditioning, fitted kitchens and furniture are being offered at the moment but all thing are negotiable especially in tight markets.
Perhaps the most famous island is Crete with over half a million residents it is the largest island of all the Greek islands it is an archaeological treasure trove and with a history stretching back to the Minoan civilization.
There are two international airports on Crete and flights are easy to get and affordable, the climate like the rest of Greece comprises of long hot summers and short mild winters, so all in all a most pleasant place to be.
If you want to build your dream home in Greece it is advisable to use local architects and builders, what may look like irregular building practises may well indeed be good for building in this climate a point that should be taken on board wherever you look for investment property.