With the worldwide pandemic of COVID-19, many countries have been affected in a variety of ways. One sector that has seen a significant change is real estate. In Greece, the real estate market has experienced a lot of disruption due to the virus and its consequences. Let’s take a look at how it all happened and what effect it’s had on potential homebuyers.
The Effects of Lockdown
The first major consequence of COVID-19 in Greece was the government’s decision to impose an extended lockdown period as part of their efforts to contain the virus. This meant that people were not allowed to leave their homes except for essential trips, such as grocery shopping or medical appointments. As a result, real estate agents had to close their offices and suspend any scheduled viewings or meetings until further notice. This put a big dampener on any potential sales and caused quite a bit of disruption in the market.
The Impact on Prices
Another consequence was that prices began to drop significantly due to fewer transactions taking place during this period. The lack of activity meant that prices could no longer be sustained at their previous levels, resulting in steep discounts being offered for properties around the country. For those looking to buy property in Greece, this was great news as they could get some really good deals if they were willing to take advantage of them. This created an influx of buyers who were looking for bargains and willing to invest despite the pandemic situation.
The Rise In Virtual Transactions
Finally, another impact that Coronavirus had on real estate in Greece was an increase in virtual transactions and viewings. With people unable to physically go out and view properties anymore, agents began offering virtual tours as an alternative solution so buyers could still get an idea of what they were buying without having to leave their homes. This was another factor that allowed buyers from all over the world who couldn’t physically be present during viewings but still wanted to invest in Greek property, thus continuing transactions even during lockdown periods.
COVID-19 has undoubtedly had a huge impact on the real estate market in Greece over recent months. From extended lockdowns causing disruptions in transactions and price drops due to lack of activity, right through to virtual tours allowing investors from other countries to purchase property without having to be present – these are just some examples of how things have changed since coronavirus first hit our shores last year! For anyone looking into buying property in Greece right now, these changes can actually work out as beneficial – so make sure you keep your eyes peeled for some great deals!
