Over 80 per cent or eight out of ten Greek properties are now purchased with cash, using no bank involvement whatsoever.
The latest figures from a survey conducted by the Association of Certified Brokers of Greece (BPOR) has revealed the surprisingly high cash transaction figure and reflects the generally difficult situation in the banking sector as well as the downturn in providing loans for Greek properties.
The BPOR has said that real estate is often purchased by overseas property investors who transfer money from abroad, while Greek buyers seem to use cash they have stashed away under mattresses and in bank vaults.
Though to say that there is no bank involvement in the transactions of Greek properties is not strictly true, as according to the survey, banks are among the key real estate sellers, due to 27.8 percent of all Greek properties sold coming directly from bank holdings.
The Greek properties sold in the second half of 2018 went at a higher average value than in the first half of the year, and the required time between the selling of properties and closing on them has been significantly lowered.
Greek properties valued between 91,000 and 180,000 euros now constitute 23.3 percent of transactions, compared with 17.3 percent six months ago.
The survey analysis also revealed that older, less expensive properties are now few and far between, and their prices are rising.
The details taken from the survey report seem to confirm the fact that the Greek property market is now in tangible recovery mode, following a lengthy downturn following the global financial crisis in 2008.
Greece has lagged behind other European countries in the recovery of its property market, but all signals now point to the time being right for British overseas property investors to renew their love affair with Greece.