Villa hunters line up euro exit bargains

With the Grexit scenarios gathering pace, real estate vultures are circling over Greece. (photo:Reuters) A wave of bargain hunters are preparing to pounce on properties in the Greek islands should the country leave the euro, estate agents told Reuters.   Though few deals are happening ahead of June elections that could decide whether Greece stays in the euro, interest has spiked this year as buyers prepare to capitalise on prices that they expect could fall by another 20 percent as the economic and political turmoil continues, agents said.   "Greece has been flat since Lehman Brothers collapsed, but we are having many more conversations now," said Piers Williams, director of international sales at high-end estate agent Aylesford. "People are naturally expecting to pick up good opportunities."   The firm typically sells property in the 1 million to 10 million euro bracket and specialises in the islands of Corfu and Paxos. Aylesford is planning to boost its marketing efforts after the election, Williams said.   Prices, which have already fallen by about 20 percent, could fall by about the same amount again if Greece left the euro, he said.   "The hyenas are circling," said another estate agent who declined to be named.   The office of Beauchamp Estates on the island of Mykonos is receiving three or four email enquiries per day, compared with about five or six per week a year ago, said Roi Deldimou who runs the Greek arm of the London-based luxury estate agent.   "People have decided that this is the time to buy, though obviously they are waiting for the elections," she told Reuters. "For better or worse they want to get ready to act," she said, adding prices could drop by another 20 percent whether Greece leaves the euro or not.   Enquiries and sales are double what they were a year ago, said Spyros Mantzos, director of Apropertyingreece.com. which has sold properties throughout Greece for between 60,000 pounds and 18 million pounds.   "There are already bargains out there, and buyers are betting that if Greece leaves the euro they will be able to live much more cheaply." (Reuters)