Riots in Greece. Is It Still a Safe Country in which to Invest in property?

Thousands of protesters have rallied outside Parliament as the Greek Government voted by 155 to 138 to pass a framework bill on a package of tax increases, spending targets and privatisations as agreed as part of an EU/IMF bailout.

These bills are laying out a 28 billion euro austerity plan that must be passed for the European Union and International Monetary Fund to release a vital 12 billion euro loan trance which the Government needs as it struggles with the worst recession since the 1970's.

So how does this affect the Greek property market not just on the mainland but the many islands too?

Kim Brown, Director, Overseas Guides Company (OGC), which produces Guides to buying abroad, offers an unbiased view and says," Considering that Greece is on the verge of bankruptcy, riots are on the rise and its future is uncertain I would persuade would-be property buyers to hold off. Anyone spouting that there's an opportunity and saying that buying a property in Greece is safe must have a vested interest in the sale of property.

Regardless as to whether the country goes bankrupt or not, Greece is not going to recover anytime soon. With such high debt, austerity measures could cause an increase in taxes, a reduction on infrastructure spend, increased unemployment, very unhappy locals and much worse!

If you're looking to increase your quality of life I suggest you consider seeking out a country that is economically stable"


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