Real estate agent

A new era in real estate sales will commence next month as the Trade Ministry implements a new regulation for listings posted by real estate agents to be officially verified starting Sept. 15, aiming to combat fraudulent advertisements.

The process of selling a house in Greece has started to look like an odyssey, after the developments of the last few weeks.

Property market professionals report a gap ranging around 15% to 25% on average between the asking prices and the prices at which the sales are finally made, which means there is plenty of room for prospective buyers to bargain.

The owner of Karaca Island, which is located in the Gökova Gulf of the southwestern province of Muğla and was on sale with a discount price for two years, has raised the cost of the property to 225 million Turkish Liras ($25.9 million) after seeing the interest of international buyers.

Real estate agents say a growing number of people from the Balkans are snapping up holiday homes and offices in Turkey, taking advantage of the weak lira.