According to new reports, the prices of luxury properties in Greece are being cut by up to 45% due to owners looking to sell their property quickly in a bid to avoid having to pay the higher taxes enforced by the governments latest austerity measures.

Many luxury properties have had huge amounts slashed off the prices, for example, a 3 bedroom property on Corfu has been reduced from €1.4 to a mere €750,000.

A property broker for Prestige Property Group which sells properties on the Greek Islands, Mike Braunholtz, said “It’s a scary place to invest right now. Things aren’t going to improve until the economic picture becomes clearer.”

The latest rush to sell is due to the new taxes implemented by the Greek government; this will see higher taxes to be paid on properties worth over €500,000, and a further tax on those worth over 5 million Euros.

Liam Bailey, head of residential research at Knight Frank said; “The tax overhaul is certainly a concern for property investors in Greece. These measures specifically target the rich, higher end buyer.” It is an ideal opportunity for those with money to grab a luxury property at a bargain price.

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