Greece debt crisis sparks "buyers market"

Foreign investors are swooping in to snag cheap island villas in Greece as the country's financial troubles mount. Some analysts are calling Greece a "buyers market," but buying does come with some risks as the country works through its financial woes and the possibility of having to introduce a new currency.

Photo Credit: Kullez via Compfight cc

"We have people that are in a hurry to buy,” says George Eliades, managing partner of property firm Algean Group, who says inquiries about vacation homes on the Greek island Mykonos have soared in recent weeks. "They are looking for a quick turnaround."

Since 2011, island property values have dropped 30 percent, Eliades says. Home prices in Athens alone have dropped by nearly a half since 2008.

"In this market, you will find good deals," says Alexandros Moulas, an associate at the global property firm Savills in Athens.

This coming weekend, a summit of European leaders will determine whether or not to accept Greece's last bid for a bailout to rescue the country from its debt. But so far, foreign buyers don't seem to be deterred when it comes to real estate. Investors may face a sharp devaluation of their property value if Greece abandons the euro and brings in a new currency.

What's more, property taxes may increase as a way for the Greek government to raise more revenue, CNNMoney reports. However, investors right now are seeing big bargains in properties that they say are worth those risks.