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Cash-strapped Greeks are selling off their slices of paradise...
...Many are selling islands in response to the ongoing financial crisis in
Europe, said Farhad Vladi, of Vladi Private Islands. Greek property prices
have fallen significantly in the last five years, by as much as 30 per cent
from pre-crisis levels.
"People have less income and are looking for other sources to liquidate
assets," said Mr Vladi. Both rich families and poor farmers who had been
hoping that real estate prices would recover have decided to cut their
losses and sell, he explained.
The fact that Athens introduced a land tax this year, has increased the
incentive for people to cash in their off-shore asset, he added.
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