Greek Cyclades Islands opening up for foreign buyers

The conditions in Greece's housing market have opened up the country to foreign buyers looking for property on one of the idyllic holiday islands.

Christos Vergos at Remax New Deal estate agents in Athens told AFP that higher taxes and lower rents have left some of those with multiple properties looking to sell, and this is in turn lowering prices.

This is creating opportunities for foreign buyers with money looking for property in the Greek Islands, which have become significantly cheaper as a result of the current market conditions.

In particular, the Cyclades Islands are being targeted by foreigners searching for overseas property for sale, Nicolas Lioliakis, a partner with Bain & Company in Paris who tracks Greece, told the news agency.

The group of 24 islands known as the Cyclades encompass most of the famous Greek islands, including Mykonos, Kimolos, Paros and Kithnos, as well as the small uninhabited island of Delos, the world's first multi-cultural society and centuries old gathering ground for the rich and famous.