Greece has suffered the second biggest property crash in the EU since the debt crisis began. 
Consequently, home ownership in Greece has been deemed a sick joke in lieu of this crisis. Remax, Greece's largest property company, has decided to speak out on the implications of this crisis on the housing market. They have specified that this financial meltdown has caused a multitude of problems. They went on to discuss how "basement flats are selling for as little as €5,000 (£4,150) in the less salubrious parts of Athens. On the isle of Mykonos, cash-strapped Greek celebrities have been selling luxury villas for a song." These extremely low prices for housing have been a direct result of the crash of their economy.  To put it into better perspective, last year alone there were only 3600 property sales in the whole city of Athens, where the vast majority of Greece's population resides. The social and economic crash is reflected in the property slump, as the property values have dropped a whopping 32 percent. Some estate agents even speculate that the drop was closer to 50 percent than 32. Historically, property taxes have been virtually non existent. However, with the onset of the crisis and to the dismay of buyers, property taxes have risen drastically, disenchanting people from purchasing new homes. An exorbitant amount of Greeks, who can't make their mortgage payments, have resorted to giving their property back into the hands of the government. 

The property bust in Greece is a huge problem that will not be fixed overnight. However, if the recession can ease in Europe, and foreigners start to return, it would be a part of the solution to one of Greece's biggest problems.