More than 480 hotels in Greece go up for sale in less than a month for as little as £190,000 as economic crisis continues to bite
- Properties have gone up for sale after facing serious sustainability issues
- Hotel Vatera Beach in Lesbos is rated four and a half stars on TripAdvisor
- Increase means that five per cent of Greek hotels are now on the market
Fancy owning your own hotel in Greece? Well now you can - and it's cheaper than buying a house.
New research has revealed that more than 480 hotels in places including Crete, Macedonia and Chania have been put up for sale in the past month.
Some of the hotels are being sold for prices as low as €250,000 (£190,000) - that's less than half the cost of a two-bedroom house in Fulham, London.
The getaways, including the four-and-a-half-star Hotel Vatera Beach, which is rated number one out of five hotels in the area, have gone up for sale after facing serious sustainability issues, local media reported.
According to Ekathimerini.com, the total value of the asking prices advertised for the 482 properties is just over €1.7billion (£1.3billion).
The local news outlet stated that hundreds of hotel owners resorted to trying to sell their units over the last 40 days, with some including all furniture and stock.
Family-run Hotel Vatera Beach in Vatera, Lesbos, which is highly rated and recommended on TripAdvisor, is asking for €1,350,000 (£1,030,000) and advertises an annual net profit of €50,000 to €100,000.
So far, 106 hotels have been put up for sale in Macedonia, 66 in Crete and 53 on the Ionian islands, including Zakynthos and Lefkada.
The recent increase means that at least five per cent of Greek hotels are now on the market.