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The economic crisis might be in full swing and the property market might be experiencing one of the worst periods since the war, but homes in Greece are still expensive. The latest study, conducted by consulting firm Coldwell Banker Real Estate LLC compares the average price of homes with 4 bedrooms and 2 bathrooms in 30 countries and over 60 different markets, excluding U.S. and Canada. 

In the ranking with 62 most expensive areas, Athens takes up number 22, and the price of mentioned house reaches 632,624 US dollars or 452,000 euros. Analysts from the firm say the Parthenon and the new Acropolis Museum continue to be a significant pole of attraction for global tourism, making Athens a shiny destination. Athens follows closely major European cities like Paris, Milan, Madrid, Rome and Amsterdam. 

Development 

As Panagiotis Mihalos, CEO of Coldwell Banker Hellas and Southeast Group, says regarding Greece: “The second home in Greece can serve as a steam engine for the development of the Greek economy. However, foreign investors remain reserved in anticipation of the economic events in Greece. Coldwell Banker Hellas, however, with its international network of recommendations, is the most powerful engine in the Greek market to attract foreign investors." 

In the top ranking of the study are three regions in France, where the average purchase for a home with 4 bedrooms costs from 2 to 4.2 million US dollars. 

On number 1 as the most expensive neighborhood in the world, is the region Neuilly-sur-Seine in France, which is only 4 miles from Paris and is the birthplace of Nicolas Sarkozy, the current French president. Situated there are also the headquarters for the global editions of “New York Times”, and “The International Herald Tribune”. 

The next three places are again taken by French neighborhoods and areas - Paris, where the price of a home with 4 bedrooms is 3.624 million US dollars, Boulogne – 2.565.000 and Asniere sur Seine - 1.957.000. 

Occupying last place—or in other words, the city ​​where one can find very cheap housing, is the tourist town of Salinas in Ecuador. Buying a home there can cost only 75,000 US dollars in an area that is located near the Pacific Ocean and has a good climate. "We see customers broaden their horizons when examining the number of countries where they plan to invest", said Budge Huskey, president and CEO of Coldwell. 

The study also shows: 

Paris is characterized as one of the three most prominent European cities of the future by the Financial Times and produces more than ¼ of the total Gross Domestic Product of France. 

Madrid is the third largest city in the European Union and is considered to be the largest economic center in Southern Europe. 

Rome is the capital and most populous city in Italy and is seen as one of the 15 most important cities in the world. 

Amsterdam is the economic and cultural capital of the Netherlands, and also home of 7 companies from the Fortune 500 list, including ING Group and Royal Philips Electronics.

Dublin is home to more than ¼ of the total population of Ireland and occupies 29^th place in the Global Financial Centres Index. 

Investments 

Meanwhile, as in 2011, and also in the first half of 2012, it is expected that investments in real estate will reduce, although they have already reached extremely low levels - 5 billion euros in 2011 from 6.6 billion euros in 2010 and 16.1 billion in 2006, as states by Alpha Bank in its weekly newsletter. Analysts noted that the volume of new projects under issued permits has decreased by 40.5 percent on annual basis in March 2011.