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Economic Chaos in Greece Should Bring Deals in the Sun

With a debt crisis looming, Greece—that sun-splashed corner of the Mediterranean—is facing economic challenges that may drive property values lower. But what is a bane to the national economy may be a boon to foreigners looking to find excellent values among Greece's abundant vacation properties. And boy are there plenty, everything from sleek modern numbers to traditional stone houses, all enjoying Greece's legendary weather. Let's start on the famous island of Santorini, long an escape for jetset types, and about to become a bit more accessible. This seven-bedroom spread in the village of Oia enjoys views of the Med and the surround hillside, with its iconic domed houses. The cave-like interiors are kept light and bright with whitewash and abundant lighting, but the expansive patios earn this island outpost its $3.54M price tag.

? On the lesser known island of Kea, this five-bedroom offers similar views of the Aegean, but with a bit more privacy. Set on a little more than an acre, the 3,400-square-foot modern boasts an infinity swimming pool, guest house, a particularly spacious kitchen and solar panels on the roof. A near-perfect Mediterranean getaway for the minimalist buyer, this house is asking $2.12M.

? Those looking for more embellishment would be well served by this classic Grecian villa, a seven bedroom with sea views on the market in Spetses for an undisclosed amount. The only trouble is the lack of interior photography—always a worrying sign—but the lush, well kept exterior inspire some confidence. Still, one has to wonder what sacrifices were made to shoehorn seven bedrooms into 2,600 square feet.

? For something a bit more urban, this villa in the Filothei neighborhood of Athens is currently asking $12M. A canny combination of local stone and contemporary interiors, the villa offers 9,150 square feet, seven bedrooms, a handsome swimming pool and patio, and direct park views.

? Lastly, there's this penthouse near the water in Athens. On the market for $5.1M, its listing is lacking substantial description, but the photos do enough of the talking. Measuring almost 4,500 square feet, the six bedroom pad boasts plenty of outdoor space, but the architects had the sense to provide some shade from the glare.

· Greece loses EU voting power in blow to sovereignty [The Telegraph]
· Santorini [Sotheby's]
· Kea [Sotheby's]
· Spetses [Sotheby's]
· Filothei [Christie's]
· Palaion Faliron [Sotheby's]