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Bring Drachmas: Luxe Greek Properties for Sale Amidst Crisis

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Still locked in the throes of an economic crisis, Greece has it too preoccupied with the duel between pro- and anti-austerity camps, with the possible exclusion from the European Union, and a possible return to the drachma to worry too much about its luxury real estate. Just like last year, that leaves some deals open to investors willing to brave the coming political firestorm to land a luxe vacation home for cheap. On the market in Santorini, a stunningly beautiful island that will retain its appeal as a chic tourist destination no matter what happens in Athens, this casual compound comprises 11 properties, with nine villas and two restaurants, and is dubbed a "Premium Real Estate Greek Village" in the brokerbabble. With a total of 16,000 square feet, the property boasts 18 bedrooms and 14 baths and could easily serve as a glamorous B&B if the buyer opts not to covert it into a sprawling single family home. The price is available upon request and, with the way things are going, buyers should be prepared to fork over drachmas, rather than Euros, for this cliffside pad.

? Also on Santorini, this more modest three-bedroom villa enjoys the same sort of skyliner views of the water and surrounding isles. The 2,750-square-foot spread has a somewhat antiquated swimming pool in the courtyard, a bathroom for each bedroom, a living room, dining room, and spare "tv room." The pink-walled, white-roofed villa is listed for $1.26M.

? On the less familiar, and less densely populated, island of Naxos, this five-bedroom villa might be located at a lower altitude, but the lack of immediate neighbors leaves this place with more elbow room than those on Naxos' chic counterpart. The white stucco structure, listed for $1.63M, sits above a gently sloped plain that angles down to the sea, with simple, yet stylish, interiors and a stone patio with dining area and swimming pool.

? Back on the mainland—or at least Greece's largest island, the Peloponnese—this hillside tract, dubbed the High Groves Estate, occupies some 400 acres, not all of it buildable, but all picturesque. There are rocky cliffs, dense forests, hillside meadows, and water views. Ninety minutes by car from Athens, the estate is crowned by a 7,500-square-foot stone mansion, with seven bedrooms, home theater, wine cellar, and four-car garage, and is listed for $8.85M.

? For those to whom privacy is the ultimate luxury, this Onassis-style private island should fit the bill nicely. Listed for the shipping-heir-only price of $46.1M, the 86.5-acre island has little in the way of existing improvements—none are mentioned in the listing, but a few structures are visible from the air—but a close proximity to Athens could spur profitable development, provided Greece pulls out of its economic tailspin.

· Economic Chaos in Greece Should Bring Deals in the Sun [Curbed National]
· Premium Real Estate Greek Village [Sotheby's]
· Santorini [Demeures de Greece]
· Naxos [Demeures de Greece]
· High Groves Estate [Christie's]
· Private Island [Sotheby's]