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Property investors 'have been sitting on the fence over Greece'

Many overseas property buyers have been delaying purchases in Greece because of continuing uncertainty in the country, an expert has stated.

According to Les Calvert, director at Property-Abroad.com, lots of prospective buyers have been waiting to see the outcome of the nation's second election of the year before investing in its real estate market.

Despite a coalition government now being in place in Greece, property buyers look likely to continue sitting back before transferring money to the country and purchasing a home.

"I think there is probably a bit more to go as far as property price reductions are concerned in Greece before they start to jump in," Mr Calvert said.

"The majority of people are of that opinion."

He acknowledged that the amount of interest in Greek property has been going up recently, but said would-be buyers seem to be looking for future opportunities in the country.

Indeed, Mr Calvert stated that investors are "feeling their way around" the market so they can find properties to snap up when it has bottomed out".

"Those interested in Greece have probably sat on the fence waiting for that to happen before they plunged any deeper into it," he added.

Last month's election in the European country hinged on the willingness of the public to support the terms of the bailout from the European Union and the International Monetary Fund.

As a result, it was viewed by many politicians and commentators as a referendum on whether the country should remain in the eurozone.

The new Greek government has pledged to adhere to the restrictions it must abide by in exchange for financial support, which means the nation will continue to use the euro for the time being.

Antonis Samaris of the New Democracy party has been named as prime minister and an announcement on who will be included in his cabinet is set to be made soon.

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