Investors are looking for bargains in Greece's depressed real estate market.

 According to brokers, bankers, and consultants in Athens and London, real estate, particularly commercial real estate, is beginning to play a significant role in Greece's economic recovery. ايجار

One of the main reasons is that the coalition administration led by conservative Prime Minister Antonis Samaras, which took office in June, has wowed some investors. Samaras pledged to do all it takes to keep bailout monies coming, assuaging worries of insolvency and exit from the Eurozone.

Even German Chancellor Angela Merkel, who is in charge of Euro zone bailout programs, has softened her stance on allowing Greece to default on its debt. Merkel's stance may be emulated by other Euro zone members.

Dimitris Manoussakis, the head of Savills' Athens office, recently told the media that the Greek government's new stance on selling state assets, including real estate, as a condition of its bailout over the coming months may begin to persuade some investors that they are getting a fair price on property transactions.

Greek investors, particularly those who live overseas, are re-engaging in commercial real estate such as hotels and retail, with demand coming from as far as the United States, South Africa, and Australia. According to global real estate observers, this level of interest was not present six months ago.

Those interested in re-entering the market are looking for bargain prices as an inducement. When the country's economy began to deteriorate, the same investors left, taking much of their money with them.

According to Reuters "There are projects that (previously) didn't make sense but now do as the outside world takes the government more seriously," said Kostas Kazolides, a London-based investor who has been investing in and advising on property deals in Greece and Cyprus for 35 years.

He continued, "People are speculating on getting back in and purchasing. Because vendors are feeling the pinch, several villas in Mykonos are selling for 30% less than their original price." Another motivator was a 30% reduction in building expenses.

The volume of money pouring out of Greek equities funds is slower in 2012 than in past years, according to Lipper, a Thomson Reuters organization that follows the funds industry. ​

According to Reuters, the net outflow from funds investing in Greek equities in 2012 was 17 million euros at the end of August, out of a total asset base of 690 million euros, indicating a slowdown in investors looking to get out after losing 50 million euros in 2011 and 42 million euros in 2010.