Home front: buying property in Europe Cypriot estate agents seem strangely reluctant to respond to inquiries, but their Greek rivals reckon sterling buyers can snap up bargains for half of what they would have paid five years ago. Spyros Mantzos of A Property in Greece says: "Over the last five years, prices have fallen by 40 per cent on average, and the pound has appreciated against the euro, meaning British buyers are paying about 50 per cent less than they did before." Even over much shorter periods, the euro crisis has helped sterling buyers get more bricks and mortar for their money in Europe. David Kerns of foreign exchange specialist Moneycorp says: "If you bought a property in Cyprus or Greece for €300,000 in February 2013, when the pound-to-euro rate was at 1.1345, it would have cost you £264,433. Buy the same property today, now sterling has strengthened and the pound-to-euro rate stands at 1.1890, it would cost you just £252,312. That means a saving of £12,121 compared to three months ago. Against all that, there are worrying claims about conveyancing difficulties in Greece. Brian George of Brian's Greek Property denies there is any problem. He says: "Legal procedures in Greece are very simple, and if all the paperwork is ready and in order, the sale of a property can be completed within a week. You choose a lawyer and transactions are concluded in Crete by a licensed conveyancer. His job is to check the title and make sure the contract is correct. You get official copies of the deeds, and the originals are kept in the property register office. I do not recommend using an Athens lawyer, if you can avoid it, as the job will take much, much longer and cost you twice as much. Chose a local lawyer wherever possible. Mantzos is also keen to defend the reputation of Greece's property laws. He tells me: "About 99 per cent of properties here are freehold. Once you have agreed the purchase price, you pay a 10 per cent deposit, and if the seller pulls out after that, he or she must pay you double the deposit. That sounds like an effective deterrent against gazumping. What about legal fees and taxes? Mantzos says: "There are about 10 different elements to taxes on property, including factors such as how far away the nearest fire station may be, and, along with legal fees, these will add about 10 per cent or 12 per cent to the price of buying most properties - but this can fall to six per cent on new build. Ongoing taxes - similar to council tax - are set at €5 a year per square metre, and, contrary to what you may have read, I don't think they will go much higher, because the Greeks do not have a culture of paying high taxes. Another estate agent agrees: "The purchase tax is calculated on the officially estimated property price, which is usually about two thirds lower than the true purchase price." Well, they do things differently in the Med, and that's part of its appeal to. But taxes do not end at Dover, and evasion is a criminal offence wherever you are, so it makes sense to stick to the rules. However, this does remind me of one of the few jokes to arise from the euro crisis. Prigs may consider it in poor taste, but I think it demonstrates that you don't need to be solemn to make a serious point. Here goes: Some years ago, a small rural town in Spain twinned with a similar town in Greece. The Mayor of the Greek town visited the Spanish town. When he saw the palatial mansion belonging to the Spanish Mayor, he wondered how he could afford such a house. The Spaniard said: "You see that bridge over there? The EU gave us a grant to build a two-lane bridge, but, by building a single-lane bridge with traffic lights at either end, I could afford this house. The next year, the Spaniard visited the Greek town. He was simply amazed at the Greek Mayor's house, gold taps, marble floors; it was marvellous. When he asked how this could be afforded, the Greek said: "You see that bridge over there?" The Spaniard replied: "No?" Get free guidance when sending money abroad with Telegraph International Money Transfers