Greek real estate market offers opportunities

The hard hit economies of Europe offer the best value for money, on the global real estate market, according to a report from realtors Knight Frank

However, things are changing and the resurgent market offers among the most lucrative investments, with Greece, Slovenia, Ireland, and Portugal being ranked among the most underpriced markets globally.

The report compares the real estate markets in 27 countries, assessing the course of prices relative to rent prices and incomes.

Speaking to CNBC, Nicholas Holt, head of research at Knight Frank Asia Pacific, said these markets look attractive because the threat of a euro zone breakup has receded.

"These cities have come from seeing price declines of 50 to 60 percent back in 2008-2009 to enjoying a recovery of 20 percent annual growth," said Holt. "Ever since Mario Draghi said back in the autumn of 2012 that he will do whatever it takes to prevent a disorderly break-up, investment in these cities has picked up."

As CNBC notes “the vulnerable PIIGS (Portugal, Italy, Ireland, Greece and Spain) have all enjoyed modest rebounds in the first quarter of 2014 while their bond markets' coupon rates and interest rates have returned to half of what they were during the peak of the financial crisis.”

Donald Han, Chesterton Singapore's managing director, notes the compelling price discounts these countries now offer, which is making investors take notice.