Foreigners return to the Greek real estate market

The greatest demand concerns apartments costing up to 250,000 euros in large urban centers, holiday homes up to 350,000 euros, but also luxury homes of great value. The return of foreign home buyers to Greece is expected to be dynamic, as the country has received significant positive publicity abroad both due to the management of the pandemic and due to the prospect of significant economic growth in the coming years. At the same time, it has a very significant stock of homes for sale, as a result of the process of liquidation of "red" loans, which is in full swing. In this context, based on the search data carried out by the real estate management company Prosperty, through the relevant electronic platform that it has developed, there is an increased buying interest for acquiring a home in Greece, especially from May onwards. In fact, executives of the company, which has hundreds of residential properties for sale, say that in the coming weeks several meetings are planned with interested foreign investors, who intend to travel to Greece in the near future. The most dynamic countries are the USA, Israel, England, Russia and Germany, while the top ten is completed by Sweden, Ireland, Canada, France and the Netherlands. Those interested have expressed interest in a variety of properties with different characteristics, costs and location. However, the greatest demand concerns apartments costing up to 250,000 euros in large urban centers, holiday homes in the Peloponnese costing up to 350,000 euros, holiday homes in Halkidiki and Crete costing up to 500,000 euros, but also luxury homes of great value. Also, very important buying interest has been expressed for holiday homes in the Aegean islands, especially for those sold at prices up to 800,000 euros. The islands are a timeless destination for real estate markets, with Crete, Mykonos, Santorini and Corfu, but also other holiday destinations, such as Halkidiki, Southern Peloponnese, Spetses and Hydra, are in significant demand. According to Mr. Antonis Markopoulos, CEO of Prosperty, "Greece is dynamically returning as a top destination for foreign buyers in the real estate market, who are looking for both returns and the opportunity to spend some days of the year under the Greek sun ». According to the latest data of the BoG, although foreign direct investment in real estate in 2020 moved in a lower context (by 30-40%) than those of 2018 and 2019 respectively, nevertheless amounted to 875 million euros, ie an amount more than double the 415 million euros that had entered the country in 2017 and more than 222 million euros in 2016 and only 152 million euros in 2015. This is a very important development, considering that 2020 was marked by the outbreak of the pandemic, There was a complete absence of investors through the golden visa program and there was investment uncertainty worldwide. According to Prosperty's analysis, "the growing interest in the housing market in Greece is due both to the environment of economic and political stability that improves the confidence and the international image of the country, and to targeted strategic initiatives taken at the central level (tax incentives, digitization of procedures, reactivation of golden visa, etc.) and the improvement of infrastructure (eg airports, etc.) which help Greece to develop in the coming years into a viable competitor to Italy, France and Spain ». Also, Athens remains one of the cheapest capitals in Europe. This fact, combined with the mild environment, adequate air connections and easy access to the Aegean islands, is an important opportunity for foreign investors to buy real estate for both personal use and income (eg short-term leases). . The high-prestige investments that are launched in Elliniko, Asteras Vouliagmeni and Asteria of Glyfada, but also in other parts of the coastal front, create the conditions for attracting a large number of high-income buyers.