Tourism Giving Greek Property Market a Boost

The robust performance of Greece’s tourism sector is giving the country’s property market a much-needed boost, according to German daily Handelsblatt.

Evolving into one of Europe’s leading destinations, Greece is attracting all the more interest by foreigners seeking to buy vacation homes there. In fact, Germany-based real estate agents are speaking of a 60 percent rise in demand for holiday homes in the first half of 2017 compared to a year ago.

The German paper also cites Bank of Greece data according to which the Greek property market is beginning to show modest signs of recovery with foreign capital inflows directed to the housing market increased by approximately 55 percent in the first quarter of 2017.

German buyers are interested in homes on Crete, in the Peloponnese and Halkidiki, on Corfu and Lefkada with the average price per square meter at 2,700 euros compared to 5,800 euros in Italy, 4,400 euros in Spain and 3,000 euros in Turkey. Properties in Portugal and Cyprus go for an average 2,500  euros and 1,500 euros per square meter respectively.