Foreigners Boost Greek Property Market in First Half of Year

Foreign buyers spent 220 million euros on property in Greece in the first half of 2017 boosting capital inflows by 63.4 percent compared to the same period last year, according to the Bank of Greece.

Central bank data reveals a growing interest in the purchase of holiday homes with investors last year spending a total of 270 million euros, against 186 million euros in 2015.

In view of the increasing interest, real estate professionals are saying 2017 will prove to be the best year since 2009, when the crisis hit.

Topping the choices are luxury homes and realty in central Athens, followed by properties in the southern coastal suburbs with the aim to lease these as short-term rentals via online platforms like Airbnb, as well as real estate on Mykonos and Santorini.

The property market has also benefitted from Greece’s ongoing golden visa program, which offers five-year residency rights to non-European Union citizens in return for real estate acquisitions or for strategic investments exceeding 250,000 euros.