Rising Asset Values in Greece Attract Foreign Property Buyers

Photo source: Elxis-At Home In Greece

Foreign investors hoping to make a profit in the future are driving demand for holiday homes in Greece, sending prices up by 23 percent over the last two years, found a study released by property experts Elxis-At Home In Greece.

According to data, the prospects of properties in Greece gaining value in the coming years is the key factor attracting buyers, who are willing to spend more on new buys even before these are constructed. Many hope to sell in the coming years at a profit. Indicatively, according to the report, properties ranging between 350,000 and 550,000 euros are selling fast.

Analysts say that this reflects confidence in the Greek economy and real estate market. They go on to add that real estate prices in Greece are still competitive compared to rival markets in the Mediterranean. Indicatively, the going rate for a villa near the beach with a private pool is 40 percent more in Spain and Italy.

The majority of buyers, according to the report, are entrepreneurs aged 50 to 65 and buy for personal use. Higher-income 35- to 45 -year-olds are also purchasing properties in Greece for both personal use and as investments which they plan to sell. Prices are set to increase at a rate of 8-10 percent in the coming years, said the report.

“Many of our clients consider this period to be perhaps the last opportunity they will have to acquire a unique holiday home in Greece at a very competitive price, which will allow them not only to secure a good net annual return (at least 4 percent) from its exploitation, but also significant profits from a future resale in a few years,” said Elxis-At Home In Greece Founding Partner Giorgos Gavriilidis.