Greek real estate rivals Italy and Spain for foreign investors — Greek City Times


The Greek property market is a hot topic for European buyers looking to acquire a second home in the country, rivaling traditional Mediterranean hotspots like Italy and Spain.

According to Giorgos Gavriilidis, CEO and Founder of Elxis – At Home in Greece, the demand for a second home in Greece from foreign buyers seems stable.

“Investor interest from countries such as the Netherlands, Germany and Belgium remains strong, focusing on Crete and the Ionian Islands,” Gravriilidis said. NAMA.

“This is keeping prices high as inflationary pressures push construction costs higher in a trend that continues this year.

“We expect prices to rise around 10% in 2022 despite the uncertain conditions.”

At the same time, he added, we are seeing a significant shift towards quality as investors want to reduce risk, encouraged by Greece’s improving economic profile.

As an indication, in 2019 a typical three-bedroom villa on the Ionian coast would be offered at 265,000 euros, while this figure jumped to 330,000 euros in 2021.

Buyers are increasingly seeing Greek real estate as a safe haven investment with prospects for improvement, he points out.

Key infrastructure projects are improving accessibility in a market where prices are rising but still lower than elsewhere in Europe. Investors have shown confidence in Greek real estate, which now rivals countries like Spain and Italy, the CEO said.

At a second property fair Elxis attended last month in Utrecht, it was clear that Greece had become a “hot” destination for homebuyers, Gavriilidis pointed out.

He added that Elxis is moving forward by investing heavily in human resources, new technologies, innovation and sustainable real estate.

“In addition to Thessaloniki and Utrecht, we recently opened new offices in Crete, best positioning the business to serve our global customers and create maximum value,” he said.

READ MORE: The Greek inflation rate stood at 8.9% in March, compared to 7.2% in February.


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