Greece is a pole of attraction for European capital for the purchase of country houses, according to the results of research and analysis that continue to see the light of day.

In particular, according to her estimates Elxisa Greek company based in the Netherlands and specializing in the sale of holiday homes in Greece, the Greek holiday home market is turning into “El Dorado” for up to 3 million would-be European holiday home buyers.

According to the company, the increase in interest rates, paradoxically, has worked positively for the rise in demand in recent months. This development is due to the lower sales prices that prevail in our country, compared to other markets in Europe. Thus, foreigners can avoid taking out a mortgage in their home country in order to acquire a holiday home in Greece by choosing to finance the purchase with equity, savings or other resources.

Those investors from Western and Northern European countries, e.g. from Germany, Netherlands, Belgium, France, United Kingdom, Austria and Switzerlandthey now prefer to use only their savings for the acquisition of a holiday home abroad, specifically in Greece.

In this way, they ensure a quadruple benefit, says Elxis in its analysis. Protection of their funds from inflation, and a satisfactory return from the exploitation of the property in which they invest. They also combine income from exploitation and personal use as well as excellent future capital appreciation prospects of their property should they wish to resell it after 5-10 years.

Sale prices are considered an investment opportunity

The fact that in Greece, average sale of a newly built holiday home moves around 300,000 – 350,000 eurosmaking it ideal for European investors, something that is starting to be noticed by an ever-increasing mass of prospective buyers.

There is great value in holiday homes in Greece, as well as one low amountcompared to other markets, one can acquire a house, close to the sea, or overlooking it, with a swimming pool and all the amenities, Mr. Gavrielidis estimates.

According to estimates based on relevant surveys, there are currently a number of approximately 3 million citizens from Western Europe, who are thinking of investing a capital of approximately 300,000 – 350,000 euros for exploitation and own use.

The areas they prefer – The reasons the holiday home market is booming

According to convergent estimates and research results that see the light of day in addition to Greek islands which is always preferred by foreigners for buyers knows an upward trend and the Athenian Riviera.

The Greek luxury housing market, as mentioned by Savvas Savvaidispresident and CEO, Greece Sotheby’s International Realty, has changed substantially in recent years. The notable sales completed in recent years in Athens, the Porto Heli and the Mykonos they are only the beginning. The current prices of trophy assets in Greece are only a fraction of the prices recorded in the South of France, Italy or even Spain. Prices are relatively stable for luxury homes in the main locations of the country, ranging from 6,000 to 12,000 euros per sq.m., while exclusive properties have already reached 20,000 euros per sq.m. and in some cases even higher.

According to the Greece Sotheby’s International Realty survey that has seen the light of day on the demand level of Corfu remains once again at the top of preferences, however, for the first time, the Athenian Riviera surpassed Mykonos in demand, registering a 25.8% increase in home purchase requests. The top five are completed by the center of Athens and Paroswhile they follow Lefkada, Crete, Kea, Tinos and Rhodes.

Rising demand for the purchase of holiday homes also from the Community

In particular, according to data from a recent survey by Elxis more than 1 in 10 holiday homes (12.3%) in Greece were bought this year by expatriatessecond or even third generation, mainly from the USA, Canada and Germany.

The areas of interest to expats are mainly the Crete, Chalcidice and Ionian Sea.

The driving force behind the purchases of country houses by Greek expatriates is the fact that the Greek housing market is on a trajectory of recovery and rising values. At the same time, it offers quality real estate at competitive prices, especially compared to the countries where expats live permanently.

The decisive role of investments

Both the public and private sectors have invested large sums in vital infrastructure, such as ports, highways and airports, contributing decisively not only to the development of the real estate market but also of tourism in general and dozens of economic sectors. As Yiannis Antsaklis, financial director of KOSTOPOULOS HORECA, a restaurant and tourism equipment company, pointed out in an informative event within the framework of CHENIA, private infrastructure has developed significantly in recent years and continues to develop at a rapid pace in popular destinations, but and in destinations with moderate traffic. The investments of Greek and foreign businessmen have boosted the tourism product of the country as a whole, having provided many jobs. They involve in development other sectors such as construction, digital technologies, general supplies, opening a new development cycle.