High demand for real estate in Greece

August 11, 2023
Written by E.Tsiliopoulos

^Featured

Despite the real estate crisis, the demand for holiday homes in Greece is increasing, especially for luxury ones.

German Welt reports that "Engel & Völkers sees increased demand for holiday properties".

"In Europe, coastal areas in countries such as Spain, Italy and Greece are among the most popular areas for buying holiday homes," says Sven Odia, Global CEO of Engel & Völkers.

And it underlines that the demand for holiday homes in Greece has increased "significantly".

For example, Engel & Völkers sees an increase in demand for holiday properties in the country of around 15% in 2022 compared to the previous year.

The prices of holiday homes in the Cyclades are on the rise

The nationalities buying

Demand is driven by foreign investors: while in 2018 such buyers accounted for around 5% of buyers in Greece, this percentage is currently around 15% – "with an increasing trend", according to Engel & Völkers' estimates .

The nationality of buyers varies by location.

Demand in Greece, for example, comes from a buying clientele from Germany, Austria and Switzerland.

Since last year, however, interested parties from the US. are clearly represented in Greece as well.

"The low exchange rate of the euro and the strong dollar in 2022 have increased the buying mood, especially in the luxury housing category," Odia explains.

Tagged under