Investment up as greek house prices fall

Photo credit: Adam Balch

The latest report from Danos reveals that interest from foreign buyers has increased in the second half of 2013 thanks to property become more affordable amid lowering values.

The positive report follows the introduction of the country's Golden Visa scheme, which offers residency to non-EU buyers investing a minimum of €250,000 in real estate in a hope to stimulate activity and drive up demand.

“The reforms in the real estate legislative context that incentivise investors, as well as the decline in residential prices have boosted investors’ interest for the Greek market; interest coming mainly from abroad," reads the report.

Indeed, property prices have plummeted 32 per cent, according to the Bank of Greece, since the onset of the financial crisis.

Danos, though, suggests that the low values are now attracting buyers from overseas: "Chinese and Russian investors, who are looking to benefit from visa grants have expressed their strong interest to invest in the residential real estate market of Greece, especially in Athens, Rhodes, Corfu and Crete. Moreover, there is an increase of interest coming from the UK. It seems that the demand is focusing on Cyclades and Corfu."

The agency's Managing Director Panos Danos spoke to OPP Connect in further detail, highlighting a new wave of developments: “In the last two years, ambitious projects all over Greece are either in the pipeline or are being created, based upon professionalism and vision to make Greece the Florida of Europe. The Golden Visa scheme, in parallel, has set the foundations to attract Chinese, Arab and Russian investors who show more and more interest to buy property in Greece.”


Tourist performance in 2013 also enjoyed "a remarkable development... in view of the lingering economic difficulties", with all major airports seeing arrivals increase year-on-year.