Investors discover Greece
Handelsblatt (21.06.2020): Investors discover Greece as a Corona refuge
The pandemic is causing a deep slump in tourism in Greece, but the market for holiday homes is booming. Luxury properties are in high demand.
Hotels open again
While the hotels have only been open again since 20 June due to the Covid 19 pandemic and are initially only accommodating a few guests, demand for private villas is increasing.
Customers seek the security of their own property
This is related to the Corona pandemic. Privacy and security are now more important than ever. "Our customers are looking for the security and safety offered by an owned property," report market experts and real estate agents .
Greece has one of the lowest infection rates of all Mediterranean countries
Many former luxury hotel holidaymakers are now flirting with their own holiday home. It attributes this to the "corona effect": Greece has one of the lowest infection rates in relation to the population and the fewest Covid-19 deaths of all Mediterranean countries.
The number of German interested parties has even increased by 50 percent
In addition, the real estate market has been booming since Hellas emerged from the financial crisis and the ten-year recession. The upswing is being driven primarily by foreign investors.
According to the Greek central bank, foreign property buyers brought 1.45 billion euros into the country last year. This means that 35 percent of all foreign direct investments flowed into the real estate market.
The boom initially continued at the beginning of 2020. Then came the coronavirus. But the market reacted with only temporary uncertainty: "We only had a brief slump in the first two weeks of the pandemic in March," report real estate brokers.
"Today, we are seeing more interest than ever before: Inquiries in June so far have been 23 percent higher than last year, the number of German prospective buyers has even increased by 50 percent", says Georg Petras, head of Greece at the real estate broker Engel & Völkers.
Prices for residential property up 7.9 percent
According to calculations by the Bank of Greece, residential property prices rose by an average of 7.9 percent last year. High-quality holiday homes became much more expensive.
But despite the recent price increases, the price level in Greece is still favorable compared to other Mediterranean destinations as a result of the crisis years 2008-2018. This makes Greek holiday homes very interesting also as a capital investment.
Now is the right time to invest in the Greek second home market
Anyone who buys at reasonable prices now can not only expect good returns from rentals. The buyer can also expect an increase in the value of his property.
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