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Huge demand for Greek real estate by German buyers

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German property buyers - as well as Greek expats - have always invested in the Greek market, but their interest has recently increased significantly, due to not only the ease of searching for Greek properties, but also to Greece's exit from the financial crisis. These facts, combined with the friendly measures towards foreign real-estate investors (such as tax incentives for property acquisition in Greece by pensioners from Northern European countries and the suspension of 24% VAT on property acquisition), have contributed to the reshaping of the economic landscape. 

Thousands of Germans want a home in Greece

Due to the rising property prices in German cities - with Frankfurt coming second and Munich fourth in the overall ranking of the 25 cities studied by the UBS Global Real Estate Bubble Index - there is a general tendency of Germans investing capital outside their home country at the moment. The most attractive destination country for them is Greece where an increase by at least 70%, compared to the previous year, was recorded during this year regarding property search; the German buyers have even surpassed the Chinese ones.

The most popular areas

The solely German citizens have mainly turned their attention to tourist destinations, such as Crete, the Peloponnese, the Ionian Islands, Chalkidiki, Pelion and the Cyclades, but also to urban centers such as Attica and the general Thessaloniki area. The type of property the Germans seem to be looking for? Mainly, individual houses between 100-120 sqm, more or less, ideally with sea and garden views, with at least two bedrooms, with an average value of between €250,000 and €450,000. 

Ferimmo - The digital portal to Greek real estate 

We, at Ferimmo, address the entire German-speaking population of Europe - in Germany, Austria, Switzerland, Luxembourg - and host on our digital platform around 40,000 properties from all over Greece, with a total value of more than €6 billion, having already collaborated with over 200 real-estate agencies. In fact, compared to 2021, we observe a large increase in the number of properties by 25% and, compared to 2020, by 40%.

Mortgage loans from a Greek bank

Based on research, the potential number of German property buyers in Greece is estimated to be more than 250,000 which translates into a potential purchase worth €4-5 billion in the long run. To achieve this in practice, however, additional steps are needed, such as our recent cooperation with Eurobank which now offers mortgage loans specifically tailored for the European and German market for non-permanent residents and non-Greek nationals. In this way, large part of the German market is unlocked through purchases, down the line, creating a market worth of €3 billion in total.

Below is the relevant article in Kathimerini