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Handelsblatt: ‘The dream of owning your own home in Greece’

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Handelsblatt: In a new article, the leading German financial newspaper points out the steadily growing interest of Germans in buying a holiday home in Greece.

Read what the CEO of the FERIMMO platform tells Handelsblatt and where there are still favourable opportunities on the Greek property market.

More and more Germans are interested in holiday homes in Greece. Which regions are particularly popular - and where are there still favourable opportunities?
Since the end of the coronavirus pandemic, Greece has seen one travel record after another. In the first eight months of this year, tourist numbers rose by 9.9 per cent compared to the previous record year of 2023, a ‘milestone’. In the first ten months, passenger numbers at Athens Airport increased by 12.9 per cent compared to the previous year.

But it's not just more package holidaymakers who are flying to Hellas. The country attracts visitors with 300 days of sunshine, the longest coastline in the Mediterranean, mild winters, ancient sites and, last but not least, ‘philoxenia’, the proverbial hospitality of its people. This is why it is also attracting more and more foreign property buyers, which is why house prices are rising sharply, especially in popular locations. But there are still insider tips and favourable buying opportunities.
German buyers are particularly keen on Crete, the Peloponnese peninsula, Halkidiki and the Ionian Sea with islands such as Lefkas and Corfu.
The still moderate prices speak in favour of Greece. Although they are rising, they are still around a third lower than what is being asked for comparable properties in Spain, France or Italy.  Holiday properties in Greece are attractive not least when buyers combine owner-occupation and letting. The majority of them use the holiday home themselves in spring and autumn and rent it out during the high season.

Marios Christodoulou, head of the leading property platform for real estate and construction financing in Greece FERIMMO (ferimmo.de), has noticed growing interest from buyers from German-speaking countries. ‘Enquiries via our platform have increased by 45 per cent this year compared to 2023,’ reports Christodoulou. Most customers are looking for properties with a living space of 100 to 165 square metres in the price range of 250,000 to 380,000 euros.
The Ferimmo platform works with more than 450 estate agents in Greece and its portfolio comprises 70,000 properties. As a speciality, Ferimmo offers financing to buyers from German-speaking countries in cooperation with Greek banks. ‘This has significantly increased demand because it has made it much easier to buy a holiday home in Greece,’ says Christodoulou.

There is a trend towards higher-quality properties. The price level in Greece is still up to 30 per cent cheaper than in other Mediterranean countries - with the exception of hotspots such as Mykonos, Santorini and Paros.  The Athens Riviera is also anything but cheap. In the coastal suburbs of Glyfada, Voula and Vouliagmeni, there are virtually no free properties left.  Excavation and concreting is going on everywhere. In many places, property developers are already tearing down detached houses and apartment blocks from the 1980s to build luxury flats. The demand is huge. This is reflected in the prices per square metre, which start at 8,000 to 10,000 euros. The Riviera Tower, the landmark of one of Europe's largest urban development projects, is currently being built on the site of the former Athens Ellinikon airport. Although only twelve of the 50 storeys are under construction, the 170 flats have already been completely sold - at prices of up to 32,000 euros per square metre.

There are still favourable buying opportunities elsewhere. Especially on the Peloponnese, which is particularly popular with Germans, on Crete and on the northern Greek peninsula of Chalkidiki with its seemingly endless beaches. Marios Christodoulou names Pelion, the peninsula near the harbour town of Volos. The region attracts visitors with its lush vegetation, picturesque mountain villages and long sandy beaches.

Islands such as Tilos, Symi and Chalki in the neighbourhood of Rhodes have also retained much of their original character with their traditional architecture. Property prices here are significantly lower than on the larger islands.
But as appealing as these destinations are at first glance: Outside of the high season, these islands are difficult to reach. When the tourists go home, the shutters go up and the blinds come down on the shops. Then the ferry from the mainland sometimes only comes once or twice a week. The islands go into hibernation.

Larger islands such as Crete, Rhodes or Corfu, on the other hand, have the advantage that they are not exclusively characterised by tourism. They also offer plenty of local life and a good infrastructure outside the main season, including medical care - not an unimportant aspect, especially for older property buyers.

Read also the original article in Handelsblatt 👉here