According to research from Astons, the international experts on real estate, residency and citizenship through investment, the Cyclades, Lefkada, Kefalonia and Athens are currently the most expensive pockets of the Greek property market.
“It’s clear to see why Greece has become an area of intent for UK investors across a variety of sectors. Not only is the pace of life and the climate more favourable but even the most prestigious pockets of the Greek real estate market are incredibly good value when compared to London," said Arthur Sarkisian, Managing Director of Astons.
Investing in the Greek real estate market could be a wise choice as property prices across the country have climbed by 2.7% in the last year alone, up from an average of €127,596 to €131,040 for the average property.
"We expect this interest in Greece as the investment destination of choice will continue to build over the coming months, particularly where UK investors are concerned although the nation is attracting attention from a global audience," he added.
The most desirable area of the Greek market is in the Cyclades, where the average property price is currently €222,348. Not only does the area offer prime property prices some 85% less than London’s Kensington and Chelsea, but house prices have also increased by 6% in the last year.
Lefkada has also seen prices increase by 8.7% to an average €165,000.
In Athens- the fourth most expensive area in the country - residential property prices rose by 3% to €157,415 on average.
The covid-19 pandemic may have broken the upward trend in Greece’s property market, but realtors expect a comeback once the virus recedes.
New incentives for foreigners with means to live in Greece – leaving out many in the Diaspora who can’t afford the terms of programs such as Golden Visas and moving their tax base, is being considered by the New Democracy government.
If you are looking to purchase a property in Greece, make sure you seek legal advice: http://lawandmediation.gr