Greek real estate rivals Italy and Spain for foreign investors

Greek real estate

The Greek real estate market is at the centre of interest among European buyers looking to acquire a second home in the country, rivaling traditional Mediterranean hotspots like Italy and Spain.

According to Giorgos Gavriilidis, CEO and founder of Elxis - At Home in Greece, demand for a second home in Greece from foreign buyers looks to be stable.

“Investor interest from countries, such as the Netherlands, Germany and Belgium, remains strong, focusing on Crete and the Ionian islands,” Gravriilidis told AMNA.

"This is keeping prices high as inflationary pressures drive construction costs upwards in a trend seen continuing this year.

"We expect prices to advance by about 10 percent in 2022 despite the uncertain conditions."

At the same time, he added, we are seeing a significant shift to quality as investors want to reduce risks, encouraged by Greece’s improved economic profile.

Indicative of this is that in 2019, a typical three-bedroom villa at the Ionian coast would be offered at 265,000 euros, whereas this figure jumped to 330,000 euros in 2021.

Buyers increasingly view Greek real estate as a safe haven investment with improving prospects, he highlights.

Key infrastructure projects are improving accessibility in a market where prices are rising but remain lower than elsewhere in Europe. Investors have shown a vote of confidence in Greek real estate, which is now rivalling countries like Spain and Italy, points out the CEO.

At a second home fair in which Elxis participated last month in Utrecht, it was evident that Greece has become a 'hot’ destination for home buyers, highlighted Gavriilidis.

He added that Elxis is moving ahead by investing heavily in human resources, new technologies, innovation and sustainable properties.

"In addition to Thessaloniki and Utrecht, we recently set up new offices in Crete, best positioning the company to serve our global clients and create maximum value," he said.

READ MORE: Greek inflation rate rises to 8.9% in March, up from 7.2% in February.