Seaside properties in Greece are of particular interest
"The Greek real estate market is developing very dynamically," with properties by the ocean facing increased demand reports German business newspaper Handelsblatt, citing data from the German real estate company Engel & Völkers in Greece.
"80% to 85% of luxury vacation home purchases are made by foreigners, the majority of whom come from German-speaking countries, namely Germany, Austria and Switzerland," the financial paper said.
Meanwhile, according to the Bank of Greece, foreign investments in the Greek real estate market increased by 61% to 788 million euros in the first half of the year. Market observers expect that 1.7 billion euros will flow into the Greek real estate market from abroad this year. That would surpass the previous record of 1.45 billion from 2019.
The growing demand is also due to the coronavirus, as reported by Handelsblatt. "Following the experiences during the pandemic, more people than ever are now seeking the security of their own holiday property."