German Press: Explosion in demand for Greek real estate

More and more funds from abroad are flowing into the Greek real estate market, while luxury properties are also particularly sought after. “According to the Bank of Greece, foreign investments in real estate last year amounted to 1.97 billion euros. This is an increase of 68% compared to 2021 and 37% compared to the previous record year, 2019,” reports Handelsblatt.

3“Demand is increasing, especially in the upper price category for properties such as privileged villas with direct access to the sea and unique views. […] Greek property prices have increased by an average of 12% in the last year. However, the price level is moderate compared to other Mediterranean countries.” The financial newspaper further explains that “since the crisis years, only 50% of losses have been covered and therefore, market watchers expect a further increase in value”.

Popular destinations such as Mykonos continue to attract great interest. “But interestingly, buyers are starting to look at alternative destinations such as Lefkada, Syros, Milos or Galaxidi, which are not usually on the international radar.”

HB finally states that “the fact that Athens is increasingly becoming the focus of real estate buyers’ interest is also felt by the Lamda Development company that has undertaken the construction of Hellinikon. It is not only the Riviera Tower apartments that are in demand, but an additional 27 beachfront villas and many of the park homes have already been sold before construction began. Lamda is now responding to growing demand and planning an additional 1,000 homes.”