Real estate: Which foreigners are buying in Greece

One in two foreign real estate buyers prefer Greece for the purpose of investment, while one in five proceeds to purchase for owner-occupied housing. These findings result from research by RE/MAX Greece based on completed sales and confirm that foreign investors choose the Greek real estate market consistently and over time, while many come to Greece permanently after their retirement.

From the data of RE/MAX Greece – the largest real estate network in the country with more than 1,000 real estate consultants – as they emerged from the sales that took place nationwide last year through its 81 offices, the fact that Greece is one of the most attractive destinations for foreign buyers.

It is worth noting that in recent years, a large percentage of foreign buyers choose to purchase residential real estate in Greece either for tourist reasons or for a permanent stay after their retirement.

Of great interest are the qualitative characteristics of the same survey, which record the profile of foreign buyers in our country, including their nationality and age, the value and the type of real estate they choose.

Important facts that emerged from the research are the following:

Undoubtedly, Israel has taken the top spot among the five most popular nationalities of foreign buyers.
4 out of 10 buyers are in the 40 to 50 age group.
3 of the 10 properties selected for purchase were worth up to 100,000 euros
Apartments were the most popular option at 46%.

Countries of origin of buyers

Among the five most popular nationalities of foreign buyers in Greece, Israel ranks 1st, followed by China and Germany in 2nd and 3rd place respectively. The top five is completed with Bulgaria and Turkey. Purchases were also recorded from other dominant EU countries, Italy, France and the Netherlands and the United Kingdom among non-EU countries.

Distribution by region

In Northern Greece, there was a great demand that was transformed into a purchase by citizens from Germany, Bulgaria, Serbia and Turkey, while in Southern Greece, most of the purchases recorded were from citizens of Israel, China, Germany and Lebanon.

The buying landscape was shaped a little differently in the Ionian and Crete where strong interest was shown by English, German and Dutch buyers in the Ionian, while in Crete the majority came from Israel, Germany, England and France.

In Attica, the trend seems to have diverged compared to the rest of Greece, with China in first place, Israel in second, followed by France, Germany and the United Kingdom. Finally, sales were also made from countries in the Middle East (UAE, Lebanon, Iran, Syria) as well as Turkey.

Age profile of foreign buyers

According to the data of the RE/MAX Hellas network, two age groups stand out in the age profile of foreign real estate buyers in Greece: The first with the largest percentages concerns the age range of 41-50 years at a rate of 37% and the second at a rate of 36 % of those aged 51-60. Foreign property buyers over the age of 61 represent 16% of the total, while those under the age of 40 were just 11 in 100.

Property value

According to the detailed listing of the properties preferred by foreign buyers, in 33 of the 100 properties their value ranged below 100,000 euros. 28% concern real estate values between 200,001 and 300,000 euros, while the category of real estate from 100,001 to 200,000 euros (27%) fluctuated in the same percentage. The most expensive properties with a value of more than 300,001 euros were preferred to a lesser extent, representing 12% of the total.

Properties preferred by foreigners

Based on the data of the specific survey, apartments were the most popular choice for foreign buyers at a rate of 46%, closely followed by detached houses at a rate of 24%. Maisonettes gather 10%, plots of land 8%, plots of land 7%, while commercial properties do not seem to have been particularly preferred, as they concern just 5% of all sales that took place.

Purpose of Purchase

Real estate in Greece continues to be a safe investment option for foreign buyers as well, with 1 in 2 real estate purchases made for the purpose of investment (49%). The next category that is particularly preferred is real estate for the purpose of recreation at a rate of 22%, followed by owner-occupied housing at a rate of 20%.