Greece has emerged as an ideal destination for foreign buyers of vacation homes, according to an analysis conducted by Elxis, a Greek company based in the Netherlands specializing in holiday home sales homes in Greece.
The recent hike in interest rates has impacted the demand for holiday real estate in recent months, a trend attributed to the lower property costs in Greece compared to other European markets.
“The rise in interest rates has led to a ‘freeze’ in the desire for bank loans among our clients when acquiring a vacation home. This is because the loan interest rate, ranging from 4 percent to 5 percent, essentially offsets the return on investment from the investing in the purchased vacation home,” noted George Gavriilidis, CEO of Elxis.
Gavriilidis pointed out that investors from Western and Northern European countries, such as Germany, the Netherlands, Belgium, France, the United Kingdom, Austria, and Switzerland, now prefer to use their savings exclusively to acquire vacation homes abroad, specifically in Greece.
This approach provides them with quadruple benefits, as outlined by Elxis:
-Protection of their capital from inflation.
-Decent return on investment from the exploitation of the property.
-Combination of income from investment and personal use.
-Excellent prospects for future appreciation of the property in case they decide to sell it after 5-10 years.
The average selling price of a newly built vacation home in Greece, ranging from €300,000 to €350,000, makes it a lucrative option to European investors.
According to estimates based on relevant research, approximately 3 million citizens from Western Europe are currently contemplating investing around €300,000 to €350,000 for both exploitation and personal use.
As a result, the Greek real estate market is becoming increasingly popular among foreigners, reflecting their preferences and positively impacting tourism.
The combination of advantages offered makes Greece an appealing market for vacation homes, transforming it from a buyer’s market to a seller’s market, especially for newly built residences. Projects now have waiting lists of interested buyers eagerly anticipating the announcement of the next development,” Gavriilidis concluded.
Source: tovima.com
Latest News
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted