BUSINESS

More and more Turks buying Greek property

NIKOS ROUSSANOGLOU

TAGS: Property, Economy

Turks acquiring property in Greece are mostly people with a high level of education, medium or high income, originating from western Turkey and mainly from the Aegean coast and Istanbul, and constitute one of the most dynamic group of buyers in the local market along with the British, the Germans, the French and the Italians.

Market professionals say that the number of buyers from Turkey has increased considerably since 2011, when property prices in Greece started to nosedive, to peak with annual rates of 11.7 percent in 2012 and 10.9 percent in 2013, according to Bank of Greece data.

Yet the number of Turkish buyers has jumped since last summer, experts say. Mina Bougonikolou, head of the InterCasa real estate agency, which has worked with several Turkish investors in recent years, told Kathimerini that demand has taken off after the failed coup in Turkey last summer. “The political situation and insecurity felt by many Turks has translated into an investment interest in Greece,” she said, adding that besides seeing buying a property in Greece as an investment, there are many Turkish citizens who would consider moving to the country.

Another factor sending Turkish buyers to Greece is a slump in the price rally in Turkey, as after a period of high increases in prices, rates have now stabilized, reducing the prospects of future capital gains for investors.

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