Thursday Jul 24, 2014 Search
Weather | Athens
32o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Foreign buyers prop up holiday home market

By Nikos Roussanoglou

Foreign buyers invested 285 million euros in Greek properties in the 2012-13 period, confirming the view expressed recently by a number of analysts that the housing market recovery will start in the holiday home sector. For now, the majority of buyers are from Northern Europe, and especially France, the UK, Germany and Scandinavia, but there is also increasing buying interest from Russians and Chinese.

A recent McKinsey study sees the Greek holiday property market developing gradually to the point of recording annual sales of 8,000 holiday homes to foreign buyers, with revenues adding up to 2.4 billion euros in the long term.

According to a report issued on Thursday by Alpha Bank, based on Bank of Greece data, the flow of capital from abroad in 2013 for the purchase of properties mostly consisting of holiday homes amounted to 168 million euros, rising 48.5 percent from 2012, when 113 million euros had been invested.

The banks analysts estimate that there will be a much greater flow of funds into Greece for that purpose this year as a result of the increase in demand from abroad. The drop in prices over the last few years, the continued increase in tourism arrivals this year, and the adoption of measures to bolster property transactions, such as slashing the property transfer tax to 3 percent and issuing visas to buyers from outside the European Union who buy properties adding up to at least 250,000 euros, have created a particularly favorable environment for the increase in holiday home purchases by foreigners.

A recent study by Algean Property, an international property service company with offices in Athens, London and Luxembourg, reached a similar conclusion. The firm cites Fitch estimates regarding the positive prospects of the Greek holiday home market, which are supported by demand from foreigners as well as Greeks based abroad. Algean expects the bulk of demand to be for the Cyclades, Crete and Corfu, mostly from the UK and other EU countries as well as Russia and China.

In this context, sources from the association of estate agents on Crete point to increased interest on the part of Chinese buyers in acquiring major plots outside town-planning zones, while significant activity by Russian potential buyers looking for holiday homes and plots by the sea has also been noted. However the same sources say that this interest remains at the negotiations stage and has not yet translated into purchases. That is expected to happen fairly soon.

ekathimerini.com , Thursday May 22, 2014 (22:55)  
No property transactions for tax evaders
IOBE warns crisis will return if reforms are not implemented
Aegean has expressed an interest in Cyprus Airways
Stop tax dodging to lower taxes
Policeman saves bather in western Greece
A policeman on Wednesday saved a 75-year-old bather who had become stranded some 300 meters out to sea in western Greece. Other bathers at the beach in Vonitsa called police when they spotte...
Govt leaders try to ease tensions over evaluation
Prime Minister Antonis Samaras and PASOK chief Evangelos Venizelos are on Thursday expected to discuss a rift that has appeared within the government over an evaluation scheme for civil serv...
Inside News
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
Front-line threats
Ongoing developments in the countrys broader neighborhood are creating new challenges as well as threats in terms of the countrys interests. While the Middle East is turning into a big bla...
EDITORIAL
Testing behavior
No country is capable of functioning properly without having an elementary evaluation system in place to assess its public sector employees. In Greece, a country where the lowest common deno...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. No property transactions for tax evaders
2. IOBE warns crisis will return if reforms are not implemented
3. Aegean has expressed an interest in Cyprus Airways
4. Stop tax dodging to lower taxes
5. Index up but some banks take a beating
6. Policeman saves bather in western Greece
more news
Today
This Week
1. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
2. Front-line threats
3. EU praises Greeces progress in departure from troika criticism
4. Testing behavior
5. Parts of Thessaloniki university campus sealed off as police investigate bomb threat
6. Police release new photos of fugitive Roupa
Today
This Week
1. The cost of excellence
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Greece seen in third bailout as bonds not enough, economists say
4. Climber dies in Mount Olympus fall
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Greek sovereign debt at 174.1 percent of GDP in first quarter
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.