ECONOMY

Greek realty attracts foreign interest, prices to rise by 10%

Greek realty attracts foreign interest, prices to rise by 10%

Greece is at the center of interest among European buyers looking to acquire a second home in the country. According to Giorgos Gavriilidis, CEO and founder of Elxis – At Home in Greece, demand for a second home in Greece from foreign buyers looks to be stable.

“Investor interest from countries such as the Netherlands, Germany and Belgium remains strong, focusing on Crete and the Ionian islands. This is keeping prices high as inflationary pressures drive construction costs upward in a trend seen continuing this year. We expect prices to advance by about 10% in 2022 despite the uncertain conditions,” Gavriilidis told the Athens-Macedonian News Agency.

At the same time, he added, we are seeing a significant shift to quality as investors want to reduce risks, encouraged by Greece’s improved economic profile.

Indicative of this is that in 2019, a typical three-bedroom villa on the Ionian coast would be offered for 265,000 euros, whereas this figure jumped to €330,000 in 2021.