Germans climbed to first place among foreign home buyers in Greece in the first half of 2022, spending increasing amounts on beachside property in regions such as Crete and the Ionian islands, according to new data from Elxis, a provider of real estate services that specializes in high end holiday homes.
The report shows that house sales to German nationals tripled in the first six months of this year, compared with the same period in 2021. They are followed by investors from other European countries, such as the Netherlands, Belgium and the UK.
The figures from Elxis indicate that Germans also have the highest budgets, with home purchases averaging at close to 350,000 euros. This figure represents an increase of some 20% from last year amidst rising confidence in Greece, says Elxis CEO Giorgos Gavriilidis.
“Greece offers exceptional value and investors are seeing this more and more. Overbuilt coastlines in countries such as Spain, and very high prices in other Mediterranean countries are pushing buyers to seek other quality alternatives and turning to our country.,” he says. “
Despite the challenges brought on by the Ukraine war and inflationary pressure, demand for homes remains solid and we expect this to continue.”