kathimerini.gr
Booming Greek Real Estate Market Attracts German Buyers
The Greek real estate market is experiencing a surge in demand from German-speaking countries for vacation homes, particularly new constructions in popular areas like Crete and the Ionian islands. This is due to the favorable value for money compared to other European markets.
Greek
Greece
LifestyleInvestmentReal EstateMarket TrendsVacation HomesInternational Buyers
Elxis Greek Real Estate Services BvFerimmoDhw (German-Hellenic Business Association)Bellevue
Georgios GavrielidesMarios Christodoulou
- What are the primary factors driving the high demand for Greek vacation homes?
- Greek properties offer good value for money compared to similar properties in other Southern European countries, leading to high demand. One company reports a waiting list of 1,000 potential buyers due to a shortage of available properties.
- Which regions of Greece are most popular among buyers from German-speaking countries?
- Popular areas for these buyers include Crete, the Peloponnese, and the Ionian islands, with some interest in Northern Greece and Halkidiki, though less than before the economic crisis. Previously, older homes were more popular, but now there's a strong preference for new construction.
- What evidence supports the significant increase in demand from German-speaking countries?
- The increased demand is evidenced by a 35% rise in searches on the Ferimmo platform, a German-based digital real estate platform, reflecting significant marketing efforts targeting the German market. The platform showcases 70,000 properties through a network of 450 Greek real estate agencies.
- What is the current state of the Greek real estate market, particularly for vacation homes?
- The Greek real estate market is booming, particularly for vacation homes, with buyers from German-speaking countries accounting for a significant portion of the demand. Over 50% of one company's clients are from Germany, Austria, Switzerland, and Luxembourg, primarily seeking newly built homes.
- What are the typical purchasing behaviors and budgets of buyers from German-speaking countries?
- Buyers often secure properties even before construction is complete, benefiting from a 15% price reduction. Some resell after two to three years to capitalize on increased property values; budgets typically range from €270,000 to €380,000.