Real estate in Greece has always been in high demand not only among Greeks, but also among representatives of other countries. So, according to the specialists of Grekodom Development, citizens of the EU, USA, Great Britain, Russia, Ukraine, Turkey, as well as citizens of the Middle East are active buyers.
Since the beginning of the year, the demand for the purchase of real estate in Greece has grown significantly, despite the pandemic. The Greek tax authorities registered twice as many transactions at the end of 2021 compared to the two previous periods. There is particular interest in real estate in the southern part of mainland Greece. At the same time, apartments in the center of Athens are popular among both domestic and foreign investors. The foreign investors interest in buying real estate in the southern suburbs of Athens is very important, in part due to the investment in Elliniko.
Another reason for the increased consumer interest in the southern regions of Greece is the fact that the demand for short-term rental apartments in Athens has grown significantly and many investors see it as a profitable investment for the future. At the same time, apartments are being sold from 1.5 to 3 thousand euros per square meter, it all depends on the area of the city. Apartment prices in Greece tend to rise. They have increase by 7.9% on average across the country and by 9.8% in Athens over the last year.
Purchase interest from foreign investors can also be traced in the statistics of the Golden Visa program - obtaining a residence permit for the whole family through investment. At the moment, 898 investors and 2658 members of their families have received a residence permit. These statistics were provided from January to November 2021, published by the Greek Migration Agency. It should be noted that the interest in the program is stable and is especially observed among the citizens of China, Turkey and Russia.
The New York Times magazine, in its latest article on Greece, connects the warm interest in Greek real estate with the fact that "the world economy is recovering from a decade of crisis, and savings not spent during the pandemic need reliable investments." Note that Greece is currently one of the most profitable investment regions in the real estate industry.
Antonis Markopoulos, CEO and co-founder of Prosperty (a digital platform for fast and transparent real estate transactions), has expressed a similar idea. In his opinion, people tend to invest their money safely, and one example of such investment is real estate. After the coronavirus and the pandemic, people want to invest in something more reliable and stable than goods or currency.
Prices for Greek real estate are constantly increasing, which attracts investors from all over the world. According to the forecasts of the Grekodom Development experts, real estate prices will begin to only grow faster when the Greek economy will fully recover from the pandemic. According to the forecast of the European Commission, by the end of the year, GDP growth will amount to 7.1%, which is higher than the the EU average.
The rate of real estate sales in Greece is currently over 1000 online transactions per day. And, most likely, it will increase by the end of the year, because many buyers want to complete transactions for the sale and purchase of real estate before the end of the year to avoid new tax rates. Thus, they want to save themselves from additional costs.
The new tax rates will take effect on January 1 and are more commonly known as “fair value”. They include increases in property taxes in most parts of the country.
The rate of real estate sales in Greece is currently more than 1000 online transactions per day. Most likely, it will increase by the end of the year since many buyers want to complete their transactions before the end of the year to avoid the new tax rates. Thus, they want to spare themselves additional costs.
The new tax rates will take effect on January 1st and are more commonly known as “objective values”. They include increases in property taxes in most parts of the country.
Major notary offices believe that the number of daily transactions will only grow by the end of the year. Grekodom Development specialists associate this increase with the investment interest of foreign buyers, and with the abolition of parental benefits, as well as the transfer of the mandatory application of the electronic ID for each building to January 1st.