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Foreigners are looking to buy property in Greece

Greece is ready to capitalize on the international benefits it has received from the timely and successful management of the coronavirus pandemic crisis. This conclusion emerges effortlessly as in terms of the course of demand from abroad for the purchase of real estate, as not only has it not receded, as one would expect, but on the contrary it is moving strongly upwards compared to 2019.

Last year €1.45 bn were invested in the acquisition of real estate in Greece by foreign investors, an increase of 29.4% compared to 2018.

According to data processed by the online real estate ad network Spitogatos, it appears that in April, real estate searches by foreign prospective buyers not only did not decline compared to the corresponding last year month, but on the contrary appear increased by 19.3%. In fact, towards the end of the month, this rise had begun to approach even 30%, and it keeps increasing during the first days of May. In other words, as a result, the buying interest from abroad for the real estate market in Greece is still on the rise, in an unprecedented situation not only for the Greek but also for the world economy.

In February, before the signs of the pandemic began to become visible internationally, real estate searches in Greece were growing at an annual rate of 20% compared to 2019. According to Spitogatos.gr, in March there was a decline 20.5%, compared to the same month last year, which apparently was deleted the following month. In this context, the positive publicity that Greece has received internationally for the successful response to this first wave of the coronavirus, seems to have played a decisive role in the positive mood of foreign real estate buyers towards the Greek market.

In terms of the origin of demand from abroad, according to Spitogatos, Germany is the country with the highest mobility, followed by the United Kingdom, the United States, Cyprus and Australia. According to analysts, the countries at the top are mainly those with a strong Greek community, or are easily accessible.

The absence of China is also impressive, not only from the top of the list, but also from the top 20, while last year it was in the top 10. Although in previous years the Golden Visa program had attracted a large number of buyers, it seems that the pandemic will put a “brake” on the relevant mobility, at least for 2020, due to the difficulty of travel.

The German market is more interested in buying real estate, both the traditionally favourite destinations of the Germans, such as Crete, the Peloponnese, Pelion, the Ionian Islands (Corfu), and new areas such as Athens, Thessaloniki, Halkidiki, the Cyclades (Paros, Mykonos, Tinos) and the Dodecanese (Rhodes).

Of course, the difficulties that will arise this year in the mobility of tourists or investors from country to country, will act as a brake on the completion of many transactions, especially since it is not possible to buy and sell online real estate. However, according to market sources, in many cases some pre-agreements will be made, which will be formalized at a later time.

The completion of several transactions that had already been launched, through pre-agreements in the months leading up to the outbreak of the pandemic worldwide, is already pending.

Original Source: Kathimerini

Adaptation/Summary: Kiki Athanasiadis

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