2018 Could Be a Turning Point for the Property Market in Greece


2018 Could Be a Turning Point for the Property Market in Greece

2018 may be considered as the year of recovery for not just the property market in Greece, but the Greek economy as a whole. Could this be the right time to sell property in Greece?

Yes, if you have waited a long time for the property prices to pick up, then this could well be the time to get rid of your property for sale in Greece. Your will surely get a much higher price for it than you would get a year or two ago.

The data put out by the Bank of Greece shows that real estate worth 500 million EUR were sold to foreign investors over the last 12 months in Greece. This indicates that there has been a substantial increase in interest from abroad, which is a good sign.

The interest in Greece is particularly high in the Greek islands such as Mykonos, Rhodes and Samos and other popular overseas property destinations. The inland areas, such as Athens, for example, have not yet picked up from the recessionary environment, but even they are doing much better than they did only a few years ago.

As a report by PricewaterhouseCoopers done for the Urban Land Institute, titled Emerging Trends in Real Estate in Europe states, “interest in Athens is quietly picking up as a number of international investors committed capital in 2017 and put boots on the ground. The sector attracting most interest is hospitality, which is not so linked to the local economy. International arrivals have gone up in each of the last three years, and the country is viewed as a safe European holiday destination.”

 

The data compiled by Bank of Greece shows that while property prices dropped by 42 percent from 2008 to 2017, in 2017, the decrease was just 1 percent. That is impressive.

Among the factors that have led to an increase in interest in Greece are government programs such as the Golden Visa, which promises residency permits to anyone who events 250,000 EUR in the country.

There have been many overseas investors especially from China, Middle East, Russia and Turkey who have sought to take advantage of this program.  

More than 560 residency permits have been handed out to foreign nationals through this program in 2017. Over 2200 permits have been issued since 2014, when the program was first started.

The Golden Visa program has certainly encouraged foreign investment in properties in Greece, and most real estate analysts have been appreciative of the impact it has had.

Artem Shitkov, an analyst from the Russian real estate group Tranio says, “The country’s residence-for-investment scheme is the best in Europe as it’s cheap at 250,000 euros; property in Greece is cheap; yields for short-term rentals are high, and the country’s growth potential is greater.” He adds that a number of Russian buyers in particular have been taking advantage of this program.

Certainly, interest in Greece is picking up and this couldn’t happen at a better time for those who are looking to sell a house in Greece fast.

 




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