More and more foreign investors consider the acquisition of property in Greece a once-in-a-lifetime opportunity, even after the price “rally” of the past few years. After all, Greece is still one of the most affordable markets in Europe.
What Are Prices in Greece Compared to the Rest of Europe?
This is further confirmed by the latest data from Global Property Guide regarding residential prices for the second quarter of 2024 across Europe. According to these, the average selling price in Attica (Athens) is 2,120 euros/sq.m. This places Greece as the fourth cheapest market, after Romania’s Bucharest (1,632 euros/sq.m.), Bulgaria’s Sofia (1,650 euros/sq.m.) and Montenegro’s Podgorica (1,763 euros/sq.m.).
Meanwhile, prices in other European countries are skyrocketing. In Amsterdam, the average cost for a typical apartment at the center of the city rose to 8,385 euros/sq.m., almost 4 times higher than Athens. In Madrid, the average cost is 4,700 euros/sq.m. and in Berlin it’s around 5,000 euros/sq.m. In Paris and London the average purchase price stands at 9,430 and 9,540 euros/sq.m. respectively. The most expensive city in Europe is Switzerland’s Zurich, with an average price of 17,285 euros/sq.m., followed by Luxembourg at 11,332 euros/sq.m.
Who is Buying Real Estate in Greece?
In his recent presence in this year’s annual conference Prodexpo, Mr. George Gavriilidis, CEO and Co-Founder of Elxis-At Home in Greece, said that “over the last few years, we’ve witnessed a major shift among property buyers from Northern European countries, particularly the Netherlands, Belgium and German-speaking countries, i.e. Germany, Austria, Switzerland and Luxembourg, towards the Greek holiday home market.”
“The country’s exit from the financial crisis and its comeback in the buyers’ “map”, has brought with it the realization that Greek properties are hugely undervalued, compared with houses of similar quality and amenities in places like the southern part of France, Italy and Spain. As a result, today, Elxis alone has a waiting lis of 1,000 potential buyers of holiday homes, but we don’t have the equivalent number of properties to sell. Developers in Greece need to step up their investments to cater to the ever growing demand for newly built houses”.
What is the Price of a Holiday Home in Greece?
Considering the quality of the properties on offer in Greece, especially in parts of the country, as picturesque and beautiful, as the most touristic ones, it’s easy to understand why foreign buyers are now many more than the available houses. The fact that in Greece, the average price of a newly built holiday home is now ranging between 300,000 – 350,000 euros, means that the country is ideal for European investors. This fact is quickly becoming a realization among more and more potential property buyers.
“There is a lot of value in Greece’s holiday homes, because one can acquire a modern house, close to the beach, or with a view to the sea, a pool and a number of other amenities, while spending a lower amount of money, compared to other markets”, says Mr. Gavriilidis. He also adds that, according to recent estimates from respective reports, there are potentially about 3 million Western European citizens, who are thinking of investing a sum of 300,000 – 350,000 euros in the property market.
Who is the Most Common Buyer of a Home in Greece?
In this year’s Prodexpo, Mr. Gavriilidis said that buyers are divided in two main categories. The first one is comprised of people, mainly between 50-60 years old, who wish to have a house both for their own private use, but also for generating revenues. The second one has also younger buyers, between 35 and 45 years old, coming mainly from the Netherlands and Belgium and looking to resell their property within a short time frame.
“Several buyers are booking the house off-plan, which is granting them a 15% discount over the list price. Some of them are taking advantage of the price rise which takes place in the 2-3 years, which takes to build the house and then proceed with reselling it with significant profit”, stressed Elxis’ CEO. About 80% of the company’s clients are interested in holiday homes costing from 270,000 up to 380,000 euros. It’s worth noting that 280,000 euros buys a parking space in the center of Amsterdam.
About Elxis
Elxis-At Home in Greece (https://elxis.com/) is an elite provider of realty and legal services in the Greek market. With offices in Thessaloniki, Crete and Utrecht in the Netherlands and a team of highly qualified property professionals, Elxis has a track record of over 30 years of experience in managing residential property investments. The company covers the needs of its international clientele in the best way possible, with a team of seven legal experts, as well as with personnel whose native spoken language is English, Dutch and German.
