Is it time to buy real estate in Greece?
Is it time to buy real estate in Greece?
18.02.2022 | 15:50
Properties
Renewed interest in commercial real estate investment in Greece
Based on the price indices of the Bank of Greece, in 2021 positive rates of change were reported, in particular - increases in the prices of offices and shops. It is noted that significant interest, especially in the office market in Athens, has launched several new projects for development and reconstruction. According to the data of the Greek Statistical Authority (ELSTAT) for the construction activity, on an annual basis especially high growth rates are registered in the number of new permits for construction of offices (52.2%) and shops (68.3%). In the hotel sector, the construction industry maintains a fairly high positive rate, but has not regained the pace it had before the health crisis.
| Hotel in Athens - 8500 sq.m / 24 000 000 euro |
Office building in Thessaloniki - 330 sq.m / 1 500 000 euro |
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| The property can be viewed in the profile of the agency "Monopoly Real Estate" |
The property can be viewed in the profile of the agency "RE / MAX Today" |
| Hotel in Kavala - 500 sq.m / 550,000 euros |
Shop in Serres - 291 sq.m / 490,000 euros |
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| The property can be viewed in the profile of the agency "RE / MAX Choice" |
The property can be viewed in the profile of the agency "RE / MAX Choice" |
Vacation Properties in Greece
Of particular interest to foreigners is the market of holiday real estate in Greece, which is suitable for summer vacations. Here are some offers from the database of domaza.com.
| House in Halkidiki - 110 sq.m / 300,000 euros |
House in Halkidiki - 120 sq.m / 200,000 euros |
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| The property can be viewed in the profile of the agency "Seven Real Estate" |
The property can be viewed in the profile of the agency "IV Estates" |
| House in Cyclades - 90 sq.m / 1,600,000 euros |
House in Halkidiki - 135 sq.m / 450,000 euros |
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| The property can be viewed in the profile of the agency "Classic Estates" |
The property can be viewed in the profile of the agency "Classic Estates" |
Forecasts for the real estate market in Greece in 2022
Investors want better returns, while consumers are looking for energy savings and therefore lower operating costs. Properties with higher standards for bioclimatic design, ventilation, lighting, increased energy autonomy and modern technological infrastructure better meet both current health requirements and new energy challenges. At the same time, new international trends in the creation of "digital nomads" lead to new needs for the development of flexible jobs, but also residential properties with high technical and technological standards, which are believed to gradually attract a growing market with large potential for the country. According to the BoG report, in the coming months, given that the economy is recovering, the real estate market in Greece is expected to continue to grow. The gradual increase in investment, efforts to combat bureaucracy by digitally upgrading the country, launching and accelerating significant infrastructure projects, tourism dynamics and further economic recovery are expected to give further impetus to the positive dynamics in the sector. However, it is noted that there are still parameters of uncertainty, which are no longer limited to the direct consequences of the pandemic, but are further related to the duration of the interruption of international supply chains and increased raw material costs - factors that, if left to chance, can slow down the pace of construction activity and limit the current return on capital in the real estate market.
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