The Greek property market has traditionally attracted the interest of buyers with different financial capabilities and from different countries around the world - from millionaires, movie stars and large investors to average property buyers. Many Bulgarians also choose to invest in property in Greece. Take a look at the forecasts for the Greek market in 2023.
Property makes up a large share of household wealth in Greece, where home ownership is around 73.5 percent, above the eurozone average of 66 percent, EU statistics on income and living conditions show.
The real estate market in Greece is currently very dynamic. Luxury property sales in our neighbour reached record levels during the COVID-19 pandemic and have made Greece one of the hottest property markets in the world. Wealthy people from all over the world want to acquire villas or properties in the inner cities, including with the aim of investing in short-term rental accommodation.
Data for 2022 shows that the average price is rising, yet foreign investment is up 61% from 2021. In November 2022, the average price per square metre for residential property was €2,225, an increase of 11.08% compared to November 2021 (€2003/sqm). The highest average price for the last two years was reached in October last year - 2283 €/sqm.
The most sought-after luxury houses are in the centre of Athens, on the Olympic Riviera and in popular tourist areas.
According to data from the Hellenic Association of Realtors, the average price per square meter for property in Halkidiki in 2021 was €1,936. Real prices range from around €50,000 to €500,000 for apartments on the peninsula, while houses can cost from around €100,000 to over €1,000,000.
In Thessaloniki, the average price in the past year was €1,672/sqm, but in the developed areas of the city such as the centre and the districts of Ladadika, Ano Poli and Napoli, buying prime real estate comes out more expensive.
Athens is one of the oldest capitals in the world. A beautiful blend of history and modernity, the city has many advantages for people who prefer to lead an active lifestyle.
Athens is the heart of Greece with almost 4 million people living there permanently. The cheaper apartments are located closer to the city centre, while the lavish villas (some of which are co-owned) are located in the suburbs.
Prices for the central part of the city range between 1900 €/sqm and 2342 €/sqm, with the highest price per sqm being 3000 €. The gross rental yield is 4,49 %.
Outside the centre of Athens prices range from a low of 1900 €/sqm, the average price is 2423 €/sqm and the highest is 3500 €/sqm. The gross rental yield is 4,05 %.
The analysis of the Central Bank of Greece, according to which the real estate market is vulnerable due to some macroeconomic factors, should also be taken into account. Uncertainty, mainly linked to the ongoing war in Ukraine, as well as the effects of the gradual increase in the cost of materials, energy, rising interest rates and inflationary pressures.
The past year has been extremely strong for Greece in terms of tourism. This is due to the Greek Government's decision to cancel the measures to contain the coronavirus pandemic. In addition, the government undertook programs to stimulate the property market, as well as tax breaks.
One such program is, for example, the "golden visa" for non-euro area citizens, which grants European citizenship to any foreigner who has invested at most EUR 500 000 in the Greek real estate market. The "Golden Visa" offers wealthy people the opportunity to buy the right of residence - sometimes without even residing in the country and allowing the main investor and his family to live, work, study and receive health care in the country. Many such visas provide a fast track to citizenship, making the whole process easier.
There is increased interest from potential buyers in the redevelopment of the former Athens Ellinikon airport. The project is expected to have a significant impact on the property market, especially in the southern parts of Athens, leading to an increase in prices of both buy-to-let and rental properties.
Now is the time to invest in a property in Greece!
Greece is an extremely popular tourist destination and there is undoubtedly a high demand for buying or renting a property. Investing in a property on the Greek seaside is an extremely attractive option for people with good financial means who are looking for the combination of comfort and exclusive experiences close to nature. Compared to a number of European destinations at a considerably greater distance, Greece has its own competitive advantage for investing in a prime property - attractive prices. All this in close proximity to the turquoise waters of the Aegean Sea.
The tourist season in Greece is more than 5 months- it starts in May, peaks in July/August and ends in October. The culture of the Greeks and their upbringing is focused on hospitality and tourism. In the summer tourist season restaurants, bars, taverns, cafes are open 24/7.
One of the safest investments, with a guaranteed return and income if properly managed, is also the purchase of a home to rent. You can plan a family vacation and rent out your apartment, house or villa during the rest of the season. By renting short, medium or long term, your property in Greece can bring you up to 10% return on an annual basis, the ratio of property price / profit realized.
Moreover, the price per square meter in Greece is expected to increase gradually in the next 3 years by around 35-40%. This is a safe assumption that in 3 years you will be able to sell your property at a much better price.
Buying a prime property by the Greek sea can be a long process if you don't have a trusted ally by your side during every stage. Unique Estates consultants are always on hand to help you and will be happy to help you achieve another of your dreams - buying a luxury villa in a beautiful and exotic location. Do not hesitate, contact us!