Greek real estate sees renewed interest from foreign investors
Greece’s property market is seeing renewed interest from foreign investors, drawn by its attractive yields relative to other Mediterranean destinations and amid a shift in investor sentiment towards quality assets.
Amid global uncertainty in financial markets, recent data show that Greek real estate is benefitting from a new wave of investors seeking safe haven investments. Industry experts say this is particularly evident in prime tourism locations, where prices are expected to advance by 10% this year.
“Investor interest from countries such as the Netherlands, Germany and Belgium remains strong, focusing on Crete and the Ionian islands,” Giorgos Gavriilidis, CEO of real estate consultancy Elxis told the Athens-Macedonian News Agency. “We are seeing a significant flight to quality as investors want to reduce risks, encouraged by Greece’s improved economic profile.”
According to a recent report by Algean Property, holiday homes in eight Greek destinations, are among the top 30 holiday home markets in the Mediterranean. Rental yields in the top three destinations – Myconos, Paros and Santorini – are all above 6%, outpacing other markets in the region.
At the same time, Greek property has seen across-the-board growth in every asset class including residential, hospitality, commercial and industrial properties.
Last year, foreign direct investment in Greek real estate jumped by more than a third to surpass €1 billion, according to the Bank of Greece. In 2021, FDI in Greek property rose 34.4% to €1.17 billion from €875 million a year earlier while the number of Golden Visas issued last year rose 10.3%.