They are buying like crazy Greece - €3 billion was invested by foreigners this year to buy real estate in the country

Champions

As far as the availability of residential properties for sale is concerned, in the third quarter of the year “champions” emerge, according to the research, in the southern suburbs and the center of Athens. Nevertheless, the supply in these two areas does not show an increase compared to the corresponding period last year

Glyfada, Voula, Paleo Faliro, Alimos, Nea Smyrni in the southern suburbs showed the highest availability of residential properties for purchase in the period under review. Among the most decentralized areas, where most single-family homes were available for sale, Voula is also found , Vari – Varkiza and Glyfada.

However, an impressive rise was noted in areas of the rest of Attica, in a number of areas of Piraeus

Prices soared

In terms of prices, according to the SPI index that records their evolution over time in the domestic real estate market, asking sales prices increased by 7.12% compared to the 3rd quarter of 2020. In Attica, the highest increases in requested sales (and rental) prices are recorded in areas far from the center of Athens.

The highest asking sales prices in Greece, based on the average sales prices in the advertisements, are held by Mykonos, the beach front of Athens. Average asking prices in the southern suburbs have increased by 14% year-on-year, reaching 3,611 euros per sq.m. and 12.5% in the Cyclades with 3,333 euros per sq.m., although the final price is determined by the property’s location, age, areas and other factors that create a “scissor” in prices.

In the whole country, the most expensive average asking price is presented by Mykonos, with the average price at 6,692 euros/sq.m., having overtaken Greece’s second most expensive, Vouliagmeni, with 6,667 euros/sq.m. and an increase within one year of 12.4%. The “scissors” to which we referred before, catapults the prices in these areas even above 20,000 euros/sq.m. if it is in a privileged position, newly built, luxurious and has appreciable amenities. In Attica, 4 of its 5 most expensive areas, Vouliagmeni, Voula, Alimos and Glyfada, have increased their prices by almost 17% in one year and are located on the Athenian Riviera.

With most buyers coming from abroad, the Cyclades register strong demand and… an even stronger increase in prices, with the runner-up, after Mykonos, Santorini, where in the period under review the average asking prices are 4,069 euros per square meter. However, the northern suburbs of Athens are also making a dynamic return to the market, where the average asking price increased by 10.9% in the year, reaching 3,333 euros per sq.m., with certain areas, such as Agia Paraskevi and Pefki, to register an increase in prices, approaching 35%! Outside of Attica, the average asking price is high in Kea, reaching 2,973 euros/sq.m., and more economical options in Tinos, Andros and Syros, with prices, respectively, at 2,419, 2,136 and 1,833 euros/sq.m.

According to a 2023 Apartment Values Observatory survey, an impressive increase in potential apartment sales prices continues to be recorded in five areas of the greater Athens area. Thus, between the third quarter of 2023 and the third quarter of 2022, a median annual increase of 14.92% is recorded for the newly built and 13.81% for the older apartments, which is mainly due to the reduced supply due to tourist demand and Airbnb.

3 million Europeans would like a home in Greece

Several analysts estimate that in the new year a large portion of investors will focus their interest on the islands and the wider area of the capital, with the renovation of old properties in Athens being a “niche market” with upward trends. . It is clear, however, that by no means is the market experiencing bubble conditions today, as the level of supply (particularly of new-build apartments) is still very limited relative to demand.

And if a relative slowdown is expected in urban areas, in the holiday home sector, estimates converge that the increase in values will continue at the same or even greater rate in 2024. To this end, the fact that Greece and especially its island regions are emerging attracting European funds for buying country houses.

Here, as a relevant survey by the Greek interests of a Dutch company shows, there is a “bright field of glory” as around 3 million Europeans are strongly flirting with the idea of acquiring a second home in our country. The major comparative advantage, beyond the climatic conditions and the natural beauty, is financial, as in Greece the average sale price of a newly built holiday home is around 300,000-350,000 euros, light years away from the prices for similar properties in other European countries South.

At the top of the preferences of foreign buyers are popular islands