An increasing number of citizens from various foreign countries are looking for homes in Greece, with Athens, the Cyclades and Chalkidiki being at the top of their preferences.
The greatest interest comes from Germans, who are looking for properties throughout the country, mainly in mainland Greece, with Thessaloniki and Chalkidiki being their top preferences. Second in searches is the USA, both by Greeks of the diaspora but also by Americans, who are interested in buying a summer home in expensive areas, such as the Cyclades and the southern suburbs of Athens. In third place we find the United Kingdom, where searches are also divided between Greeks and Britons. The focus is on residences in the center of Athens, and more specifically the southern and northern suburbs, and the Cyclades. Next come the Spanish, the Cypriots, and the French, with the latter showing increased interest recently, especially in Paros, the rest of the Cyclades and the center of Athens. From the rest of the countries, the interest of the Bulgarians towards the relatively cheap real estate in Kavala and Chalkidiki stands out, as well as the Israelis, who entered the list of top prospective buyers for the first time. The interest from Israel grows year by year in the center of Athens, the southern and northern suburbs, and the Cyclades.
Significant demand for urban real estate comes from digital nomads as well as students, with demand falling short of supply as a large stock of real estate needs upgrading.
The energy crisis, rising interest rates, ESG challenges, increased construction costs and a host of other challenges are by no means leaving real estate investors indifferent. The most optimistic, however, see every new challenge as an opportunity and emphasize that properties and renovations that really have added value will endure. So far, the market, not only domestically but also internationally, will diversify into quality real estate and second-rate real estate. Investors will gradually crown real estate and major renovations as a safe investment with more targeted placements in specific properties such as green buildings but also renovations that focus on sustainability, new technologies and living standards.
Achilleas Karapatakis – External Associate