Foreign investors are still looking for vacation homes in Greece’s most famous travel destinations. In fact, it appears that the demand for such real estate transactions has increased, even though there haven’t been enough sales of such properties so far.
Real estate experts say that more than 30,000 vacation homes have been put on sale, while the number may reach 50,000 if we add the thousands of houses which are located in a short distance from the seaside.
A survey conducted by the Greek real estate company Alpha Astika Akinita SA, showed that the market in the Cyclades islands is currently “frozen” and Greek buyers are reluctant to invest in real estate. The interest is generated almost exclusively by foreign investors who are looking for houses of good quality construction, in good prices and, above all, in good locations.
Furthermore, there is an expressed interest by Russian and Arabic funds to buy Greek islands, after the selling of Skorpios and Oxia.
In Halkidiki, a big drop in sales (50%) was recorded in the area of Kassandra, where prices range from 800 to 1,300 euros per square meter. Meanwhile, in Afytos vacation homes are sold from 1,200 to 1,900 euros per square meter and in Paliouri the prices range between 1,200 and 2,000 euros per square meter.
Moreover, in Attica, investors are interested in areas near the sea such as Rafina, Nea Makri, Porto Rafti, Agia Marina and Anavyssos. The properties that are for sale, at the moment, are mostly family homes which have been renovated and are put on sale at very low prices. On the other hand, investments in the exploitation of land properties have suffered due to the economic crisis, therefore land properties have remained unsold.
Foreign investors who are interested in buying Greek real estate properties are mostly seeking houses with prices that do not exceed 100,000 euros. However, there are some foreigners who are looking into luxurious houses, with values ranging from 400,000 to 4 or even 5 million euros.