Kathimerini Greece Newsroom
By Nikos Roussanoglou
The Greek real estate market has significant prospects for establishing itself as one of the main destinations for foreign home buyers, being the fourth cheapest in Europe.
The fact it remains one of the continent’s cheapest while the properties on offer are of a much better standard than its peers abroad at the same or even lower price levels, make Greece a “bargain” destination.
In its recent analysis, Elxis – At Home in Greece, a company based in the Netherlands and specializing in the sale of country houses to foreign buyers, especially from countries in Northern and Western Europe, notes that demand is now much higher than supply.
According to the data of the Global Property Guide, edited and presented by Elxis, the Greek market (Athens) is currently the fourth cheapest in Europe, with the average sales price reaching 2,120 euros per square meter. The only places found to be cheaper are Bucharest (€1,632/sq.m.), Sofia (€1,650/sq.m.) and Podgorica in Montenegro (€1,763/sq.m.). In Madrid the cost reaches €4,700/sq.m. and in Berlin €5,000/sq.m. In Paris and London the average price amounts to €9,430 and €9,540/sq.m. respectively. The most expensive city in Europe is Zurich, with an average purchase rate of €17,285/sq.m., followed by Luxembourg with €11,332/sq.m.
Athens has secured the title of the cheapest capital of the European South, although from 2017 – when the recovery of the housing market began – until this year’s second quarter house sale prices have increased by almost 90%, based on the price indices of the Bank of Greece (BoG).
Certainly, for the average Greek household, the cost of acquiring a home is particularly high now, as incomes have not followed the same rate of growth, while they have also been hit by the inflation wave. However, for the average European this cost is very low, and if the prospects for future capital gains are taken into account, the profit is many times over. Elxis estimates an average annual increase of 8-10% in sale prices of holiday homes in the coming years.
