The Greek property market is finally showing visible signs of recovery, following a decade of continuous price drops.
The downward trend in the Greek property market has seen 35-45 per cent wiped off values since the global financial crisis in 2008 and has lagged behind other European countries in recovery.
However, according to the latest available data, as reported by the National Bank of Greece, the prices of all property categories are rising.
Property prices recorded an annual growth rate of 2.5 per cent in the third quarter of 2018, and equally encouraging is a rise of 15 per cent over the last two years in the number of new building permits granted.
To follow the new upward trend in the Greek property market, the National Bank’s Economic Analysis Division has conducted a field survey of 200 real estate and real estate agencies to gauge where the renewed interest in the Greek property market is coming from.
The majority of the agents contacted (90 per cent) reported a significant increase in investor interest, divided into two main categories.
- Active investors who are ready for direct placements (accounting for approximately 35 per cent of the market).
- Cautious investors who, while interested in Greek real estate, maintain a stand-by approach (accounting for about 55 per cent of the market).
It was felt by agents that around 40 per cent of interest in the overall Greek property market was coming from overseas property investors.
As far as tourist properties are concerned, 60 per cent of the market indicates that there is an active interest mainly from foreign investors.
It seems that although it has been a long time coming, the Greek property market has finally turned the corner. So this may well be the time for overseas property investors to go Greek again.