According to research by «Engel & Vοlkers Greece», a real estate agency with established global presence, the Real Estate Market is constantly and dynamically growing since 2021. A preference towards residential and commercial properties is noticed, not only when it comes to foreign investors, but also domestic ones, with a positive inclination towards the purchase of a property, rather than a leasing agreement.
Within the past year, the significant raise in the cost of raw materials, in combination with the recorded lack of human resources around the construction sector, have led to the increase of newly constructed property prices. Investors, however, have overcome these negative factors and have proceeded to real estate investments, either residential or commercial, including office spaces and shops. Within one year, the interest in house purchases has risen significantly, while the prices for newly constructed properties in Attica have shown increasing trends, as expected, pursuant to the rapid and asymmetrical increase of objective values.
In addition, the concept of second residence, usually used as holiday residence, has been re-brought into light. The prices have stabilized, but the constant rise in demand for holiday residencies will probably bring a new wave of increases. In comparison to other second residency markets, Greece offers the most attractive investment opportunities, with performance estimated at around 8% per annum. The new hot spots of the market seem to be Cyclades, Paros, Syros, Rhodes and – as usual – Mykonos.
It is estimated that during the following years, until 2025, the Real Estate Market will reach the pre-crisis levels, due to development in property quality. A key factor for the upward course and the quality improvement of real estate is the attraction of new capitals through political attractive features, such as the investment Golden Visa scheme, since the domestic market was called to rise the property qualifications to the foreign market demands.
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