New York Times on Greek real estate: people are buying as if tomorrow is the end of the world

The New York Times is watching an explosion of buying interest in Greek real estate as the economy recovers from a decade of crisis and the savings accumulated during the pandemic need a safe investment.

“All macroeconomic indicators are getting better and better. “After not spending too much during isolation during the pandemic, people are looking to invest their money in safe investments like real estate,” said Antonis Markopoulos, co-founder and CEO of Prosperty, a startup that uses a digital platform to make transactions. faster and more transparent.

For Sotheby’s International Realty, 2021 will be the best year since 2016, when it began operations in Greece.

“We made four or five times more sales in 2020 than in 2019, and this year is even better,” George Kasimis, head of sales for Sotheby’s International Realty in the Aegean Sea, told the New York Times. “People are buying as if there is no tomorrow,” he said.

The pandemic has boosted interest, Markopoulos said, as many view real estate as a safer investment than currency or commodities. “Apartments in the center of Athens are especially in demand among both domestic buyers and foreign investors,” he notes.

“There is a huge demand for short-term rentals, so the profit that investors can get is extremely high,” he said, noting that depending on the area, apartments are sold at prices ranging from 1,500 to 3,500 euros per square meter.

Interest in buying from abroad and in the southern suburbs is important, in part due to the investment in Elliniko.

At the same time, apartment prices across the country in the third quarter increased by 7.9% compared to last year, and in Athens – by 9.8%.

Wealthy Greeks, who have been particularly successful in shipping lately, are trying to acquire the most expensive part of the market, as reported by the New York Times by Yannis Ploumis of Ploumi Sotiropoulos. Sales are strong in Mykonos and Porto Heli, where the real estate agency sold $ 27 million in property last month at one of the highest prices ever recorded in the area.

Who buys

According to the New York Times, Greece has long been popular with foreign buyers, most of whom come from EU countries.

But Ploumis-Sotiropoulos also works with buyers from the Middle East, Turkey, UK and USA.

It is noted that 9,300 residence permits have been issued under the Golden Visa program since the beginning of the year, up from 8,575 last year. Most were transferred to investors from China, Turkey and Russia.

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