Real Estate: Europeans are constructing their second homes in Crete
Ktimatoemporiki Real Estate - 2022-04-15
Real Estate: Europeans are constructing their second homes in Crete.
In 2022, prices are predicted to grow by 10% - Foreign investors have reaffirmed their faith in Greek real estate, which now competes with residences in Spain and Italy.
The interest of investors from countries such as the Netherlands, Germany and Belgium, remains strong with a focus on Crete. As a result, prices remain high as inflationary pressures drive construction costs up, a trend that continues this year.
At the same time, purchasers are shifting their focus to quality, as they seek to mitigate risk by evaluating Greece's improving economic profile.
Buyers consider Greek real estate more and more as a safe investment with improved prospects.
In a market where prices are rising but remain inexpensive in comparison to other European countries, the country's infrastructure greatly increases accessibility. Investors have reaffirmed their faith in Greek real estate, which now competes with residences in Spain and Italy.
--In which areas do foreigners buy real estate - The "profile" of investors--
In recent months, both the amount of sales and the construction activities in the country have seen an upward trend when compared to the quarantine period.
Based on issued building licenses, the total construction activity (private - public) in December 2021 in the entire country amounted to 2,170 building permits, equating to 513.0 thousand m2 of area and 2,253.8 thousand people. In other words, compared to the same month in 2020, there was an increase of 18.3 percent in the number of building permits, a 3.1 percent increase in the area, and a 13.1 percent increase in the volume, according to ELSTAT data.
In Crete, the amount of construction activity decreased by 22.9 percent, the area decreased by 27.2 percent, and the number of building permits increased by 9.2 percent.
The most common age group of foreign investors is pensioners who want to spend this stage of their lives in Crete, taking advantage of the island's natural beauty and temperature.
For those who can afford it, foreigners are buying and selling luxury villas, or buying land and then constructing stone structures, which is a less expensive choice.
--Buyers from other countries are distributed across the globe--
The "first word" in the island's real estate market still attracts visitors from the island's main tourism markets.
Mr. Arapoglou noted that interest in Crete is limited mostly by Russian purchasers, who invest in locations such as Crete and Cyprus in order to obtain a Golden Visa and the benefits that come with it.
According to sources, more Israeli real estate investments are expected in Greece in the future years, both in Athens and Thessaloniki, as well as on prominent Greek islands such as Crete, Lefkada, and Corfu.
The development of real estate and plots in the sphere of hospitality is where Israeli investors are most interested in Crete.
The first large "wave" of foreign investors purchasing and selling real estate was noted in 2010 where in combination with the economic crisis, prices had fallen considerably creating opportunities.
After 25 years of professional expertise in the real estate business, Ktimatoemporiki Real Estate Services, is widely regarded as one of Greece's premier real estate consulting firms as it is selling hundreds of properties each year.
Ktimatoemporiki is a results-driven firm that combines deep market expertise with one of the most competitive and extensive portfolios in the industry, offering tailor-made solutions to even the most demanding investors.
On our website www.ktimatoemporiki.gr, you will find thousands of listings uploaded, providing a wide range of all kinds of properties!
In 2022, prices are predicted to grow by 10% - Foreign investors have reaffirmed their faith in Greek real estate, which now competes with residences in Spain and Italy.
The interest of investors from countries such as the Netherlands, Germany and Belgium, remains strong with a focus on Crete. As a result, prices remain high as inflationary pressures drive construction costs up, a trend that continues this year.
At the same time, purchasers are shifting their focus to quality, as they seek to mitigate risk by evaluating Greece's improving economic profile.
Buyers consider Greek real estate more and more as a safe investment with improved prospects.
In a market where prices are rising but remain inexpensive in comparison to other European countries, the country's infrastructure greatly increases accessibility. Investors have reaffirmed their faith in Greek real estate, which now competes with residences in Spain and Italy.
--In which areas do foreigners buy real estate - The "profile" of investors--
In recent months, both the amount of sales and the construction activities in the country have seen an upward trend when compared to the quarantine period.
Based on issued building licenses, the total construction activity (private - public) in December 2021 in the entire country amounted to 2,170 building permits, equating to 513.0 thousand m2 of area and 2,253.8 thousand people. In other words, compared to the same month in 2020, there was an increase of 18.3 percent in the number of building permits, a 3.1 percent increase in the area, and a 13.1 percent increase in the volume, according to ELSTAT data.
In Crete, the amount of construction activity decreased by 22.9 percent, the area decreased by 27.2 percent, and the number of building permits increased by 9.2 percent.
The most common age group of foreign investors is pensioners who want to spend this stage of their lives in Crete, taking advantage of the island's natural beauty and temperature.
For those who can afford it, foreigners are buying and selling luxury villas, or buying land and then constructing stone structures, which is a less expensive choice.
--Buyers from other countries are distributed across the globe--
The "first word" in the island's real estate market still attracts visitors from the island's main tourism markets.
Mr. Arapoglou noted that interest in Crete is limited mostly by Russian purchasers, who invest in locations such as Crete and Cyprus in order to obtain a Golden Visa and the benefits that come with it.
According to sources, more Israeli real estate investments are expected in Greece in the future years, both in Athens and Thessaloniki, as well as on prominent Greek islands such as Crete, Lefkada, and Corfu.
The development of real estate and plots in the sphere of hospitality is where Israeli investors are most interested in Crete.
The first large "wave" of foreign investors purchasing and selling real estate was noted in 2010 where in combination with the economic crisis, prices had fallen considerably creating opportunities.
After 25 years of professional expertise in the real estate business, Ktimatoemporiki Real Estate Services, is widely regarded as one of Greece's premier real estate consulting firms as it is selling hundreds of properties each year.
Ktimatoemporiki is a results-driven firm that combines deep market expertise with one of the most competitive and extensive portfolios in the industry, offering tailor-made solutions to even the most demanding investors.
On our website www.ktimatoemporiki.gr, you will find thousands of listings uploaded, providing a wide range of all kinds of properties!
