REAL ESTATE IN GREECE.
Real estate in Greece goes hand in hand with tourism to Greece. Perhaps that is self evident because without tourism where would foreign buyers come from. That is why the world wide recession which started exactly 10 years ago saw house sales in Greece plunge along with tourism and a plunge in sales meant a plunge in prices. Greece’s economy had been getting into serious problems ever since Greece joined the Euro because of the crazy economic theories which held sway in Brussels the most infamous of which became known as the “one size fits all theory” which nearly dragged down not only the economy of Greece but also those of Italy and Ireland as well.
TOURISM TO GREECE
Tourism however began a steady annual recovery from 2012 onwards and by 2016 hoteliers were beginning to dust down the no vacancy signs which had been in storage for nearly eight years. 2018 is expected to see a further surge in numbers which is accompanied by a return of investor confidence in real estate in Greece. And where the investor goes, the private buyer will follow.
THE PRIVATE BUYER
The private buyer of real estate in Greece will usually be a holiday maker who has been coming to his favourite island or part of the mainland for a number of years and has fallen in love with it, or perhaps he has just fallen in love with Greece and decided that this beautiful country is where he wants to live. The advent of private holiday accommodation has also helped to make real estate in Greece more affordable because that beachfront holiday villa can now easily become an income producing asset which may at least earn its keep or even, with a bit of hard work and some promotion, actually produce a profit which will help to pay for those much needed holidays in Greece.