Berkshire Hathaway HomeServices: Real estate investments “vote” Greece and Crete.
The new map of investment trends in Europe – What factors make the Greek market more attractive.
The Greek real estate market is still among the first preferences of foreign investors – and especially American buyers – mainly due to the low price offer in real estate, notes Berkshire Hathaway HomeServices.
Berkshire Hathaway HomeServices has published the “European Summer Spotlight Market Report 1”, which resulted from the online presentation of the European real estate market for the summer of 2022, in which leading executives of the residential real estate industry from Greece and 4 other European countries – Italy, Portugal, Spain, United Kingdom, analyzed the domestic data of the markets and presented the future investment trends in the field of Real Estate.
The preference of foreign investors for Greece is due to a series of external factors, the main ones being the war in Ukraine, which brought about changes in the domestic socio-economic development map, but also the geopolitical instability that prevails between neighboring countries.
The competitive superiority of the Greek real estate market extends to the financial sector, both with the “Golden Visa” program, where foreign investors can obtain a residence visa with an investment of just €250,000, and with the current suspension of value added tax (VAT) in newly built properties of our country, until the end of 2024.
Also, the extended summer season for our country is one of the “strong cards”, since it is the main time period for tourist traffic and revenue growth for every part of Greece. For this reason, Berkshire Hathaway HomeServices Athens Properties is constantly expanding its portfolio, now offering the luxury that most summer visitors are looking for in the most popular islands, such as Crete,Mykonos, Santorini and Paros. The special dynamics of all these factors, combined with the historical beauty of the country, make it certain that the future surge of interest from foreign investors worldwide.
According to Kyriakos Xydis, Managing Partner of Berkshire Hathaway HomeServices Athens Properties, “a strong resurgence of interest from abroad in the purchase and rental of real estate in Greece is expected, especially in terms of luxury holiday homes in popular tourist destinations and islands such as the Cyclades and Crete.
As shown by the previous BHHS global study, there will continue to be an increased demand for luxury apartments in the center of Athens and in the northern and southern suburbs of the Attica region.
The luxury of the Athenian riviera combined with the easy access and movement of the residents, is still on the preference lists of residents with an urban mood and everyday life”.
At the European level, the quality of life, the temperate and mild climate combined with the Mediterranean beauty of the landscapes and the historical heritage, but also the need for change and comfort, are the main axes of investment searches of new buyers, with American investors express the greatest interest. The pandemic and the new working era of telework have set new standards in the real estate market, ranking Europe among the top investment destinations. Among other things, adapting to the new models of reality made most of them reconsider their previous life data.
So, not only the quality and luxury, but their combination with the low cost of living and the reduction of the tax burden make an investment move in the countries of Europe affordable, even for permanent residence.
The research material was drawn from a special survey with qualitative data, which are based on individual interviews of the participating professionals of the sector.