More and more Turks buy­ing Greek prop­erty

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

Turks ac­quir­ing prop­erty in Greece are mostly peo­ple with a high level of ed­u­ca­tion, medium or high in­come, orig­i­nat­ing from west­ern Tur­key and mainly from the Aegean coast and Istanbul, and con­sti­tute one of the most dy­namic group of buy­ers in the lo­cal mar­ket along with the Bri­tish, the Ger­mans, the French and the Ital­ians.

Mar­ket pro­fes­sion­als say that the num­ber of buy­ers from Tur­key has in­creased con­sid­er­ably since 2011, when prop­erty prices in Greece started to nose­dive, to peak with an­nual rates of 11.7 per­cent in 2012 and 10.9 per­cent in 2013, ac­cord­ing to Bank of Greece data.

Yet the num­ber of Turk­ish buy­ers has jumped since last sum­mer, ex­perts say. Mina Bougo­nikolou, head of the In­terCasa real es­tate agency, which has worked with sev­eral Turk­ish in­vestors in re­cent years, told Kathimerini that de­mand has taken off af­ter the failed coup in Tur­key last sum­mer. “The po­lit­i­cal sit­u­a­tion and in­se­cu­rity felt by many Turks has trans­lated into an in­vest­ment in­ter­est in Greece,” she said, adding that be­sides see­ing buy­ing a prop­erty in Greece as an in­vest­ment, there are many Turk­ish cit­i­zens who would con­sider mov­ing to the coun­try.

An­other fac­tor send­ing Turk­ish buy­ers to Greece is a slump in the price rally in Tur­key, as af­ter a pe­riod of high in­creases in prices, rates have now sta­bi­lized, re­duc­ing the prospects of fu­ture cap­i­tal gains for in­vestors.

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