Foreign buyers going rural
European nationals are showing a huge interest this year in rural Greek realty, led by pensioners and those approaching retirement, estate agents have told Kathimerini, adding that they often make their acquisitions even before the completion of properties' construction.
“We are seeing interest in country houses remaining high this year, especially among people who are a few years from retirement, aged 50 to 55,” said Ioannis Revythis, head of Revithis & Partners.
He noted that on Mykonos a Swiss couple bought a 200-square meter residence this year for 850,000 euros. On Andros, an Australian couple acquired a property of 180 sq.m. for €360,000, while in Corfu, a holiday home of 120 sq.m. was sold to an Italian couple for €350,000.
“A Dutch businessman sold his IT business in the Netherlands and decided for tax reasons to move to Greece. He chose the Agios Pavlos area in Rethymno, Crete. He bought, from the plans, an ultra-luxury house by the sea, worth €1.25 million. While this property was being built, he leased another seaside residence, overlooking the Crete Sea. The purchase is made through a company he set up in Greece, which will then acquire other properties for utilization,” said Giorgos Gavriilidis, founder and CEO of Elxis, which specializes in real estate services and especially country homes.
“One German customer saw the residences on the Elxis website and while she had decided to travel to Greece in June to see the site for herself and talk to the builder, she accelerated her decision and decided to buy, due to the great interest in the complex,” Gavriilidis added.
According to an Elxis analysis, during 2023 significant differences are observed in the investment behavior of foreigners. “Most of our customers prefer to buy houses straight from the plans, as the cost can be 20% lower than buying a turnkey house,” noted Gavriilides. In Crete, such properties, costing €250,000 or more, are in great demand.
This is attributed to the increase in borrowing costs. Higher interest rates have curbed demand for mortgages, resulting in foreign investors financing property acquisitions by themselves.