Coastal Athens magnetizes investors while Greece stars in luxury holiday home market

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Coastal Athens magnetizes investors while Greece stars in luxury holiday home marketAttica Riviera represents about 80 percent of demand for property purchases in the broader area of the Greek capital

The Athens Riviera represents about 80 percent of demand for property purchases in the broader area of the Greek capital. Coastal locations stretching from the city’s seaside southern suburbs all the way to Sounio are attracting most of the interest, while buyers are also focusing on Artemida (Loutsa) and Rafina, according to data provided by online real estate platform Spitogatos, greek newspaper Kathimerini reports in the following article:

Property price levels in all these areas have held steady during the past year, despite the Greek recession, as local and foreign buyers, especially from within the European Union, have expressed a growing interest in seaside properties that can be utilized commercially.

Real estate market officials have pointed out the distinct emergence of a group of non-EU buyers looking to purchase property worth at least 250,000 euros. This would enable the buyers and their family members to satisfy criteria concerning residency permit applications.

Leasing properties short-term

Another category of foreign buyers comprises individuals seeking to acquire property with sea views. This group’s goal is to lease properties short-term via online platforms such as Airbnb.

This category of buyers is focused mostly on the areas of Varkiza, Lagonissi, Vouliagmeni, Anavyssos, Saronida, Voula, Kato Glyfada and Sounio, the Spitogato data recorded.

It is expected that the wider region south of central Athens will represent the main focus for property investments at professional, educational, commercial, tourism and cultural levels over the next few years, assuming investment plans in the region are completed. The redevelopment of the former Athens airport at seaside Elliniko, a flagship project, is seen as pivotal. Residential units, offices, shopping centers, a casino-hotel complex, one of Europe’s biggest parks, as well as culture and entertainment spaces are all seen being incorporated into this major investment project.

Besides Elliniko, renovations at the Astir Palace luxury hotel complex are expected to be completed within the next year. According to market analysts, these are expected to attract wider development in the area stretching from Varkiza to Sounio, currently relatively less developed and including areas such as Lagonissi, Saronida and Anavyssos.

Path of steady growth

Property values are seen rising during the next few years along the capital’s southern coast all the way to Sounio, as long as the Greek economy rebounds and secures a path of steady growth.

Kathimerini also reports that, according to an annual report released by Athens-based property consultants Algean Property on investment in a 250m2 luxury holiday home offering a rental income over a 12 week period in the summer months, nine of Europe’s top-10 holiday home locations with regard to high return rates are at Greek destinations while the majority of buyers originate from the US, Australia, Europe and the Middle East.

The relevant data show that Mykonos, Santorini and Paros are among the prime choices for buyers seeking to invest in luxury holiday accommodation with the first one offerring a 8.4% investment return, and the other two following at 6.4%.

Additional prominent destinations include Rhodes, Patmos, Skiathos, Elounda, Porto Heli, Halkidiki and Chania, Crete, where return stands at 4.8% and is tantamount to yields generated across the Dalmatian Coast, in Tunisia, and Nice.

The study also pinpoints that other Greek destinations attract investor interest as well event though they offer lower yields such as  Kefalonia, which ranked 13th with an investment return of 4.1%, Corfu at 4 percent and the abovementioned Athenian Riviera ranking 23rd at 3.4%.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons Copyright: WeatherExtremes License: CC-BY-SA

Source: ekathimerini.com

 

 

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