COVID-19 motivates foreigners to purchase Greek vacation homes cheap
Having your own home is one way to avoid the risks of COVID-19 from staying in hotels and short-term rentals like Airbnb, and foreigners who can afford it are turning to look at buying vacation homes in Greece on the cheap.
While Greece's hopes to lure tourists by touting the country's relatively successful rate in holding down the number of cases and deaths have so far been dashed with lower-than-expected bookings, people still afraid to fly or drive to another country for summer vacation, interest by foreigners in buying homes is soaring.
In a feature, the German public news broadcaster and site Deutsche Welle (DW) noted the overnight trend developing as Greece lifted its lockdown, although the government moved to reconsider after tourists brought infections with their luggage.
Greece is one of the safest places during the time of COVID-19 that is still raging in the United States and other parts of the world, an incentive indeed to visit and vacation.
But people with means want to take it a step further by owning, not renting or using hotels.
Curiously, the hunt for safe retreats now has created, the site said, one of the biggest buyer's markets in Greece in a decade, before the onset of an economic and austerity crisis that saw the property and home values plummet, leading to speculative buying from rich foreigners and companies.
It's being sparked primarily by the Hellenophile British, who've long had a love affair with Greece but were barred from coming until July 15 on direct flights because the United Kingdom, like the US, has seen COVID-19 out of control after Prime Minister Boris Johnson-like US President Donald Trump – favored the economy over life.
British demand for Greek properties has jumped 200 percent in only a few weeks, real estate agents told the site, with data from Britain's biggest property marketplace, Rightmove, showing Greece the hottest search destination in Europe, along with Spain, France, Portugal, and Italy.
There were more than a million online inquiries recorded on the day the UK government announced its new travel orders in late June, about the same time that the British film The Trip to Greece was released, a giant free ad for the country.
Piers Williams of the British property firm Chestertons Ionian told the site that Greece "is really bouncing back … It has been over a decade since we had such activity,” the country reaping the benefits for an early lockdown that made it safer than most.
That hasn't yet translated into sales because looking at property online from your home is one thing and going there to buy it is quite another, of course, and many British are said to still be reluctant to go anywhere with the virus still around.
The British and others have competition as Germans are said to be eyeing buying Greek properties too, said DW, along with house hunters from France, Austria, and Switzerland, Greece getting more attractive ironically because of the Coronavirus.
"The phone just hasn't stopped ringing," said Hillary Dawson of Crete Homes. "I have viewings lined up solid for the rest of the summer months," she said after showing a seaside estate to a French couple in the picturesque town of Agios Nikolaos.
There are no official figures yet but industry officials told DW that German property investments alone have spiked by 50% in recent months, focusing on even arid land in the Peloponnese and million-dollar villas on islands like Amorgos, Crete, Karpathos, and Corfu, put up for sale as Greece's economy is taking a hit from the cost and aftermath of dealing with COVID-19.
Greece's economy is heavily reliant on tourism, the biggest revenue engine that brings in as much as 18-20 percent of the Gross Domestic Product (GDP) of some 175.42 billion euros ($200.3 billion) annually.
The driving force behind the keen interest by foreigners is how safe the New Democracy government of Prime Minister Kyriakos Mitsotakis has made the country, people looking to hide away from the virus.
"People just feel safer here," said Williams of Chestertons. "And they want to preserve that safety under the sun."
Dawson said for British clients there's another factor: the UK leaving the European Union by the end of the year.
"COVID-19 may have scuppered their relocation designs, but the mad dash is on and all are now rushing, almost desperate to buy a home by the end of the year in order to get (EU) residency status," she said.
Next to the nearly 4 million German nationals who holiday in Greece each year, bringing in more than €2.5 billion ($2.8 billion) in hard currency, British nationals account for Greece's biggest pool of foreign visitors, said DW.
While private properties may find themselves with pools of buyers, as many as two-thirds of the country's hotels could wobble or even go under during a year with almost no bookings, the summer already looking lost.
"We have seen no real movement on the commercial front yet," said Williams, but if even a relatively few inquiries turn into purchases, it will mean property owners cashing in, although leaving out many Greeks in their own country.
Read more at thenationalherald.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source:pixabay.com
23/04 23:52
Greece’s New Ambassador to the United States visits Queens in New York
23/04 21:49
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
23/04 20:59
President of the Hellenic Republic wrapping up visit to Uruguay at parliament
23/04 15:44
Greek government will pass legislation halving commission paid for POS transactions
23/04 15:03
Precise location of Plato's burial site unveiled by ancient papyrus
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
Greece’s New Ambassador to the United States visits Queens in New York
Precise location of Plato's burial site unveiled by ancient papyrus
PM at Axia discussion: Greece offering great investment opportunities in 2023
President of the Hellenic Republic wrapping up visit to Uruguay at parliament
Infrastructure works on Spinalonga island to assist visitors and protect the monument
UNWTO promotes people's role and MSMES as sector transformation agents
Athens Acropolis Museum to host photo show of historic Greek costumes
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
'Nature Positive' peport highlights new collaborative era in travel & tourism
Greek and Turkish delegations discuss Confidence Building Measures for 2024
Greek government will pass legislation halving commission paid for POS transactions
Tri-city winter luncheon unites upstate New York Philoptochos chapters
Bill lifting restrictions for Greeks voting from abroad greenlighted by majority vote
Impressive statue of Hercules unearthed in Philippi of Northern Greece
UNESCO adds Greece's Zagorochoria to its World Heritage List
Deadline to file taxes is extended in Greece to July 31 by Finance Ministry
Greek capital of Athens among top-10 most beautiful cities for the second time
ATHEX chief: Venture Capital for 'new generation' digital fintech solutions