Low prices woo luxury home buyers
The low prices in the Greek property market, compared to other countries in the wider Mediterranean region, are proving enticing for foreign buyers of luxury homes, according to a report by real estate services company Berkshire Hathaway HomeServices, which features the views of market executives from Greece, Italy, Portugal, Spain and the UK.
It said the Greek real estate market is still among the top picks for foreign investors, especially American buyers, mainly thanks to the low real estate prices.
Other important lures include both the Golden Visa program, which provides for a minimum investment limit of 250,000 euros, and the suspension of VAT on the purchase of a newly built residence, which particularly favors foreign buyers but also Greeks who already own property. The relevant suspension is valid until the end of 2022; however, the market has discounted the extension of the said measure at least until the end of 2024.
Kyriakos Xydis, managing partner of the Greek office of Berkshire Hathaway HomeServices Athens Properties, said buyers focus on popular tourism destinations such as the Cyclades, Crete and Corfu.
