Capital gains for home buyers

The investment character that the housing market in Greece has acquired in recent years is consolidating. Foreign as well as Greek investors place themselves in residences with the expectation of obtaining significant capital gains thanks to price increases that will occur. Those who managed to acquire a property between 2018 and 2021 today are the big winners.

“The Dutch owners of a modern villa bought in southern Rethymno in 2021 chose to resell it this year, a few days ago. The property had been purchased for 220,000 euros as a newly built, unfurnished property. This year it was sold 47% higher – i.e. for €327,000 – being furnished. “That shows the dynamism of the country home market, especially when it concerns modern and quality constructions, which are also preferred by foreign investors,” Giorgos Gavriilidis, managing director of Elxis – At Home in Greece, tells Kathimerini.

Foreigners who purchase holiday homes today are primarily entrepreneurs between the ages of 50 and 65, while another important buyer group is younger buyers, aged between 35 and 45, with high incomes, who are looking not only for the same use, but also in use for some time and later in the resale at a significant profit, which is also tax-free in Greece.