Growth In Greece

Research from Astons, the international experts on real estate, residency and citizenship through investment, has revealed that Cyclades, Lefkada, Kefalonia and Athens currently rank amongst the most expensive pockets of the Greek property market.

A previous study commissioned by Astons of UK investors with investable assets of £1m, found that Greece is the destination of choice for those considering a non-domestic investment location.

The country offers a far more favourable climate when compared with the UK, but residency can also be secured for a minimum investment of €252,328 within just two months. Doing so grants visa-free travel within the Schengen Zone, meaning Greek residency also offers travel across 26 EU states.

Investing in the Greek real estate market could be a wise choice as property prices across the country have climbed by 2.7% in the last year alone, up from an average of €127,596 to €131,040 for the average property.

For those looking to Greece for a commercial real estate investment, property prices in Kilkis have jumped by 20% in the last year alone, while the areas of Karditsa (17.4%), Preveza (13.6%), Drama (13%) and Kozani (12.2%) have also enjoyed double-digit annual growth rates.

However, Aston’s previous research shows that HNW investors are prioritising their family life and the quality of location when it comes to investing rather than the return on their investment.

With this in mind, the most desirable area of the Greek market at present is Cyclades, where the average property price is currently €222,348. Not only does the area offer prime property prices some 85% less than London’s Kensington and Chelsea, but house prices in Cyclades have also increased by 5.9% in the last year; a greater rate of growth than the 3.5% seen across London as a whole.

Lefkada has also seen prices increase at a notable 8.7% annually and with real estate averaging €164,976 it also ranks as the second most expensive pocket of the Greek market.

While prices in Kefalonia have dropped marginally on an annual basis (-1.4%) the area is home to the fourth-highest average house price (€162,036), with Athens (€157,416) and the Argosaronikos Islands also making the top five most expensive locations for Greek real estate (€147,168).

Managing Director of Astons, Arthur Sarkisian, commented: “It’s clear to see why Greece has become an area of intent for UK investors across a variety of sectors. Not only is the pace of life and the climate more favourable but even the most prestigious pockets of the Greek real estate market are incredibly good value when compared to London.”

He added that “Not only is the cost of investing lower, but Greece has enjoyed a stable uplift in real estate values almost across the board, with some areas performing very well indeed. We expect this interest in Greece as the investment destination of choice will continue to build over the coming months, particularly where UK investors are concerned although the nation is attracting attention from a global audience.”

Find Out Now has recently carried out a Survey of 200 UK HNWs with investable assets of £1m or more. They found that only 21% of those surveyed reported that Brexit had increased their likelihood of investing in alternative citizenship or residency in another country. The same survey found that the quality of life for the family was the most import factor, with 68% of responses, whereas the opportunity to enhance business was only the most important to 2% of those surveyed. Overall Greece topped the list of locations that were of most interest regarding investment.