The islands of the Cyclades, Lefkada, Kefalonia, Athens and the islands of the Saronic Gulf (eg Spetses, Hydra) are today the five most expensive areas for investment in the housing market. Nevertheless, the investment interest from abroad is still very lively and will be manifested as soon as the pandemic is over. According to a relevant research of the British Astons group, which specializes in investment immigration programs, the Greek real estate market remains among the main choices of foreign - and British - investors, as even its most expensive parts are extremely affordable compared to other areas. For example, according to Astons, the average home sale price was 222,348 euros at the end of 2020, an increase of almost 6% compared to 2019, when the average price was 210,000 euros. Even so, the cost remains 85% lower than the average home purchase price in one of central London's most popular neighborhoods, such as Kensington and Chelsea. Respectively, house prices rose by 8.7% last year in Lefkada, with the average cost reaching 165,000 euros, from 151,790 euros at the end of 2019. In Athens, which is the fourth most expensive area, the average cost of homes for sale amounted to 157,415 euros, an increase of 3% on an annual basis. In the whole country, the average price is 131,040 euros, higher by 2.7% compared to 2019, when the relevant cost amounted to 127,600 euros. On the other hand, the lowest price is found in Florina, where the sold properties cost only 43,176 euros (-4.3%), while in Kilkis, despite last year's increase of 20%, the average selling cost does not exceed 50,400 euros. Cheap cities also include Karditsa (51,576 euros), Kastoria (56,000 euros) and Serres (56,868 euros). Astons says the Cyclades islands will remain the focus of foreign investors, especially those with significant incomes, as this category proposes a high quality of life for themselves and their family as the key factor in acquiring real estate. In other words, they prefer real estate in areas that offer the above characteristic, even if it is to the detriment of the annual return on investment. According to the company's analysts, "Greece offers an excellent climate and significantly lower costs of acquiring a home compared to Great Britain, making it a key choice for British investors." At the same time, after the formalization of Brexit, Greece is expected to be an even more attractive destination, as many Britons will want to take advantage of the relevant "Golden Visa" residence permit program. In fact, Astons states that the Greek program is also very affordable, as 252,328 euros (including the relevant costs) are enough to acquire a property and grant a license to the investor and his family members, with the whole process requiring approximately two months.
By Nikos Rousanoglou * The article is republished from the website www.kathimerini.gr
