Why invest in Greece now


30% jump in property prices in Halkidiki or why now is the right time to invest in property in Greece.

Why invest in Greece now

With property prices rising by 30% or more and the market growing by 10% to 15% in 2023. Business is going exceptionally well in Halkidiki, with Nikiti emerging as a major figure in the search and reconstruction of the entire peninsula.

As Mr Konstantinos Karoulis, vice president of the Halkidiki Association of Real Estate Agents, told Giar Times, foreigners interested in buying a holiday home in Halkidiki are now looking for "Kassandra or Nikiti", which shows how popular the destination is. Nikiti beach is not only on the Sithonia arm, but also in the entire holiday region of Halkidiki.

And when we talk about the property market in Halkidiki, we are referring primarily to the housing market, which is essentially the country house.

Permanent and holiday home

"There are also demands for permanent residence, especially from Halkidiki, in areas such as Moudania, Kassandrea and Kallikratia, but the main demand for houses, especially apartments, is in Moudania. Prices range between €2,000-2,200 per sq m in newly built apartments and around €1,300 per sq m in older, second-hand ones. "However, the big house sets the tone and trends of the market," Mr Karoulis pointed out.

"60% of buyers of holiday properties are foreigners and 40% Greeks. The foreigners are mostly Bulgarians and Romanians who prefer areas like Pefkohori and Nikiti. 90% of the transactions made in Nikita are related to foreign purchases. And in Nikita, the price per square metre in a newly built apartment reached €2,500, while in a duplex it was €3,000 per square metre.

"Purchases of rural houses by foreigners have increased for the additional reason that foreign residents can also get loans from Greek banks. Of the 10 apartments being bought in Halkidiki, 4 are also with bank loans and most are looking for apartments of 60-70 m2.

"On the other hand, Greeks have gravitated towards smaller houses, studios and penthouses, often second-hand but just before they sell out of the market due to the uncertainty caused by rising inflation."As Mr Karoulis pointed out, Western Europeans from Germany, the Netherlands and Belgium are also interested in Halkidiki.

"It is worth noting that searches are also being conducted by several Israelis who, apparently having invested heavily in Thessaloniki when property prices were lower, are now exploring other areas that they believe represent investment interest."

According to the vice president of S.M.H., the real estate market in Halkidiki will continue to move upwards in the next few hours, although the general economic environment is worrying many stakeholders who, however, consider real estate a safer investment in times of intense volatility.