Homesharing, tourism driving local property market recovery
Property investors are firmly focused on apartments in central Athens and tourism properties such as holiday homes and hotels, according to a National Bank of Greece report.
The 200 property management companies and estate agencies surveyed for the report indicated that interest in property investments has rebounded after a decade of decline in both demand and prices that came to 35-45 percent.
The rise of "homesharing" platforms such as Airbnb and HomeAway and the concurrent explosion of the short-term rental market have significantly boosted demand, while the Golden Visa program - which grants five-year residence permits to investors from non-European Union countries who spend at least 250,000 euros on real estate - has also spurred acquisitions.
However, NBG analysts note that while buying interest appears significant, 53.5 percent concerns potential buyers who...