A recent McKinsey study sees the Greek holiday property market developing gradually to the point of recording annual sales of 8,000 holiday homes to foreign buyers, with revenues adding up to 2.4 billion euros in the long term.
According to a report issued on Thursday by Alpha Bank, based on Bank of Greece data, the flow of capital from abroad in 2013 for the purchase of properties – mostly consisting of holiday homes – amounted to 168 million euros, rising 48.5 percent from 2012, when 113 million euros had been invested.
The bank’s analysts estimate that there will be a much greater flow of funds into Greece for that purpose this year as a result of the increase in demand from abroad. The drop in prices over the last few years, the continued increase in tourism arrivals this year, and the adoption of measures to bolster property transactions, such as slashing the property transfer tax to 3 percent and issuing visas to buyers from outside the European Union who buy properties adding up to at least 250,000 euros, have created a particularly favorable environment for the increase in holiday home purchases by foreigners.
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By Nikos Roussanoglou