Foreign investment in holiday homes
nearly doubled in Q1
by Nikos Roussanoglou, ekathimerini.com, 24 June
The flow of funds from abroad destined for the acquisition of properties in Greece – mostly holiday homes – surged
78.6% in the first quarter of this year from Q1 2014, according to data released by the Bank of Greece.
In total, €49.3 million was invested in the Greek property market from abroad, against €27.6 million in the same
period last year and €27.5 million in 2013.
That figure indicates the great margin for recovery in the holiday home domain, given that it was recorded during
a period when the market conditions were far from ideal due to the change in government and the uncertainty that
continues to prevail today. Buyers from abroad invested a total of €250 million in the local home market 2014 as
a whole, against €168 million in 2013.
Private construction activity also registered growth in the first few months of 2015.
Data from the Hellenic Statistical Authority (ELSTAT) showed that the volume of new private constructions soared
35.6% in March, against a small annual rise of 4.1% seen in March 2014. This volume increase follows a 36.5% rise
reported in February.
In the January-March period there was total annual growth of 29.2% in the volume of new constructions, against
a 17% decline recorded in the same period in 2014. There was also a significant increase in the number of new building
permits, as they rose 8.7% against a 25% decline registered in the first quarter of last year.
This recovery is attributed to the fact that the first months of the year saw significant investment in nonresidential
buildings, such as manufacturing unit extensions, and improvements in farming installations and tourism accommodation.