2017 could be the turnaround year for Greek property, as overseas buyers begin to return to the country.
New research from TheMoveChannel.com reveals that interest in Greek real estate has risen steadily in the last nine months. In Q1 2017, enquiries doubled compared to the previous three months, and in Q2 2017, enquiries almost doubled again quarter-on-quarter. The rise in interest has been from a low base, but marks a notable, ongoing trend. Greece has ranked in TheMoveChannel.com’s Top 10 destinations three times this year, climbing into ninth place in July, with 0.69 per cent of all enquiries on the portal.
Riding a Tide of Tourism
The return of buyers to the country is being led by another returning group: tourists. Holidaymakers have become a major bright spot in a country that has been overshadowed by talks of bailouts, deficits and elections. Inbound tourism is now leading the country’s recovery, with 24.8 million arrivals in 2016, according to official data released by SETE. With airport traffic and cruise arrivals both climbing, tourism continues to build momentum, with arrivals expected to jump to 26 million in 2017. In the World Tourism Organisation’s rankings, Greece has risen to 14th, as of 2016, and the country has its sights on a top 10 position.
Spending by foreign visitors is also climbing, helping to boost confidence in the country’s economy. The result is a picture that has changed from several years ago, when the country’s debt crisis escalated to the point where it was feared Greece might leave the euro. The government, elected on an anti-austerity ticket, has had to reverse its stance and tighten its budget, hiking taxes, cutting pensions and introducing other measures to steady the ship.
This summer has seen the country offer its first proposed bond sale in years, a sign that it is making positive steps on the road to eventual recovery. The economy is forecast to grow by 2.7 per cent in 2017 and 3.1 per cent in 2018. Even then, though, the road back to normal is long, with another bailout package only recently agreed.
