@@GreeceExplored Recently, my sister who lives in Greece and a decent salary for the family applied for a $75k loan. She got rejected even though she owns 5 apartments and two healthy incomes. The problem in Patras is that there are plenty of homes and apartments for sale and at very good prices BUT only for those with cash. Most of the people have very hard time qualifying for loans which makes it impossible to buy homes, therefore, the prices are staying relatively low.
@@tedmarakas2626 Agreed, getting a mortgage here is very difficult, and I think the market is being driven by foreign money, cash. to be honest many properties here are generally un-mortgagable too, either due to age or legal issues around the original license of the building. since 2022 the governments introduced a digital register of all properties and this has hi lighted many issues.
Thank you! I hope it continues to be useful. Kalamata is a fab place, I would happily move there, all year round life. I am planning to film a villa construction there in March or April.
A very useful video, thank you for the insights! My wife and I have been monitoring property prices in Kalamata for a couple of years, as we are considering moving there and we very interested to see how the market develops.
Kalamat is my favourite town, and I think a great place to live all year round, if you get the right place! I am planning to follow a villa build there in March or April, I hope!
Thank you for your confirmation, it does feel as though the market has really woken up recently, a lot of construction to be seen all about the Peloponnese, and of course Kalamata is one of the prime areas I think.
What most people looking to move to Greece don't understand is that they are not really looking for the island experience, they're looking for the seaside experience, and this can be had all around Greece much easier and much cheaper! Peloponnese is a great example, from cities like Kalamata to tows like Archaia Epidavros, you can have a great seaside experience every year, all year round!
I agree, the thing is I think the majority of foreigners only experience the Islands and Athens, it takes effort to explore further. (I do have videos on Kalamana and Archaia Epidavros) I think both are becoming better known to foreign buyers.
I feel bad for my Greek brother's and sister's as this will destroy the average Greek citizen. The majority cannot afford to live, this pressure on the average person will be devastating.
I do agree, the point I would make though is that in the majority of instances it is the Greeks themselves selling the land, building the homes and selling them to the foreigners.
@GreeceExplored I understand this and that's fine for those Greeks who have property to sell however this trend will hurt younger Greeks who cannot afford a home today. I am a Canadian Greek living in Vancouver and this is an unfortunate trend I'm seeing. Vancouver is an extremely expensive city and it was the hyper inflated prices of homes that was the beginning of the end for this place. Vancouver is unlivable now as people are stressed to the max from the cost of living here. I think investment into Greece is good, I just hope it doesn't lead to a hyper inflated market as it will have devastating effects on an already stressed population.
@@chrisnivo Good points all well made and I totally agree. I have friends who Live in the Algarve in Portugal, and most property prices there are well beyond the locals. I suspect we are going to see a similar direction in this market eventually. For good and bad, some will benefit, many won't. A significant group buying property in this area are the Canadians, many seem to want to leave Canada at the moment, Some of my best friends here are from Canada.
@@GreeceExplored Totally agree, I've wanted to leave Canada for years and move to Greece. Unfortunately my family is not willing and I'm well aware of the affect I would have moving there. As long as Greece can avoid the speculative buyer she'll be fine in the long run. Vancouver's market exploded as it was used as a speculative investment hub where massive amounts of foreign money was dumped here playing the real estate market as a stock basically. Anyhow my heart belongs to Greece and I pray things improve for my people one day.
If prices are going up is thanks to Foreigner not locals and locals are beeing more poor cause selling their property thats all. But at the end when the Foreigner Will sell their new expansive Home i would know who Will Buy it than Will be interesting 😅
Prices asking and prices sold are 2 different things. Athens may be rising as it is coming out of a 10 year depression. But houses are just not selling in the country side.
Totally agree, but there is a vibe that things are now happening, and spreading, the 2nd market in Greece is always limited, but there is a noticeable and significant expansion of construction in the seaside towns now, and most people don’t build without anticipating demand.
It’s very enlightening to see the price comparisons. Old town property prices in Nafplio are even higher than I expected! Like you say, the maintenance costs will be a huge consideration for people who can find something available. Out of the locations you showed Paralia Aspros looks very pretty. I hope new construction doesn’t go completely mad in these places, especially when part of the charm of Greece (for me anyway) is that the architecture is full of character and I love the colours- I really hope the new apartments are designed with consideration & don’t end up looking like cement boxes.
I do agree, and the planning rules vary considerably depending on where you are, The rules in Paralio Astros are actually pretty strict re. what can be built and the style, whilst Tolio for example was ruined by over-development in the 80's and 90s. There is good and bad I guess, I think additional income for the local economies is a great thing, but I do worry also about overdevelopment of the Peloponnese, exclusion of locals from the coastal markets and a strain on resources. All need to be managed by government.
It’s great to hear they are strict about planning rules in some localities. Greece is such a treasure trove of beauty and good vibes & I really hope that never changes
Awesome video, dude! I remember when I went to Astros a few years ago and saw how many buildings were just abandoned. Lots of opportunities there for sure.
Great info Andrew. Those numbers look accurate to me from afar. This is coming from someone studying the market and looking to buy. An interesting comment made by one of your viewers... Prices in non-tourist areas are not rising as much due to Mortgage and loan access in Greece still not readily accessible. But if the market on tourist areas continues to remain active, the rest of Greece will follow. Just a matter of time.
Thanks for the confirmation and I agree too, finance in Greece for property purchase is difficult, unfortunately and if you go to a small inland village prices may be very stagnant, but I do feel that in areas attractive to foreign money, traditional and lesser known, things are moving, for better or worse, though I am certain where I live whilst they don't want the place over run, no one minds additional business either.
As someone who went through the property boom in the mid 2000's in Greece, that led to an eventual bust after the GFC, the feeling is quite similar in todays market. Prices skyrocketed the past 3 years, due to the "covid money", and "golden visas". There is no value in property currently. Keep in mind that there are thousands of foreclosed properties, that have STILL not gone to auction from the previous property bust. That is due to politicians not being willing to "pull the plug" on these proprties, for political reasons. These will come to the market sooner or later. We are heading for another crash imho. What goes up, stupendously, eventually comes crashing down.
@@nikosniko7092nikolaki what do you mean party time? A young person trying to find a decent job in Athens/Saloniki is a party animal?😂 You are a typical egotistical greek person. We have many here.
Another great video! Our experience purchasing an apartment in Astros in 2023 aligns with your observations. We used a lovely local estate agent (her office is the one you show in your video), who was so helpful guiding us through the lengthy process of buying property in Greece. We ended up paying just under $1700 per sq.m. and prices for similar apartments today seems to be about 25% higher. The number of available apartments is also lower now (at least what's listed on the RE websites). I hope that continued development and investment benefits the Greek people and economy, it is such an amazing country with incredible people.
Thank you - really appreciate your support and also validation of this video! We should grab a coffee some time. I am away for Xmas but early spring if you are up for it.
High real estate values without matching incomes, unchecked foreign ownership, short term rentals doesn’t benefit anyone but the developers. Just look at what’s happening in Spain,Portugal, UK, Canada, AUS etc. Welcome to becoming a serf.
I do agree, the government here is taking measures to discourage short term rentals, it will become expensive and hard to do from Jan 2025, especially in Athens where no more licenses will be issued and buildings with short term let’s must be licensed as ‘commercial premises’ with all the resultant costs falling on the owner of the rental.
My family live in Athens- Glyfada for 70 years. I'm Engineer in Math & Science currently I work in USA for 20 years before I worked in European Countries for 3 years. Glyfada is not what it was 20 years ago.Definitely the cost by sqf is a mind blowing =overpriced. If I decide to stay I would rather mouve to an Island (Κρήτη ) than in Glyfada. Athens in general pretty much is a reap-off !!
Increasing prices just screws the locals to be able to afford to buy or rent, hence so many are leaving Greece. Very sad indeed when you consider the average wage means most can hardly afford the rising rents let alone buying a property.
I generally agree, it has been happening along the southern Med for decades now (Algarve in Portugal for example), Greece is lagging behind because of the financial crisis. It should be noted though, it is the Greeks building the properties and selling the land.
People need to be careful with speculating on summer properties because when or if a global crash comes along the first thing people will sell is the things they don’t really need i.e the holiday home etc. Greece is in an extreme boom bust cycle. The locals cant support these prices if the foreigners leave bc their wages are low.
If such crash happens (plausible) the price of their holiday villa will diminish to the point of not worth selling. And then it will start rising again.
@ Yes but it is a very long process. Greece is just shaking off the gfc now. The other thing that people need to be weary of is Greece is littered with towns that have been abandoned. The place is full of ruins ancient and modern. Abandoned 60s hotels for example. If you go down to Mani there are abandoned villages that the Greek Tourist Ministry tried to make work. Fundamentally the population is aging and the birth rate is low. This is true of all of Europe. You have to be lucky and buy in the right place and hope that for XY and Z reason that that place doesn’t die out. This happened to a lot of towns in Peloponnesos and now they are regenerating. Stacking a place with foreigners is not a good long term strategy because foreigners are fair weather friends. They are the first to pull the plug because they can. I am not saying that this will happen but it is not an unlikely scenario either. Having said this I have a house in Greece.
@ Greece of all the places has the potential to break your heart. All I am saying is people should be careful. The demographics in Greece (and other Mediterranean countries) don’t stack up.
@koulouri-o8161 Totally agree. Everything seems nice after a couple of glasses of wine. The reality is different. My village had 7 cafés (kafenia), when I first arrived close to 30 years ago. We are down to 3 now, of which don't do the good business they used too. The demographics are just not there.
I agree, not great for everyone, but prices are going up, better a positive market though than a negative one. It lagged after the crisis, but will always ultimately catch up the rest of the Med.
So i have been looking and unsuccessfully. My observations. Houses are on the market for several years and not selling. Price is already too high but biggest problem is lack of central real estate system. You dont know what is for sale and what sold. My predictions new builds will go up. But under no circumstances should you over pay for an older home. There will be a price collapse coming for any older homes that are class d or higher as new regulations will block these homes from being even rented in a couple of years. This is an eu regulation. So dont over pay for some home that will require hundreds of thousands in upgrades to be legally sold.
Estate agents are not really the way to go here, there are some half decent local ones, but there is zero regulation and the national ones list properties for years, regardless if they are for sale or not. The best thing to do is to get in a car and drive around the area you like, many properties will be privately advertised with boards on the balconies etc. EPC is a kind of issue here, but most people ignore it, bigger issues are generally if the property was legally built in the first place. Most properties built before 2011 generally weren't, in some way or other.
I agree with what you say here. And everyone is not making an issue of these regulations. But the wake up call will come in 2 years when they can't sell their place legally. Italian style dollar homes here we come. Of course these types of homes are very costly as the work that has to be done is not cheap.
I have a VERY hard time believing that an average Greek income earner can afford any of the properties that were shown in this video. Furthermore, i would be very curious to find out from which countries these hordes of foreign investors are coming from?!? Most Europeans are either loosing their jobs because the economy is going into the toilet, and quickly, or their government is trying to take their farm, or they are trying to figure out how to pay for the upcoming winter heating, or they’re fantasizing about a big juicy stake, or they’re stressed how their government is dragging them into war with Russia, or …etc … so please tell me, what is the typical profile of a property buyer these days in Ellada. Efharisto para poli pedia
Most of the properties in the video are likely not aimed at Greeks, though a few definitely are!! There is a lot of private Northern EU money coming into the Peloponnese at the moment, German, and Scandinavian plus Dutch. Some Austrian too.
@ Thanks for your reply. I believe you @ the No. European money coming and buying property, i can confirm that the same is happening in certain parts of Spain. The last time i saw this kind of “shopping spree” was just before the German Duetch Mark was going to be replaced by the Euro and everyone who had black money was looking to clean it by buying property in southern mediterranean Europe…looks like there are going to be some REALLY big currency perturbations again 🤔 I’ve spent a few summers in your neck of the woods, wonderful water, beaches, food, wine, people, …. if when you get the opportunity i would love to see what has become of Monenvasia, it was basically abandoned (in the summer) when i was there, just two hippie shops were open. Thank you for the videos, i’ll keep watching, just discovered your channel and subscribed. Yahara
I agree, it has been happening in the islands for a while, and is now moving to the Southern mainland in Greece. I do have a video on Monemvasia which was filmed in April I think,, and another set there which I will publish in January.
I live in Peloponnese, near Corinth. My neighbour couldn't afford life in Greece anymore, she was a proud home owner, but had to sell her house and move to Cyprus to get a job that pays way more. My new neighbour is from Israel. There's hundreds of properties around here sold to people from Lebanon. I have many clients from Russia that bought property in the area. I believe the ex-mayor of Moscow has property in Loutraki. Many American-Greeks or Aussie-Greeks also build or buy property in the area. I see many cars with Ukrainian number plates on the road. So, it's mostly non-EU people.
The numbers are very very high for that place…! 200,000€ for apartment In that price you can get 2 apartments in a nice place in Athens and rent it the all year Am I wrong?
Not any more, in Athens a very old small poor apartment in need of work may be found for 200k, but prices are generally much higher than that now in Athens, as per the Athens apartments in my video
I absolutely agree with your assessment of the trends in the market in Athens as well as coastal areas of the peloponnese. I myself thankfully have purchased a few properties just outside of Nafplio nearly three years ago at much less cost than if I bought today. Excellent research on today's video, people should not wait much longer to buy in market too much longer.
@@frankdaneluzzi3503 Thanks Frank, you know as much about property and the market around here as I do, and as you know, there is so much activity now, especially with construction, there is a real vibranncy when you look around compared to as you say 3 or 4 years ago.
yes you are wrong. 2019 I purchased an apartment in Monastiraki. 650,000 euro. It is now worth over 1 million. and I have people lining up to buy it if I want to sell.
Absolutely, but prices are rising everywhere and being driven by a demand for holiday homes I think, Astros is good for that. If you want somewhere to live permanently, Nafplio or Kalamata are of course better.
Thats impossible to know, but generally things don't get cheaper. Mainland Greece has generally lagged behind the rest of the Med as a result of the crisis, maybe things will align with the Algarve in Portugal etc.
They are rising too, it is common along the mediterranean coast I think, Spain, Italy and Portugal, mainly Northern EU buyers, but not exclusively. Greece is playing catch up.
@@tedn6855 It depends where you go in Greece as I am sure the case with France and Italy, Coast, expensive, inland, cheaper to cheap. (though Greece has the best ccoast line)!
They used to be, 24% on new apartments, but that changed several years ago. there is now a 3% proeprty transfer tax (goes up slightly with value) but that is basically it. Generally if buying assume 10% total on the price for taxes, professional fees etc. Monthly property tax (ENFIA) is very low for Europe.
Greeks who have a second property either rent it out as an air bnb and living quite well. They are now selling their second property because people are paying high prices for that property.
Yeah, how many are actually selling ? What I see is properties are coming onto the market in the HOPE they will sell at exuberant prices, but rarely do.
Would someone buy a villa on the design phase and wait on its construction? Im in this situation right now , i have the property and the permit but not the capital to build. Crete.
you want to be careful if you are buying a development off plan, but if you are buying the land and having it built yourself, then why not... just be cautious buying on a promise. My last video was on building villas.
Everyone recalls 2 decades ago or so when all the brits where buying apartments on the sea and villas off the plan in spain, all were either illegally built nor they never finished the build. never buy off the plan always turn key, so many builders going bust now especially in australia I can imagine in europe
@@nikosniko7092 He’s just a typical guy that doesn’t leave his neighborhood watches TV and then goes to the coffee shop and tells people he’s been around the world
Greece is far too expensive. Prices have gone through the roof and become almost impossible to purchase (for Greeks). Unfortunately, too many foreigners investing and buying property and Greeks are being pushed out of the market. Meanwhile, Greeks continue to be ‘forced’ to leave their country and migrate to countries like USA, Australia and Canada. It’s actually very sad…….very sad indeed.🥹😢
I am Greek American living in the US and have property in Greece. This is good for me but very bad for the Greeks and their low income in comparison.
I agree, but in many cases the land is being sold, and the properties built for sale by the Greeks themselves.
@@GreeceExplored Recently, my sister who lives in Greece and a decent salary for the family applied for a $75k loan. She got rejected even though she owns 5 apartments and two healthy incomes. The problem in Patras is that there are plenty of homes and apartments for sale and at very good prices BUT only for those with cash. Most of the people have very hard time qualifying for loans which makes it impossible to buy homes, therefore, the prices are staying relatively low.
@@tedmarakas2626 so true prices are incresing only in some touristic áreas not everywhere...
@@tedmarakas2626 Agreed, getting a mortgage here is very difficult, and I think the market is being driven by foreign money, cash. to be honest many properties here are generally un-mortgagable too, either due to age or legal issues around the original license of the building. since 2022 the governments introduced a digital register of all properties and this has hi lighted many issues.
@@tedmarakas2626 Typical Greek way. Pay me in cash and I don't have to declare that to the government. It's the Greek way.
I happily found your channel today; your videos are top notch. I plan on retiring to Kalamata and really appreciate all of the info that you provide.
Thank you! I hope it continues to be useful. Kalamata is a fab place, I would happily move there, all year round life. I am planning to film a villa construction there in March or April.
Amazing video thank you looking forward to the next one I’m hoping one day I can move to Greece and live the dream 🙏
Thank you. I hope your dream happens for you!
A very useful video, thank you for the insights! My wife and I have been monitoring property prices in Kalamata for a couple of years, as we are considering moving there and we very interested to see how the market develops.
Kalamat is my favourite town, and I think a great place to live all year round, if you get the right place! I am planning to follow a villa build there in March or April, I hope!
As a local sharing time between Athens and Kalamata I can say that you are scary accurate.
Thank you for your confirmation, it does feel as though the market has really woken up recently, a lot of construction to be seen all about the Peloponnese, and of course Kalamata is one of the prime areas I think.
Kalamata has been expensive for a while. I cannot find any deals there. But elsewhere it looks different.
@@tedn6855 I think Kalamata is a bit like Nafplio, a more mature market, though I think 300k would get you a very nice apartment there.
Great video! Would love to see more of these types of videos.
Very helpful, fantastic.
Glad you enjoyed, Thanks! Anything in particular you want to see? kalamata?
@@GreeceExplored absolutely my friend!
Very informative and professional video Andrew, thank you!
Thank you - I am trying to improve! An Acropolis next video though - an older property...
Very interesting and informative 🍻
Thank you, much appreciated, I am trying to offer something worth watching!
What most people looking to move to Greece don't understand is that they are not really looking for the island experience, they're looking for the seaside experience, and this can be had all around Greece much easier and much cheaper!
Peloponnese is a great example, from cities like Kalamata to tows like Archaia Epidavros, you can have a great seaside experience every year, all year round!
I agree, the thing is I think the majority of foreigners only experience the Islands and Athens, it takes effort to explore further. (I do have videos on Kalamana and Archaia Epidavros) I think both are becoming better known to foreign buyers.
I feel bad for my Greek brother's and sister's as this will destroy the average Greek citizen. The majority cannot afford to live, this pressure on the average person will be devastating.
I do agree, the point I would make though is that in the majority of instances it is the Greeks themselves selling the land, building the homes and selling them to the foreigners.
@GreeceExplored I understand this and that's fine for those Greeks who have property to sell however this trend will hurt younger Greeks who cannot afford a home today.
I am a Canadian Greek living in Vancouver and this is an unfortunate trend I'm seeing. Vancouver is an extremely expensive city and it was the hyper inflated prices of homes that was the beginning of the end for this place. Vancouver is unlivable now as people are stressed to the max from the cost of living here.
I think investment into Greece is good, I just hope it doesn't lead to a hyper inflated market as it will have devastating effects on an already stressed population.
@@chrisnivo Good points all well made and I totally agree. I have friends who Live in the Algarve in Portugal, and most property prices there are well beyond the locals. I suspect we are going to see a similar direction in this market eventually. For good and bad, some will benefit, many won't. A significant group buying property in this area are the Canadians, many seem to want to leave Canada at the moment, Some of my best friends here are from Canada.
@@GreeceExplored Totally agree, I've wanted to leave Canada for years and move to Greece. Unfortunately my family is not willing and I'm well aware of the affect I would have moving there. As long as Greece can avoid the speculative buyer she'll be fine in the long run. Vancouver's market exploded as it was used as a speculative investment hub where massive amounts of foreign money was dumped here playing the real estate market as a stock basically.
Anyhow my heart belongs to Greece and I pray things improve for my people one day.
If prices are going up is thanks to Foreigner not locals and locals are beeing more poor cause selling their property thats all.
But at the end when the Foreigner Will sell their new expansive Home i would know who Will Buy it than Will be interesting 😅
Prices asking and prices sold are 2 different things. Athens may be rising as it is coming out of a 10 year depression. But houses are just not selling in the country side.
Totally agree, but there is a vibe that things are now happening, and spreading, the 2nd market in Greece is always limited, but there is a noticeable and significant expansion of construction in the seaside towns now, and most people don’t build without anticipating demand.
It’s very enlightening to see the price comparisons. Old town property prices in Nafplio are even higher than I expected! Like you say, the maintenance costs will be a huge consideration for people who can find something available. Out of the locations you showed Paralia Aspros looks very pretty. I hope new construction doesn’t go completely mad in these places, especially when part of the charm of Greece (for me anyway) is that the architecture is full of character and I love the colours- I really hope the new apartments are designed with consideration & don’t end up looking like cement boxes.
I do agree, and the planning rules vary considerably depending on where you are, The rules in Paralio Astros are actually pretty strict re. what can be built and the style, whilst Tolio for example was ruined by over-development in the 80's and 90s. There is good and bad I guess, I think additional income for the local economies is a great thing, but I do worry also about overdevelopment of the Peloponnese, exclusion of locals from the coastal markets and a strain on resources. All need to be managed by government.
It’s great to hear they are strict about planning rules in some localities. Greece is such a treasure trove of beauty and good vibes & I really hope that never changes
Awesome video, dude! I remember when I went to Astros a few years ago and saw how many buildings were just abandoned. Lots of opportunities there for sure.
It does need investment, I hope it will come too.
Great info Andrew. Those numbers look accurate to me from afar. This is coming from someone studying the market and looking to buy.
An interesting comment made by one of your viewers... Prices in non-tourist areas are not rising as much due to Mortgage and loan access in Greece still not readily accessible.
But if the market on tourist areas continues to remain active, the rest of Greece will follow. Just a matter of time.
Thanks for the confirmation and I agree too, finance in Greece for property purchase is difficult, unfortunately and if you go to a small inland village prices may be very stagnant, but I do feel that in areas attractive to foreign money, traditional and lesser known, things are moving, for better or worse, though I am certain where I live whilst they don't want the place over run, no one minds additional business either.
As someone who went through the property boom in the mid 2000's in Greece, that led to an eventual bust after the GFC, the feeling is quite similar in todays market. Prices skyrocketed the past 3 years, due to the "covid money", and "golden visas". There is no value in property currently.
Keep in mind that there are thousands of foreclosed properties, that have STILL not gone to auction from the previous property bust. That is due to politicians not being willing to "pull the plug" on these proprties, for political reasons. These will come to the market sooner or later.
We are heading for another crash imho. What goes up, stupendously, eventually comes crashing down.
Good information. Thank you.
Thank you, Glad you enjoyed!
Most Greeks cant really afford their rent.. it's really sad, its getting harder for us to live in our own country
I do agree unfortunately, wage levels in Greece are appalling when compared to Northern Europe as well. Somehow this disparity needs to be narrowed
Move out of the big cities - party time is over
@@nikosniko7092nikolaki what do you mean party time? A young person trying to find a decent job in Athens/Saloniki is a party animal?😂
You are a typical egotistical greek person. We have many here.
Another great video! Our experience purchasing an apartment in Astros in 2023 aligns with your observations. We used a lovely local estate agent (her office is the one you show in your video), who was so helpful guiding us through the lengthy process of buying property in Greece. We ended up paying just under $1700 per sq.m. and prices for similar apartments today seems to be about 25% higher. The number of available apartments is also lower now (at least what's listed on the RE websites). I hope that continued development and investment benefits the Greek people and economy, it is such an amazing country with incredible people.
Thank you - really appreciate your support and also validation of this video! We should grab a coffee some time. I am away for Xmas but early spring if you are up for it.
@@GreeceExplored Sounds good, I sent you an email
High real estate values without matching incomes, unchecked foreign ownership, short term rentals doesn’t benefit anyone but the developers. Just look at what’s happening in Spain,Portugal, UK, Canada, AUS etc.
Welcome to becoming a serf.
I do agree, the government here is taking measures to discourage short term rentals, it will become expensive and hard to do from Jan 2025, especially in Athens where no more licenses will be issued and buildings with short term let’s must be licensed as ‘commercial premises’ with all the resultant costs falling on the owner of the rental.
Great video!
Thank you - Appreciated!
My family live in Athens- Glyfada for 70 years. I'm Engineer in Math & Science currently I work in USA for 20 years before I worked in European Countries for 3 years. Glyfada is not what it was 20 years ago.Definitely the cost by sqf is a mind blowing =overpriced. If I decide to stay I would rather mouve to an Island (Κρήτη ) than in Glyfada. Athens in general pretty much is a reap-off !!
Glyfada is nothing special nowadays..definitely over priced like most of Athens.
Increasing prices just screws the locals to be able to afford to buy or rent, hence so many are leaving Greece. Very sad indeed when you consider the average wage means most can hardly afford the rising rents let alone buying a property.
I generally agree, it has been happening along the southern Med for decades now (Algarve in Portugal for example), Greece is lagging behind because of the financial crisis. It should be noted though, it is the Greeks building the properties and selling the land.
Another great video Sir Andrew!!!!.... thank you!!!!
Not sure about SIR - But appreciated! Thank you very much.
People need to be careful with speculating on summer properties because when or if a global crash comes along the first thing people will sell is the things they don’t really need i.e the holiday home etc. Greece is in an extreme boom bust cycle. The locals cant support these prices if the foreigners leave bc their wages are low.
If such crash happens (plausible)
the price of their holiday villa will diminish to the point of not worth selling. And then it will start rising again.
There are literally 500 properties a day up for auction in greece. I don't think it's as simple as you think.
@ Yes but it is a very long process. Greece is just shaking off the gfc now. The other thing that people need to be weary of is Greece is littered with towns that have been abandoned. The place is full of ruins ancient and modern. Abandoned 60s hotels for example. If you go down to Mani there are abandoned villages that the Greek Tourist Ministry tried to make work. Fundamentally the population is aging and the birth rate is low. This is true of all of Europe. You have to be lucky and buy in the right place and hope that for XY and Z reason that that place doesn’t die out. This happened to a lot of towns in Peloponnesos and now they are regenerating. Stacking a place with foreigners is not a good long term strategy because foreigners are fair weather friends. They are the first to pull the plug because they can. I am not saying that this will happen but it is not an unlikely scenario either. Having said this I have a house in Greece.
@ Greece of all the places has the potential to break your heart. All I am saying is people should be careful. The demographics in Greece (and other Mediterranean countries) don’t stack up.
@koulouri-o8161 Totally agree. Everything seems nice after a couple of glasses of wine. The reality is different. My village had 7 cafés (kafenia), when I first arrived close to 30 years ago. We are down to 3 now, of which don't do the good business they used too.
The demographics are just not there.
Lots of dust in the area as you can tell by the deposits on the cars.
Yes! Inflation, big time. Not too long ago, it was 1000 per square meter, and now it's tripled. Some even more.
I agree, not great for everyone, but prices are going up, better a positive market though than a negative one. It lagged after the crisis, but will always ultimately catch up the rest of the Med.
Very informative and cool videos. thanks a lot ! ps: at 1:29 isn't that Spetses?
Thank you, yes Spetses is on the Horizon!
I was in Palalio Astros in September. Very nice
I was there too, September is a good month, quieter.
So i have been looking and unsuccessfully. My observations. Houses are on the market for several years and not selling. Price is already too high but biggest problem is lack of central real estate system. You dont know what is for sale and what sold. My predictions new builds will go up. But under no circumstances should you over pay for an older home. There will be a price collapse coming for any older homes that are class d or higher as new regulations will block these homes from being even rented in a couple of years. This is an eu regulation. So dont over pay for some home that will require hundreds of thousands in upgrades to be legally sold.
Estate agents are not really the way to go here, there are some half decent local ones, but there is zero regulation and the national ones list properties for years, regardless if they are for sale or not. The best thing to do is to get in a car and drive around the area you like, many properties will be privately advertised with boards on the balconies etc. EPC is a kind of issue here, but most people ignore it, bigger issues are generally if the property was legally built in the first place. Most properties built before 2011 generally weren't, in some way or other.
I agree with what you say here. And everyone is not making an issue of these regulations. But the wake up call will come in 2 years when they can't sell their place legally. Italian style dollar homes here we come. Of course these types of homes are very costly as the work that has to be done is not cheap.
@@tedn6855 Not going to happen in Greece.
@bwana-ma-coo-bah425 what's not going to happen? There are already millions of properties in the country side that are empty and no one is buying.
@@tedn6855 because they are not sort after areas.
Hi from Romania
Hi, great video thank you! Can you please name the location? Maybe people familiar with Greece know where you are but some of us have no idea.
Paralio Astros, in the Peloponnese near Nafplio - Glad you enjoyed!
I have a VERY hard time believing that an average Greek income earner can afford any of the properties that were shown in this video. Furthermore, i would be very curious to find out from which countries these hordes of foreign investors are coming from?!? Most Europeans are either loosing their jobs because the economy is going into the toilet, and quickly, or their government is trying to take their farm, or they are trying to figure out how to pay for the upcoming winter heating, or they’re fantasizing about a big juicy stake, or they’re stressed how their government is dragging them into war with Russia, or …etc … so please tell me, what is the typical profile of a property buyer these days in Ellada.
Efharisto para poli pedia
Most of the properties in the video are likely not aimed at Greeks, though a few definitely are!! There is a lot of private Northern EU money coming into the Peloponnese at the moment, German, and Scandinavian plus Dutch. Some Austrian too.
@ Thanks for your reply. I believe you @ the No. European money coming and buying property, i can confirm that the same is happening in certain parts of Spain. The last time i saw this kind of “shopping spree” was just before the German Duetch Mark was going to be replaced by the Euro and everyone who had black money was looking to clean it by buying property in southern mediterranean Europe…looks like there are going to be some REALLY big currency perturbations again 🤔
I’ve spent a few summers in your neck of the woods, wonderful water, beaches, food, wine, people, …. if when you get the opportunity i would love to see what has become of Monenvasia, it was basically abandoned (in the summer) when i was there, just two hippie shops were open.
Thank you for the videos, i’ll keep watching, just discovered your channel and subscribed.
Yahara
I agree, it has been happening in the islands for a while, and is now moving to the Southern mainland in Greece. I do have a video on Monemvasia which was filmed in April I think,, and another set there which I will publish in January.
@@GreeceExplored Thx. i’ll look into your channel for the old Monenvasia episode. And looking forward to the updated Jan. version.
I live in Peloponnese, near Corinth. My neighbour couldn't afford life in Greece anymore, she was a proud home owner, but had to sell her house and move to Cyprus to get a job that pays way more.
My new neighbour is from Israel. There's hundreds of properties around here sold to people from Lebanon. I have many clients from Russia that bought property in the area. I believe the ex-mayor of Moscow has property in Loutraki.
Many American-Greeks or Aussie-Greeks also build or buy property in the area. I see many cars with Ukrainian number plates on the road. So, it's mostly non-EU people.
The numbers are very very high for that place…! 200,000€ for apartment
In that price you can get 2 apartments in a nice place in Athens and rent it the all year
Am I wrong?
Not any more, in Athens a very old small poor apartment in need of work may be found for 200k, but prices are generally much higher than that now in Athens, as per the Athens apartments in my video
I absolutely agree with your assessment of the trends in the market in Athens as well as coastal areas of the peloponnese. I myself thankfully have purchased a few properties just outside of Nafplio nearly three years ago at much less cost than if I bought today. Excellent research on today's video, people should not wait much longer to buy in market too much longer.
@@frankdaneluzzi3503 Thanks Frank, you know as much about property and the market around here as I do, and as you know, there is so much activity now, especially with construction, there is a real vibranncy when you look around compared to as you say 3 or 4 years ago.
yes you are wrong. 2019 I purchased an apartment in Monastiraki. 650,000 euro.
It is now worth over 1 million. and I have people lining up to buy it if I want to sell.
in the first years of the crisis a friend bought an old appartment for 60-70K€ from the 80´s. Last summer the neighbor offered them 200K to buy it!!
They are optimistic. Paralio Astros is not a prime area. For these money there are many better areas than Astros.
Absolutely, but prices are rising everywhere and being driven by a demand for holiday homes I think, Astros is good for that. If you want somewhere to live permanently, Nafplio or Kalamata are of course better.
When is this video taken because it's November and suppose to be winter and you are wearing a T shirt ?????
About 4 weeks ago
what do you think about the next 20 years
Thats impossible to know, but generally things don't get cheaper. Mainland Greece has generally lagged behind the rest of the Med as a result of the crisis, maybe things will align with the Algarve in Portugal etc.
@@GreeceExplored so idk i am thinking of claiming my greek citizenship to go to greece idk what to do
prices are funny, sarcastically. super expensive.
They are rising too, it is common along the mediterranean coast I think, Spain, Italy and Portugal, mainly Northern EU buyers, but not exclusively. Greece is playing catch up.
Sorry but greece is already expensive compared to these places. France and Italy have some spectacular deals.
@@tedn6855 exactly!
@@tedn6855 It depends where you go in Greece as I am sure the case with France and Italy, Coast, expensive, inland, cheaper to cheap. (though Greece has the best ccoast line)!
What about rural small land blocks with houses ? Is it the same with that?
I don't know, likely cheaper but if not in plan they would be illegal to buiild on,
parellia astros... i know the spelling is wrong,, sorry. but I really enjoyed the place
Thanks, glad you enjoyed, only a small little place, but very chilled!
And why price increasing is finally good?
Because a stagnant economy is never good for a country, or it's people, they just get left behind.
@GreeceExplored it's only good for people when together with the higher prices in real estate, the income as well goes up. Which it doesn't
taxes are quite high arent they?? My dad never wanted to buy there (and we are 100% GREEK) because of taxes.
They used to be, 24% on new apartments, but that changed several years ago. there is now a 3% proeprty transfer tax (goes up slightly with value) but that is basically it. Generally if buying assume 10% total on the price for taxes, professional fees etc. Monthly property tax (ENFIA) is very low for Europe.
🙏
Greeks who have a second property either rent it out as an air bnb and living quite well. They are now selling their second property because people are paying high prices for that property.
thanks for the information, agreed, right property, right place is always going to sell.
@@GreeceExplored even the wrong property in the right place will sell.
Yeah, how many are actually selling ? What I see is properties are coming onto the market in the HOPE they will sell at exuberant prices, but rarely do.
@@manosblim give them time they will sell.
Would someone buy a villa on the design phase and wait on its construction? Im in this situation right now , i have the property and the permit but not the capital to build. Crete.
you want to be careful if you are buying a development off plan, but if you are buying the land and having it built yourself, then why not... just be cautious buying on a promise. My last video was on building villas.
@GreeceExplored im sorry I meant that I already have the land and thinking to sell it, I'm greek
@@papag9775 got you. I am sure people would if it is in a good location, depends on services too, amenities etc... plus if it is in plan. you know.
Everyone recalls 2 decades ago or so when all the brits where buying apartments on the sea and villas off the plan in spain, all were either illegally built nor they never finished the build. never buy off the plan always turn key, so many builders going bust now especially in australia I can imagine in europe
@theovelentzas7540 this time around things are more professional and orderly
I don't think you already got up didn't take long
Ridiculous prices.
Greece for the Greeks is being destroyed . Breaks my heart
Who asked you to be in Greece????? . And talk about our economy ????.
My wife, who is Greek, and my daughter, who is also Greek, and our family, I guess all who live here.
@@GreeceExplored
My friend good answer unfortunately we have idiots living in Greece.
Your a first class rude idiot!!! You make Greeks looks bad?
Same person probably collect unemployment or pension with nickels put in years ago
@@nikosniko7092
He’s just a typical guy that doesn’t leave his neighborhood watches TV and then goes to the coffee shop and tells people he’s been around the world
Greece is far too expensive.
Prices have gone through the roof and become almost impossible to purchase (for Greeks).
Unfortunately, too many foreigners investing and buying property and Greeks are being pushed out of the market.
Meanwhile, Greeks continue to be ‘forced’ to leave their country and migrate to countries like USA, Australia and Canada.
It’s actually very sad…….very sad indeed.🥹😢
True story
wtf prices in Greece are the same or more expensive then America definitely not worth it and I’m a Greek real estate developer in the U.S.
I’ve noticed that as well - cheaper to just rent
Excellent Video Andrew. Keep them coming . 👏👏