Anyone who has ever spent a vacation in Greece knows that if you want to find the best tavern in a Greek seaside village, pay attention to where the locals go out for lunch. Is this rule accurate for investments? And where do the Greeks invest in the times of crisis, when the European economy has slowed down?
DKG Development Managing Partner, Konstantinos Petridis, answers to these questions.
“Traditionally, there are two types of Greek investors: passive investors, who are looking to long-term projects, that will be profitable in the future, and aggressive investors, who buy fast, sell fast and receive profit fast. During all those years of crisis, the Greeks have learned their lesson, they have become more cautious, and now want to invest in long-term projects, which don’t promise big profit, but for sure can guarantee stable and permanent income.
As to the theory “do as the locals do”, I would say that of course, it is useful to look at the preferences of the local investors, to study the demand shift. Such simple analysis can help a foreign investor find favorable locations and there find investment projects. At the same time, for foreigners, it might be quite difficult to find and analyze reliable information from abroad. If you want to invest in real estate in Greece, it is best to find an investment project, which is already in progress. Property developers take analyzing the demand in different regions very seriously, choose the most profitable projects before actually launching them”.
According to Mr. Petridis, in 2020 the Greeks started looking more to the southern regions of the country, including the costal and resort areas. Here one can buy houses, find commercial property for sale, or even a land lot for sale. Foreigners can easily get help from a real estate agent. If the buyer has enough knowledge of the legislation, applicable to the real estate sale and purchase agreements, he can even consider the option of property for sale by the owner.