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Tourism Boosts Demand for Property in Greece

From left: Giannis Revithis, President and Founder of Revithis & Partners; Anna Nazou, MRICS, Managing Director, NAIRealAct, Member of Valuation Forum RICS in Greece; Stavros Tolias, Managing Director, Zoia; George Pentidis, Partner, Livewise; and Prodromos Vlamis, Deputy Professor of Financial Analysis, PRODEA Investments.

Greece’s strong tourism performance is stimulating demand for properties in Greece and shooting prices up, creating at the same time new market needs, said real estate experts participating this week in the 23rd Prodexpo conference in Athens.

The country’s real estate market is picking up, mainly on the Greek islands with rents and prices for residential properties in many destinations increasing significantly, said Giannis Revithis, owner of Revithis & Partners real estate group.

He went on to note that demand has exceeded all expectations, with prices this year up by 40 percent compared to pre-pandemic 2019. Indicatively, sales on Mykonos marked sales reaching 25 million euros and 8 million euros on Santorini.

A stone alley walkway in Chora of Schinoussa island, Greece.

At the same time, islands such as Serifos, Milos, Antiparos, Schinoussa, Ios and Paxi, saw prices soar by as much 400 percent in some cases, he said.

Adding to the discussion, Prodromos Vlamis, associate professor of financial analysis, Department of Economics at the University of Piraeus, said the new demands were changing the property market and attracting more institutional investors.

Lastly, George Pentidis partner at Livewise Greece, referred to the effects of the changing demographic on the country’s housing market.

Earlier this year, a market report released by Engel & Völkers Greece found that the country’s property market was gradually recovering with prime real estate along the up-and-coming Athenian Riviera in high demand.

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