Rich Greeks return to local real estate as buyers-Algean

May 23, 2017

 

 

Wealthy Greeks that were moving money out of Greece at the peak of the crisis and buying properties in London are returning to the local real estate market as buyers, according to George Elias Eliades, managing partner of Algean Property.

 

The head of Algean Property, which started in 2013 and deals in holiday homes and hospitality projects above one million euros, said in an interview with greekguru.net, that more investment decisions are materializing in Greece as opposed to a few years ago when only the big risk takers were taking positions.

 

"There are less things for investors to worry about in Greece, than elsewhere in the world where you have issues such as Brexit, Trump and ISIS to deal with," said Eliades. "Very prominent Greeks are buyers right now, not sellers."

 

Along with demand from the top end of the market, residential property on the country's islands and in parts of Athens is also getting a boost from non European Union nationals seeking a Greek residency permit by buying real estate. Most of the demand from abroad comes from Chinese, Russian and Turkish investors.

 

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Eliades said that Algean mostly does business with clients from Europe -  such as the UK, Austria, Switzerland and Italy - and the Middle East. Business has been going well in 2017, prompting Eliades to look at expanding his team over the summer.

 

"So far this year we have doubled the number of deals that we did in the first five months of last year. We expect this growth trend to pick up even more in the second half of 2017," he said.

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