First half data indicates market thawing out

First half data shows market in Greece thawing out

Greece's property market is starting to thaw out as first half data shows a pick up in buying interest for older cheaper homes, said Broker Price Opinion Greece (BPOR).

Based on figures collected on the sale of 138 homes from across the country, 87.6 percent of deals related to second hand homes with most going for less than 90,000 euros. About a third of the property had been up for sale for less than six months, a relatively short amount of time for the crisis hit market, indicating that the market is starting to pick up, according to experts.

Greeks bought the majority of homes (74.2 pct) followed by Albanians (7 pct) and Bulgarians (6.3 pct).

Serbians and Germans showed a preferece for a place in northern Greece, while British and Swiss investors favor the Peloponnesse, the BPOR Greece said.

Data showed that an Israeli investor bought a 650,000 euro villa for investment purposes, while a German and Swiss buyer bought a holiday home for their own use for 351,000 euros

The Chinese continue to fuel demand for Greece's visa-for-investment program, buying real estate around 250,000 euros in order to qualify for the residency permit.