While real estate in Greece is becoming cheaper, the construction of housing in the mass segment does not justify the costs. Developers decided to rely on luxury homes which are in demand among foreigners, reports ee24.com ekathimerini.com.
Sales statistics for the last few weeks say that 28% of transactions were made with foreigners, half of whom were residents of EU countries. 22% of foreign investors have purchased expensive houses in Greece.
Although the country has a quarter of a million of unsold homes, there is a lack of supply in segment of prime housing. For example, there is a demand from abroad for residential complexes of 40-50 apartments, but there are no offers.