“The best time to buy a home is always five years ago.”
Ray Brown
In a constantly changing environment, the real estate market shows resilience compared to other sectors of the economy and continues to be the safest investment “haven”.
Despite losing a significant number of customers from the Russian market in 2022, Halkidiki managed to recover most of its tourist traffic to 2019 levels, attracting more tourists not only from the Balkans but also from other European countries.
The area has been attracting foreign investment for years, and the messages for the current year 2023 in this area are optimistic.
Halkidiki continues to be a guarantee of clean sandy beaches and warm crystal waters.
Here you can find 96 beaches with the prestigious international award “Blue Flag”.
Halkidiki is an extremely communicative region with established fast transport links.
At a relatively short distance by car from the nearby Balkan countries. The improvement of the infrastructure is expected with the completion of planned large-scale repair works. Thessaloniki Airport is 80 km away. with direct flights to and from most major European cities and capitals. At the beginning of March 2023, new direct flights to and from Greece will be launched, including those connecting it to the other side of the Atlantic. Delta Airlines routes connecting Athens with New York are expected to restart in the month of March 2023.
The new trends in the labor market, the outsourcing of jobs and the possibility of working for some professions outside of offices and business buildings.
Working from home is now a modern reality.
Demand from foreign investors is fueling an upward trend in prices.
The overall price increase for the Halkidiki peninsula for 2022 averaged 16%, with some areas in Kassandra and Sithonia seeing growth of over 25%. High rates of price growth in Greece’s two major urban centers, namely Athens and Thessaloniki (12%), contributed significantly to price increases across the country in the first nine months of 2022 (10.5%).
Greece continues to attract investors from countries outside the EU to obtain a “Golden Visa”.
According to an amendment officially tabled in Parliament, the minimum investment limit to secure a Golden visa from January 1, 2023 is doubled from €250,000 to €500,000. It applies to the central, northern and southern sectors of the Attica region, in the municipality of Thessaloniki, in Mykonos and in Santorini. Halkidiki was not included in this amendment, which gave a clear signal of the Greek state’s desire to continue developing interest in the area.
The profitability of letting real estate through short-term rentals continues to grow.
The long summer season is a guarantee of an excellent return on investment.
Not only local hoteliers, but also several major global hotel chains have already announced the expansion of their portfolio in Halkidiki for 2023.
Zeus International Hotels & Resorts, Mitsis Hotels and Israel’s Brown Group have announced their expansion into Greece, including Halkidiki. The Goldman Sachs Asset Management mega-fund has bought three hotels, with the price reportedly reaching 70 million euros. Halkidiki is also in the Radisson Hotel Group’s plans for the next few years. China’s Fosun, which “inherited” bankrupt giant Thomas Cook’s hotels in Greece, announced that its plans include at least 17 luxury hotel units in Greece, including Halkidiki.
However, the analysis of the Central Bank of Greece should also be taken into account, according to which the real estate market is vulnerable due to some macroeconomic factors. Uncertainty mainly related to the ongoing war in Ukraine, as well as the effects of the gradual increase in the cost of materials, energy, rising interest rates and inflationary pressures.
Positive developments in tourism, growth in short-term rentals and increased investment by foreign nationals, as well as increased interest in high-end properties, will continue to fuel market dynamics. Signs of this trend continuing into 2023 are encouraging.
We are Greximo Real Estate – one of the leading real estate agencies in Halkidiki. We are daily upgrading our image as professionals in the field. Let’s find together the best investment for you – in a house, villa, hotel, maisonette, apartment or land.
