Large investment funds as well as construction companies are interested in developing residential projects of a smaller or even larger scale in Greece, with the focus on the greater Athens area, Thessaloniki and popular island destinations, such as Crete, Rhodes, Mykonos, and Santorini coming into the picture.

According to one local market analyst, residential real estate projects are at the forefront, buoyed by a relative housing shortage in large urban areas and competitive prices – according to realtors – of properties in Greece, compared with other west European countries.

Furthermore, the Golden Visa scheme continues to play a crucial role, attracting prospective buyers from around the world interested in acquiring property in the country in exchange for a residence visa.

Greece is also ostensibly gaining ground among retirees from northern and western European countries, compared to “traditional destinations” such as Spain, Italy and southern France. Recent research indicates that Greece and Cyprus are among the top 10 most affordable international destinations for retirement relocation.

Greek Economy and Finance Minister Kostis Hatzidakis recently said the government is planning a new investment product to attract even more retirees from the EU.

According to a recent survey by RE/MAX Greece, Israelis are now the top foreign buyers of property in Greece, followed by Chinese nationals and Germans, in second and third place, respectively. Citizens of neighboring Bulgaria and Turkey, follow at fourth and fifth place.

Purchases were also recorded by citizens of other European countries, namely, from Italy, France, the Netherlands as well as the United Kingdom.