More money coming in from abroad for property buys

The inflow of foreign for the acquisition and development of real estate in Greece showed an annual increase of 130 percent in the first quarter of the year, according to data published by the Bank of Greece. The increase is a clear indication that this year foreign investors will be at the forefront once more of boosting demand for property in Greece, despite a small swing by some Greeks in favor of buying a house. If the existing pace of property purchases continues throughout 2019, it is possible the year will end with total inflow of funds coming to 3 billion euros, another historic high for Greek realty. In 2018, the amount of money placed in the local property market rose 172 percent from 2017, to reach about 1.3 billion euros. Almost half of that, or 655 million euros, concerned property purchases by foreign investors, while the rest regarded investment moves, such as the development and reconstruction of existing properties. In 2017, an estimated 300 million euros came into Greece for the acquisition of properties.