According to an article published on Friday by the British Times, the financial crisis caused shock waves in the housing market, but confidence and the party people are returning.

“Six years ago the global recession triggered the onset of Greece’s colossal government debt crisis. Bailouts from the European Union and International Monetary Fund followed, then austerity measures, strikes and talk of a possible exit from Europe: Greece really was on the ropes and second-home buyers were giving it a wide berth”, the article says, adding that “in 2014 it seems that Greece has turned a corner. Tourism is flourishing again.”
Global Travel Company Thomas Cook reports bookings up 242 per cent in a year, while holidaylettings.co. uk says there has been a 300 per cent rise in inquiries.

“The economy is improving and overseas property hunters are back”, the article underlines. According to Alexandros Mulas, Savill’s representative in Greece, the inquiries from potential real estate buyers have increased significantly because Greece is now a safe place to invest in, as the political situation and the economy of the country is stabilized.

As the article mentions, real estate prices have fallen by 30% to 50% since 2008. However, in the summer of 2013, according to Yorgos Petras, CEO of of Engel & Völkers in Rhodes, the prices have started to rise again.

The incentives introduced by the Greek government to attract investors outside Europe seem to be paying off.

It should also be noted that many of the prospective property buyers come from Russia, Turkey and Lebanon, while Mykonos, Corfu and Porto Heli are among their top choices.