The rapid fall in Greece’s real estate property prices has precipitated an international land grab. Americans in particular have been keen for all types of Greek real estate properties – and, according to a recent wave of Greek real estate data, the higher the cost, the higher the demand.
Greece ranks among the top 10 most popular countries for Americans searching for property abroad. “The top five countries retained their positions in August as the most searched on the Realtor.com, a US real estate website – but Greece was a surprise entry in the top 10,” reads the website “OPP Connect.”
Among other popular countries for wealthy American property owners are Italy, Jamaica, Mexico, the Dominican Republic and Costa Rica. According to real estate expert David Lauster, “the U.S. market is wide open for international buyers. The continued interest of international buyers will soak up any excess in the US market and push prices up, which is good for property owners and for real estate agents who are able to connect with these global clients.”
Many American real estate practitioners believe that the greatest demand for overseas property concerns properties for commercial use. However, “the vast majority of international purchases in the US are of residential properties for personal use or for income purposes,” notes Lauster. OPP Connect adds that prices in Greece have dropped by 7.9% from last year, thus attracting more international buyers.