Overseas buyers are increasingly purchasing off-plan properties. Find out what makes them such an attractive prospect and see some excellent examples from our property portal.
When I say, “property in Greece” the picture that springs to mind is probably of a well-loved, white-washed building with window frames in the traditional blue colour. But property for sale in Greece comes in all shapes and sizes. From land plots for sale to old homes in need of renovation to city apartments to mountains homes to luxurious villas. While we are here to support all forms of property purchasing in Greece, off plan building is an up-and-coming trend among overseas buyers.
What is an “off-plan” property?
Put simply, an off-plan property is a home that yet to be built. All that exists are the plans for it. And, often, thanks to modern technology, computer generated images to help bring the plans to life so that you can visualise the property.
Why are more overseas buyers choosing to buy off-plan?
Our partners Elxis are a leading provider of real estate and legal services in Greece. Alongside a seven-strong team of lawyers, they have a sales team that includes native English speakers. According to them, an increasing number of overseas buyers are opting to purchase off-plan properties. One of the prime reasons for this is that the cost is often 20% lower than your typical key ready home.
Another factor driving this is the increase in interest rates. To illustrate, in 2022, if you had €500,00 to spend on a home, you might call take out a loan for €100,00 or €200,000. But in 2023, interest rates have hiked up to 3.75% (as of May 2023), this has made people more wary of taking out a loan and banks are less willing to lend.
Giorgos Gavriilidis, CEO of Elxis, says “if a customer has €500,000 to spend, they are more likely to buy a cheaper home around €250,000 and keep the remaining cash as a reserve.”
Earlier this year, Greece announced plans to change the minimum spend requirement for a Golden Visa to €500,000 in some areas. However, they have since postponed this decision to July 31st. As it currently stands, €250,000 is the minimum spend requirement for a Golden Visa in Greece.
Moreover, Elxis published a report on their sales, comparing data from 2022 to 2023, they found:
- The average sale price per property decreased by 12%
- The number of transactions increased by 10%
- In the first quarter of 2023, the majority of sales were off-plan properties.
The appeal of off-plan properties…
Overall, off-plan properties are built of high-quality materials and in a modern design. Often, they are created to be quite minimalist, which can mean that they make more attractive rental properties. They have new tiles, new bathrooms, and contemporary kitchens. If you do not want to purchase a property that might require DIY or even sourcing your local tradesman, then there is an undeniable appeal to buying off-plan. Plus, with an off-plan property, you do not have to sacrifice on location. Off-plan properties are popping up in your favourite locations, from pretty picturesque villages to the seaside.
To whet your appetite for off-plan properties, here are some examples from our property portal.
Two-or-three-bedroom luxury villas, Xirokambi, Crete
This project consists of four villas with two or three bedrooms, differentiating in size and layout. While one property has already been sold, the others are still up for grabs. Each villa will have its own private pool. The villas are set to be nestled on a hillside plot, close to the coastal villages of western Crete, the town of Chania and the international airport.
One-or-two bedroom apartment, Kalyves, Crete
Located on a hillside plot, these will be a building made up of nineteen apartments on two floors, each with one or two bedrooms. The building will be within walking distance from five different beaches and the town centre of Kalyves. The properties benefit from a pool, garden and balconies. While the first floor apartment will have its own garden!
One-to-three bedrooms, Asomatos, Crete
Designed to look like classic Greek architecture, these two-bedroom villas are located in the quiet south coast of Crete. There are nineteen villas with two bedrooms, starting at €210,000, five villas with three bedrooms, starting at €255,000, and one villa with one bedroom, priced at €158,000.