As Greece’s Tourism Soars, So Does Holiday Home Buying

Antiparos view of the sea. Photo by ChristianvEsch from nl via Wikimedia Commons

Boom times for tourism in Greece has also lured more foreigners to buy vacation homes in the country with demand jumping, the German financial daily Handelsblatt reported.

People seeking sun, beaches and a quality of life they can afford – but that many Greeks can’t during a more than seven-year-long economic and austerity crisis has pumped up the interest.

“Greece is again riding high as a tourism destination. This helps the holiday home market, according to realtors and builders,” the Dusseldorf-based paper stated, the Greek business newspaper Naftemporiki reported.

Handelsblatt noted that Greece is headed for a third straight tourism arrival record with the government expecting 30 million visitors, including a bevy of movie stars, oligarchs and the rich flocking to islands and resorts for five-star treatment and vacations, such as Scarlett Johansson going to the island of Sifnos and Goldie Hawn and Kurt Russell choosing Skiathos.

Much of that has been driven by the fall in interest of alternative markets such as Turkey and Egypt and North Africa, where terrorism and political instability and killings of tourists have frightened off visitors and investors.