Greek real estate prices distorted but not overheated

House prices in Greece have increased, but in no way does this mean that those interested should rule out the possibility of buying a house in our country.

In fact, according to experts, prices may have shown an increase, but in no way comparable to those before the economic crisis.

Aziz Francis, CEO of investment fund Brook Lane Capital, said that Greeces real estate market is nowhere near overheating. “We dont see any heating at all. The property market is at room temperature”, he said, admitting though that assets in Greece are no longer cheap.

Tight supply is contributing to rising prices in the countrys housing market as economic growth helps strengthen spending power. In the last few years, residential asset prices have gained some 25 percent but remain well below pre-crisis levels.

Brook Lane Capital has been involved in some of the key deals to take place in Greece in recent years.

“We have a very strong risk appetite for Greece”

In 2022, the company announced that it is partnering with Lamda Development in a 200 million euro agreement to jointly develop a mixed use tower in the Hellinikon complex.

Additionally, the fund, which is Cyprus-based, has purchased property portfolios from Greek banks and selective commercial assets with local partners.

Speaking at an economic conference, Francis said that tourist investors that appeared in Greece as of 2019, when the country exited its economic crisis, are going back to their core market as conditions become more challenging. “We have a very strong risk appetite for Greece”, added Francis.