Bulgarians love Greece, and many of our compatriots wish to own a second home in our southern neighbor, especially in the northern regions - Halkidiki and around Kavala.

Most Bulgarians who buy property in Greece do so for personal use, and a smaller part – for investment purposes, such as renting out or investing in real estate. This was stated by property expert, entrepreneur and owner of the company LUXIMMO Nikola Stoyanov in the program "Morning in Focus" on Radio "Focus" with host Asya Alexandrova.

The company has been offering properties in Greece for nearly 20 years – ever since Bulgarians began showing interest in purchasing properties in our southern neighbor. In recent years, this demand has increased significantly, Stoyanov noted.

Among the most preferred areas for purchase are Northern Greece, especially Halkidiki, as well as the northern coast and even the more southern parts of the country. The expert pointed out the proximity of Greece, the almost equal property prices in both countries and the better conditions for vacationing by the Greek sea as the main reasons for this.

Stoyanov also pointed out that the Greek property market is of interest not only to Bulgarians, but also to other Balkan buyers. Serbs, Romanians, Macedonians, Albanians and Russians are also actively investing in property in Greece, which is driving up prices and causing discontent among part of the local population.

"Greeks still do not fully realize the benefits of foreigners buying property in their country, which actually stimulates the local economy. Greece relies heavily on tourism, restaurants and hotels - this is the main source of income for the country," Stoyanov explained.

According to him, prices in Halkidiki – the more luxurious area of the northern coast – are higher, mainly due to limited construction. In the area around Kavala, prices are now comparable to those on the Bulgarian Black Sea coast.

"In Halkidiki, prices are around 3,000 euros per square meter, with mostly houses on offer. Around Kavala, prices are around 2,400–2,500 euros per square meter, and the market offers both houses and apartments, including a lot of new construction," the expert explained.

Stoyanov recommended that Bulgarians buying property in Greece use the services of a local consultant, broker or lawyer to verify the accuracy of the documents. He specified that Greek legislation related to the construction and sale of properties differs significantly from Bulgarian legislation, and upcoming changes are expected.

"Many Bulgarian entrepreneurs who have started construction of their own complexes and buildings mainly in Northern Greece are faced with differences in the processes and some gain bitter experience. They work with an engineer who serves as an intermediary between the architect, designers, the municipality and the construction supervision. This specialist can solve problems in the design part, but finding a construction company to implement the project is more difficult, different and more expensive. In order to use a Bulgarian company in Greece, it must be legalized and certified according to local laws. You cannot simply bring in builders from Bulgaria," Stoyanov emphasized.

Because of these features, it is often more profitable to buy an old property – morally and technologically outdated – and then renovate it, rather than build a new one from scratch. “Pay attention to whether the property was built before 2011. If so, with a certain procedure and after paying fines, even a construction that exceeds the parameters can be legalized. For properties built after 2011, this is almost impossible,” the expert specified.

According to him, property prices in Greece will continue to rise, while supply will decrease.

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