Bulgarians have become a driving force in the real estate market along the northern Greek coast, where resort towns such as Ofrinio, Nea Peramos and Iraklitsa are experiencing a real construction and price boom, writes the Greek newspaper “Kathimerini“ in an extensive article, BTA reported.
In the Kavala region, Bulgarians have turned from tourists into owners, local media report, citing information from brokerage firms. Our compatriots are looking for all kinds of properties - from caravan sites to three-story villas, and new construction is being bought up even “on the green”, inform construction companies in the region.
Today, there are almost no vacant plots for construction along the coastline of Ofrinio. The beach is dotted with construction machinery and new complexes, advertised as a “dream summer getaway”. According to local agents and developers, half of their clients are Bulgarians, and by the end of last year, 3,228 Bulgarian citizens had officially declared ownership in Greece.
With the increase in interest, prices are rising sharply, notes "Kathimerini". From 900 euros per square meter in recent years, prices have reached 2,500 euros, and luxury villas for over 1 million euros are being bought even before they are built, architect Ritsa Karayanidou told the publication. While at first some of the purchases were made with “black money”, today families who use savings or loans, often with the intention of renting out the properties, predominate.
Although business and tourism are profitable, locals express concerns – their villages are crowded for five months of the year, The infrastructure is under strain, and Greek buyers are facing prohibitive prices. Negative sentiments are also emerging, related to the historical memory of the Bulgarian presence in the region, writes “Kathimerini“. The younger generation, however, is more pragmatic – for them, the Bulgarians extend the season and bring in income, the newspaper points out.