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With all the focus on investors from China, Russia and the UK, not many know that cash rich buyers from Germany are among the biggest buyers of overseas properties in Europe. More Germans are investing in properties abroad than in the past because of many reasons.
Property prices in Germany are at a high, and it is not possible for an average German family to buy a decent apartment in cities such as Berlin, Hamburg or Frankfurt under current circumstances without taking on a substantial bank loan.
For this reason, Germans are forced to invest abroad. Germans are investing heavily in properties in Spain, Portugal, Greece and France, but it does seem that Italy ranks high as the favourite holiday destination of German investors.
In Italy, Germans have been the biggest buyers of properties, and have in fact accounted for 40 percent of the purchases made by foreigners. Britons come second at 18 percent and Russians at 13 percent.
There has never been a better time for Germans to buy properties in destinations such as Tuscany, where properties that used to sell for 2.5 million euros prior to the 2008 economic clash are now selling for 1.5 million euros. Indeed, property prices can go substantially lower following negotiations.
Germans are also big buyers of Greek properties. Properties in Greece are today available for a substantial discount and it is estimated that already 100,000 Germans own holiday homes in Greece. The favourite destinations in Greece, where Germans prefer to buy properties are Messinia, Finikounda, Methoni, Koroni, and Pylos; as well as islands such as Elafonisos, Plytra, Xifias, Elia and Archangelos.
In popular Greek island such as Mykonos and Crete, beachfront estates that were once worth $25 million are today available for $5 million. There’s been a substantial drop in cost of Greek properties because of the economic crisis, which many German buyers are taking advantage of.
But it is Italy that really interests German buyers as most of the homes here that are available for sale are of a very high quality, unlike, say, the average Spanish villa in Costa del Sol or Costa Blanca. German buyers have better choices and cheaper prices in Italy, which is an unbeatable combination. Tuscany and the Adriatic coast are the destinations in Italy for German buyers.
Why buy properties in Italy? Well, Italy is after all the country of sunshine, unlike Germany, and is known for its style and panache. The Italian countryside is beautiful, the Italian cuisine is the best you will get anywhere in the world, and Italy is of course, known for its fine wine. Italy is also the land of fast cars, beautiful people and high fashion. So nobody should be surprised that Germans are among the biggest buyers of Italian properties.
France is another country that attracts Germans. There are many takers in Germany for the ski chalets in the French Alps. Germans love spending their winter here. Properties in Cote d’Azur are popular as well, although they are a bit on the expensive side.
Spain and Portugal remain as popular as ever with Germans. The Algarve in Portugal is hugely popular with cash rich buyers from Germany, not just because of the sun-kissed beaches and the bright sunshine, but also because of low taxes. Portugal offers excellent incentives to Europeans who buy properties in the country. If you want to sell overseas property fast to cash rich Germans contact us today.