A surge in Romanian and Bulgarian purchases of holiday homes in northern Greece has led to an explosion in prices, sparking discontent among locals.
Ana Maria Eftene
Current Affairs
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Romanians and Bulgarians are increasingly investing in vacation homes in northern Greece, especially in Halkidiki, Kavala and Thessaloniki, spurring a surge in real estate prices. Following Bulgaria and Romania's entry into Schengen, prices have increased significantly, reaching €5,000-6,000 per square meter in Halkidiki. Greeks complain that housing is becoming unaffordable for locals and a large proportion of transactions are made by foreigners. In addition, the problem of unofficial renting of properties by Bulgarians further complicates the situation. Romanians, in particular, prefer new constructions for investment, given the high demand and rental opportunities.
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