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Britons rush to snap up Greek island villas and escape the pandemic

crete - Getty
crete - Getty

Those with cash to spare are seeking a slice of calm in a country that has been praised for its handling of the crisis

British demand for holiday homes and property in Greece has rocketed by more than 200 per cent following the UK Government’s relaxation of travel restrictions, according to local and international real estate officials.

Greece ranked as the hottest search destination in Europe, next to Spain, France, Portugal and Italy, according to data released this week from the UK’s biggest property marketplace, Rightmove.

There were more than a million online inquiries on June 28 alone.

“Greece is really bouncing back,” Piers Williams, of estate agent Chestertons Ionian, told Telegraph Travel. “Interest has surged by some 200 per cent and it is increasing significantly as the dust continues to settle from the [Covid-19] pandemic.”

After meeting with a British couple eyeing up a £1.5 million villa on Corfu, Mr Williams said: "The biggest question is whether this deluge of inquiries will lead to solid sales."

corfu - Getty
corfu - Getty

Next to German nationals, British travellers account for Greece's biggest pool of foreign holidaymakers, totalling about three million each year. Corfu alone attracts more than 500,000 British tourists annually.

Still, however fond Britons may be of Greece, studies suggest they are wary of travelling to the country as early as July 15, when the Greek government scraps its ban on direct flights from the UK.

“Every interested buyer wants to come and see the property in person,” says Mr Williams. “But those designs to visit the Ionian are being put off because of a general reluctance to travel."

But not to Crete, it seems. Property agents on the island say they are bracing for a flood of British home hunters, beginning next week.

“It’s madness,” Hillary Dawson, of the Crete Homes estate agents told Telegraph Travel. “I’m already swamped with French, Germans and Austrians. Now, with the British coming in, my calendar is booked solid for the next few months. They are already calling dozens a day."

To a large extent, Greece’s successful handling of the pandemic has fanned the home-hunting frenzy. With just over 3,622 confirmed cases and 193 deaths, according to state statistics on Wednesday, the country's casualty toll from Covid-19 is dwarfed by that of its European peers.

Yet for most potential buyers from the UK, Brexit had weighed in decisively.

“Covid-19 may have scuppered their relocation designs, but the mad dash is on, and all are now rushing, almost desperate to buy a home by the end of the year in order to get [European Union] residency status,” Ms Dawson said

“Greece’s improved financial performance and its handling of the Covid crisis has many foreigners feeling safer here. They no longer see Greece as the joke of the EU, but rather a country that has got its act together.”

Even so, the pandemic has dealt the country’s biggest money-making industry, tourism, a devastating blow. Studies show about 65 per cent of the nation’s hotel chains face bankruptcy because of mass cancellations in bookings this summer.

It remains unclear how many private listings have come onto the Greek property market as a result.

Of some 5,750 properties listed on Rightmove alone, 1,754 concerned Crete, mainly private retreats ranging from £9,000 to £9.4 million pounds. More than 25 listings include massive, seaside resorts, a café bar and large swatches of beachfront property for development.

Mr Williams said: “The list could grow even further if the tourism season ends and businesses and their owners find themselves deeper in the red.

“For now, though, Britain’s understated wealth is only interested in privacy and protection,” he says. “Greek villas are the answer.”