Greece’s real estate revival.
Has Greece grown to be a desirable location for investors? It has never been more appealing to purchase real estate in Greece. It is a blessed nation with its beautiful landscape and pristine coastline. The Greek economy has historically been driven by the real estate sector. Geographically and politically, Greece is attractive to both private investors who decide to spend their high-income funds there as well as foreign investors for corporate initiatives. Recently, investors looking to build solid business relationships have gravitated toward the Greek real estate sector.
High unemployment and the real estate market collapse swiftly followed as the Greek economic crisis’ realities became apparent in the years 2009 to 2018, leaving many people to inherit debts, taxes, and homes they couldn’t sustain. The increase in overseas investment in recent years has made it possible for many people to live out their ambition of buying a summer vacation home in Greece, or even in Europe. The Golden Visa program from Greece, which grants five-year resident visas, has also accelerated the process. Since the program’s inception in 2013, it is projected that one billion euros have been invested in Greece’s entire real estate sector.
The Bank of Greece has released a report that praises the healthy growth of the Greek real estate market and the maintenance of its high standards in spite of the significant shifts in the international scene’s status quo. The current healthcare crisis, geopolitical developments, a sharp rise in energy prices, and the cost of building supplies have all helped to create a new market reality; nonetheless, their effects haven’t catalyzed a recovery in the real estate market.
According to the BoE Report, the Greek market experienced a highly good time that exceeded expectations in 2021 and the first quarter of 2022, despite the challenges. The real estate market in Greece saw net foreign direct investment of EUR 1.1 million in 2021. (Up 34.4 percent year-on-year).
The commercial real estate market has also shown comparable signs of growth in terms of sales and building activity. High positive rates were seen, with the majority of investment interest focused in Athens’ offices and stores. With investments of more than €550 million in 2021, Real Estate Investment Companies Limited by Shares (REITs) also play a significant role in the real estate sector.
Employment Rate in Greece increased to 87.48 percent in April from 87.43 percent in March of 2022. source: National Statistical Service of Greece