The Real Estate Market in Greece represents about 25 – 35% of the total foreign investment in all sectors in the country annually, and according to the latest published reports, the Greek Real Estate sector is going through a very positive period that exceeded expectations, as the net foreign investment in Greece in 2021 reached 1.1 million Euros, an increase of 34.4% compared to the previous year. The following is an overview of the development of the Real Estate sector in Greece over the years till today.
From the beginning of the 90’s to 2008, the Greek real estate market developed side by side with the economic expansion that the country witnessed. The global financial conditions, represented by low interest rates and an increase in the financial income of families, led to an increase in economic activity, which was represented by the high rates of real estate ownership by Investors who found them a safe opportunities that bring them attractive financial gains, and due to this demand, real estate agents reported an increase in the prices of homes and projects near coastal areas by 30% to 40% in 2004, while house prices in the capital, Athens, witnessed an increase of 11.2% in 2006.
With the global financial crisis in 2008, the government and the relevant authorities in Greece sought to take serious and resolute steps to reverse the situation. Perhaps the most prominent of these measures is the launch of the permanent residence program in Greece through Real Estate Investment, as the Greek government announced this program in 2013 To boost the country’s economy, which provides the opportunity for investors and their families who are eligible to obtain permanent residency in Greece, and many investors around the world have shown great interest in this program, as it has attracted from China, Russia, Arab world and other countries outside European Union. The program contributed to the flow of more than 1.5 billion Euros to the Greek real estate market in the past five years only, and had a major role in reviving the construction sector, which played a role in the emergence of new projects and buildings in areas that were uninhabited during the crisis and are now rich in various types of real estate Residential and commercial, which formed a rapid leap in the Greek real estate market and contributed to its development as a result of the demand it is witnessing from investors who they see it as an opportunity and a long-term investment by achieving a financial return from it.
With the beginning of 2017, Greece began to enter a phase of recovery and enhance confidence in its economy, the effects were seen on all sectors and levels, from an increase in GDP growth, a decrease in unemployment levels and the return of consumer buying power, and the economic situation began to gradually grow at promising rates that reached 1.5% in 2017 and 1.9% in 2018 and 2019. After the Corona pandemic, and with the gradual opening of the world and the reduction of restrictions on movement, in addition to the facilities imposed by institutions on investors, Greece was among the countries that managed to withstand crises and a recovery in economic activity was observed again. The tourism and real estate sector had the largest part of this improvement, as the country welcomed approximately 8 million travelers during the first half of this year only. According to the latest published data, the real estate market sales in Greece amounted to 374 million Euros during the first quarter of 2022 only. With an increase of 74.8% compared to the same period last year, these percentages and numbers indicate the ability of Greece as a country and institutions to withstand crises and difficulties to provide investors with a safe environment for their projects and investments, this has made Greece the most popular and preferred option for many people interested in investing in it from all over the world who are looking to improve the lives of their families and take advantage of the opportunities that bring them positive results.