11/24/2023

Foreigners continue to actively invest in Greek real estate, reaching record levels of investment. According to the Bank of Greece, in the first half of 2023, the investment volume exceeded €1.1 billion, a 39.5% increase compared to the previous year.

This surge in investments is a significant sign of investor confidence in the Greek economy and heralds new prospects for the country’s real estate market. In other words, real estate in Greece is once again becoming a promising and profitable investment.

Acceleration of Growth in the Second Quarter of 2023
The second quarter of 2023 witnessed an even more substantial increase in investments, totaling €605.8 million, a 46.2% increase compared to the same period in the previous year. This acceleration in growth emphasizes the growing interest of foreign investors in the Greek real estate market.

Reasons for Investment Growth

Among the main reasons for the increase in investments in 2023 are the following factors:

1. Attractiveness of short-term rentals: Greece experiences a stable demand for short-term rentals, especially in tourist areas, making real estate investments particularly appealing.
2. “Golden Visa” program: Interest in obtaining permanent residency in Greece through real estate investments continues to grow, encouraging foreign investors to purchase property in Greece.
3. Affordable property prices: Despite the growth in investments, Greek real estate remains relatively affordable compared to other European countries.

Record Demand for the “Golden Visa”

The demand for the Greek “golden visa” from foreign investors increased by 152% from January to July 2023. This significant surge in demand occurred before the doubling of the minimum property purchase cost under the program in some popular areas of the country, highlighting the growing interest in the Greek market.

The growth in real estate investments in Greece indicates the recovery and confidence in the country’s economy. It also shows that Greece continues to be an attractive destination for foreign investors seeking profitable and secure investments. Considering current trends, further growth in interest in Greek real estate can be expected in the coming years!