The real estate market in Greece represents approximately 45.83% of the country’s total foreign investment across all sectors on an annual basis, with foreign direct investment in real estate reaching €2.75 billion in 2024 out of a total FDI in Greece of around €6 billion for that year. Below is a comprehensive overview of the development of the real estate sector in Greece over the years up to the present day.
From the beginning of the 1990s – 2008
From the beginning of the 1990s until 2008, the Greek real estate market evolved alongside the country’s economic expansion. The global financial conditions, characterized by low interest rates and increased household income, led to a surge in economic activity, resulting in a higher demand for property ownership among investors who saw attractive and secure opportunities for substantial financial gains.
Due to this interest, real estate agents reported a 30% to 40% increase in house prices and projects near coastal areas in 2004. Meanwhile, house prices in the capital, Athens, experienced an 11.2% rise in 2006
Launching the Golden Visa Program
With the global financial crisis in 2008, the Greek government and authorities sought to take serious and resolute steps. One of the most prominent measures was the launch of the Greece golden visa in Greece through real estate investment. The Greek government announced this program in 2013 to boost the country’s economy, offering the opportunity for qualified investors and their families to obtain permanent residency.
Many investors from around the world have shown significant interest in this program, attracting investors from China, Russia, Arab countries, and other non-European Union nations. The program has contributed to over 5.54 million euros flowing into the Greek real estate market over nearly ten years of its operation.
It has also played a significant role in revitalizing the construction sector, leading to the emergence of new projects and buildings in previously uninhabited areas, These areas now feature various types of residential and commercial properties, representing a rapid leap in the Greek real estate market’s development. This has been driven by the interest of investors who see it as a long-term opportunity and investment, aiming to achieve financial returns from it.
Since 2017 – now
At the beginning of 2017, Greece entered a phase of recovery and confidence-building in its economic situation, which was evident across all sectors and aspects, This included an increase in GDP growth, a decrease in unemployment levels, and a resurgence of consumer confidence.
The economic situation gradually improved with promising growth rates, reaching 1.5% in 2017, 1.9% in 2018, and 2019. After the COVID-19 pandemic and with the gradual reopening of the world and the relaxation of movement restrictions, along with the incentives provided by institutions to investors, Greece was one of the countries that managed to withstand crises, and there was a revival in economic activity once again.
It is worth noting that the total value of real estate transactions in Greece reached €41.2 billion (€18 billion in 2023 and €23.2 billion in 2024).
These percentages and figures demonstrate Greece’s ability as a country and its institutions to withstand crises and difficulties, providing a safe environment for investors’ projects and investments. This has made Greece the most popular and preferred choice for many investors from around the world who are looking to improve their families’ lives and take advantage of the positive opportunities it offers.
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