Greek Economy & Real Estate Market

Written by estia

Promising Investment Opportunities

Greece is known for its rich history, stunning beaches, and delectable cuisine. In recent years, the Greek economy has also noticeably stabilized, attracting more than tourists, and creating a positive impact on the country’s real estate market.

Economic Stability in Greece

Over the past few years, the Greek economy has shown significantly positive signs of recovery & development. The country’s GDP growth rate has consistently been on an upward trend since 2017, with a rate of 7.5% in the second quarter of 2021. This great progress is supported by an increase in exports, a revival of the tourism sector, and government efforts to attract foreign investment. The International Monetary Fund (IMF) has also reported that the Greek government’s commitment to economic reforms has been successful in stabilizing the country’s financial situation. Unemployment rates decreased, the gross public debt saw a reduction, and exports and foreign direct investments recorded high levels compared to previous years. Additionally, tourism rebounded to pre-pandemic levels. Today, the OECD predicts a continued decrease in unemployment rates, with a projected decrease to 11.8% in 2023 from 12.6% in 2022 and 14.7% in 2021. This optimistic trend is also expected to continue into 2024!

A Growing Real Estate Market

The Greek real estate market has also shown remarkable growth in recent years. The number of property transactions has increased, and the demand for properties in the capital and many other islands across the country has been particularly high. In 2021, Greek real estate was listed as one of the top five destinations for overseas property investment by Forbes.

One factor contributing to the growth of the Greek real estate market is the “Golden Visa” scheme. This program granting residency by investment to non-EU citizens allows young investors and retirees alike, to own a property in Greece and enjoy safety, security with their loved ones, and proximity to top worldwide destinations at the same time. According to Kyriakos Mitsotakis, the Greek Prime Minister, the required minimum investment for the Greek Golden Visa program will rise from 250,000 to 500,000 euros. Starting on May 1st, 2023, the minimum investment required for the Greek Golden Visa program has been raised to 500,000 EUR.

The Greek economy has come a long way and the country’s efforts to stabilize it have paid off, with increased investor trust and confidence. With the government’s commitment to economic reforms and investment incentives, the Greek properties’ market is a promising, profitable, multifaceted venture opportunity for investors with diverse ultimate objectives.

Estia Developments is a prime Real Estate Developer that creates properties of the highest quality matching every lifestyle for families and individuals in pursuit of their dream home in Greece!

INVEST IN GREECE & OWN YOUR FOREVER HOME Learn more about our projects on ESTIADEVELOPMENTS.COM or contact our experts: +30 2114112112