Following the economic crisis, Greek property prices hit rock bottom. However, they have seen a significant increase over the past two years. This shift is largely attributed to the country's economic recovery, the development of its tourism industry, and the opportunities brought by the Belt and Road Initiative. Many have recognized this potential for growth and are choosing to immigrate to Greece.
I. Economic Recovery
Although it suffered from an economic crisis, the Greek economy has now experienced significant recovery and development. In the first half of 2017 alone, Greece's fiscal surplus reached 1.936 billion euros, achieving an annual growth of 18.63%. In 2018, Greece's economic growth rate was 1.9%; while lower than expected, it still represented solid growth. According to relevant data, the unemployment rate in Greece fell to 18% in December 2018, the lowest level since July 2011. These figures demonstrate the positive development of the Greek economy, and under such economic conditions, Greek property prices are bound to continue rising.
II. Development of the Tourism Industry
Leveraging its unique advantages, Greece has been vigorously developing its tourism industry, which has played a crucial role in driving the Greek economy. Over the past four years, tourism in Greece has experienced a boom; for instance, in 2017, the tourism sector contributed 35 billion euros to the Greek economy. The development of tourism inevitably drives the growth of related industries, and sectors such as hotels, catering, homestays, and short-term rentals have all seen substantial development, which in turn has contributed to the rise in Greek property prices.
III. New Opportunities from the Belt and Road Initiative
The Belt and Road Initiative has built an excellent bridge between China and Greece, enabling better exchange, mutual learning, mutually beneficial cooperation, and shared development between the two countries. As a European pivot for the Belt and Road strategy, Greece is highly favored by Chinese investors. Most Chinese citizens are quite keen on real estate investment, and the influx of a large number of investors into the Greek property market is bound to drive property prices higher.
