In the past years, due to the baptism of the Greek economic crisis, housing prices in cities other than the capital, Athens, have continued to decline significantly. However, in the past two years, real estate prices have risen noticeably. This change is largely related to the improvement of the economy, the development of the tourism industry, and the opportunities brought by the "Belt and Road" initiative. In the past two years, the Greek real estate market has become increasingly popular domestically, with many domestic investors turning their attention to Greek real estate. Next, we will analyze the reasons for the rebound in Greek real estate prices over the past two years.
1. Economic Improvement
Although Greece has suffered from an economic crisis, the economy has now seen significant recovery and development. In the first half of 2017, 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%, which, although below expectations, still represented good growth. According to relevant data, Greece's unemployment rate had dropped to 18% by December 2018, the lowest level since July 2011. All of these indicators demonstrate the positive development of the Greek economy, and under such economic conditions, Greek real estate prices are bound to continue rising.
2. Development of the Tourism Industry
Greece has been vigorously developing its tourism industry due to its unique conditions, which plays a crucial role in boosting the Greek economy. Over the past four years, there has been a surge in tourism in Greece. For example, in 2017, the tourism industry contributed 35 billion euros to the Greek economy. The development of tourism will inevitably drive the growth of related industries, whether in hotels, dining, or short-term rentals, all of which have seen significant development, further promoting the increase in Greek real estate prices.
3. New Opportunities from the "Belt and Road" Initiative
The "Belt and Road" initiative has established a strong bridge between China and Greece, enabling better communication, mutual learning, and mutually beneficial cooperation between the two countries, leading to common development. As a European pivot of the "Belt and Road" strategy, Greece is highly favored by Chinese investors. Many Chinese people are still quite enthusiastic about real estate investment, and a large number of investors are investing in Greek real estate, which will inevitably lead to a continuous increase in real estate prices.