As the Greek economy recovers, the market is becoming increasingly attractive following adjustments and reforms. At the same time, the price of the Greek Golden Visa program is set to increase, and the window for low-cost EU residency is closing. Investors should seize the current opportunity to make informed investment decisions.
In a recent interview, the Prime Minister of Greece announced that the country plans to repay 8 billion euros in loans ahead of schedule, marking the largest such repayment in Greece's history to date. The Greek government's decision to repay debt early not only reflects a robust economy but also serves to further stimulate Greece's economic development.
The Greek government's decision to repay debt early not only highlights the strong momentum of the Greek economy but is also expected to further promote its sustained prosperity and development.
Recent data from various sources indicate that the Greek economy is showing a comprehensive recovery. The continued prosperity of the Greek tourism industry is constantly injecting vitality into the country's economic development. The overall recovery of the Greek economy is also driving up housing prices.
Record Growth in Greek Tourism
According to data released by INSETE, the research institute of the Greek Tourism Confederation (SETE), the number of international visitors to Greece reached a record high of 4.9 million in the first four months of 2024, an increase of 420,000 compared to the same period last year. It is estimated that the total number of visitors for 2024 will reach 34.5 million, and is projected to reach 40 million by 2028, continuously promoting Greece's economic development.
Greek Apartment Prices Rose by 10.4% in Q1 2024
Investment opportunities in the real estate market have consistently attracted foreigners targeting residential and tourism properties. According to data from the Bank of Greece, apartment prices in Greece rose by an average of 10.4% in the first quarter of 2024 compared to the same period in 2023. Increased demand coupled with limited supply has provided new upward momentum for apartment prices.
Specifically, broken down by property age, the price of new apartments under five years old increased by 10.8%, while the price of apartments over five years old increased by 10.1%. The average increase in apartment prices was 13.8% in 2023 and 11.9% in 2022. By region, compared to the same period in 2023, apartment prices in the first quarter of 2024 grew by 9.4% in Athens, 12.2% in Thessaloniki, 10.3% in other major cities, and 12.1% in the rest of the country.
Foreign Buyer Demand Rose by 11.8%
According to the latest survey by Spitogatos, foreign investor interest in the Greek real estate market continued to increase in the first quarter of 2024, with demand rising by 11.8%, following a 5% increase in 2023 compared to 2022. Meanwhile, demand for housing among local Greeks is declining.
Foreign investment interest primarily comes from countries such as the United Kingdom, Germany, and the United States. Most buyers focus on the main city of Athens, the southern coast, and the Halkidiki peninsula, which is rich in tourism and beaches. In particular, the Athens Riviera and the development of the new Athens CBD have attracted more buyers to invest in luxury residences along these areas.
Real Estate Sales Increased by 34%
With the recovery of the Greek economy, real estate sales in Greece have increased. According to data from the Independent Authority for Public Revenue (AADE), real estate worth 18 billion euros changed hands last year. Real estate sales in 2023 increased by 34% compared to 2022, and data shows that sales in 2024 will continue to remain high.
According to European Commission data, Greece's economic growth rate is expected to remain above the EU average, with an overall economic growth rate projected to reach 2.2% in 2024. This will further drive investment activity in Greece and the overall resilience of the national economy.
All signs indicate that the Greek economy has fully recovered, and positive signals for investment are appearing frequently. Visionary investors have already taken the lead in seizing the Greek real estate market. If you also have needs regarding overseas status, asset allocation, or children's education, you must act in advance!
The Greek Golden Visa program will see a price increase starting September 1st. If you wish to seize the final opportunity to apply for Greek immigration under the old policy (i.e., the 250,000 euro low-cost immigration program), you must pay at least a 10% property deposit to the developer's Greek account by August 31, 2024, and pay the full amount and complete the property transfer procedures by December 31, 2024. Now is the best time to act; locking in the policy and getting on board is the most suitable choice at this moment.
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