by Katerina Atsi

 

 

Greek real estate appears to be particularly attractive for foreign investors. According to data from the Central Bank of Greece, only in the first half of this year, investments reached 788 million euros, an amount increased by 61% compared to the corresponding period last year.

 

Regarding the last 10 years, according to the same report, foreign buyers have spent 6.576 billion euros in the Greek real estate market, with Asia and specifically China, either directly or through Hong Kong and Singapore, holding the lion's share in capital inflows. On the contrary, funds of only 2 billion euros, (percentage 34.5%), came from the countries of Europe.

 

Special mention should be made to American buyers of Greek real estate, as in recent years there has been significant interest from expatriates. The "unknown" Greece, entered the radar of American investors in October, when a delegation of 22 brokers and representatives of brokerage offices - members of the Mainstreet Organization of Illinois, visited and were informed about investment opportunities in Alexandroupolis, Kavala, Thessaloniki, Ioannina, Parga, Patras, Aigio , Corinth and Athens.

 

The Airbnb opportunity

 

Spearheading the demand for Greek real estate is the return of high yields in short-term leases, after the end of the lockdowns and the revival of the Greek success story in tourism this year.

 

In fact, according to a survey by the European Travel Commission (ETC), Greece is in the top five - behind France, Spain, Italy and Germany - as an option for travel in the next six months, a large part of which belongs to the winter season.

 

The country's popularity also explains the increased entry of new accommodation into the short-term rental market. Data presented a few days ago by the Hellenic Chamber of Hotels based on a study by the consulting company Grant Thornton showed that the turnover generated by short-term leases corresponds to 14.41% of the total economic activity of Greek tourism. The number of properties available from the platforms is estimated at 129,000 this year from 57,000 in 2016.

 

Τhe Golden Visa program

 

An incentive for investments in Greek real estate was the Golden Visa program, which provided for the granting of a residence permit and the right to move to the countries of the Schengen Zone, to any foreign investor who buys a property worth 250,000 euros or more.

 

Today the specific program is under review, with the most basic change being planned, concerning the doubling of the minimum required investment amount, from 250,000 euros to 500,000 euros.