By Teti Igoumenidi

 

Foreign direct investments in real estate increased by 68% in 2022 compared to 2021, according to data recorded by the Bank of Greece.

 

In total, foreign direct investments in real estate amounted to 1.975 billion euros, compared to 1.176 billion a year ago and 875 million in 2020.

 

This is the highest amount of foreign direct investment in real estate that has been recorded in Greece historically, with the second largest being that of 2019 (1.450 billion).

 

The largest part of these investments comes from citizens of countries outside the European Union.

 

Last year, investments in Greek real estate by nationals of eurozone countries were 590 million, compared to 473 million and 324 million in 2021 and 2020. From EU countries outside the euro zone last year it was 106 million in 2021, 71 million and in 2020, 43 million euros, while from the rest of the world 1.268 billion, 628 million and 507 respectively.

 

Of the euro zone countries, the Germans (160 million) and Cypriots (134 million) have made the most property purchases in Greece, the same in 2021 (Germans 125 million and Cypriots 126 million).

 

Last year, properties worth a total of 166 million were purchased by US citizens (78 million in 2021 and 62 million in 2019). Accordingly, from citizens of Singapore real estate worth 114 million (37 million in 2021 and 63 million in 2019) of the United Arab Emirates 78 million (29 million in 2021), of the United Kingdom 71 million (49 million in 2021), Israel 88 million (44 million in 2021 and 66 million in 2019), Turkey 46 million (9 million in 2021 and 14 million in 2019) Lebanon 20 million (11 million in 2021).

 

Main reason for the recovery

 

Foreign interest in real estate in Greece was one of the main reasons for the recovery of the real estate market, after the ten-year financial crisis, and to the extent that it continues, it contributes to maintaining the upward trend in real estate prices.

 

Part of the investments of foreign nationals in real estate are made within the framework of the golden visa, the granting regime of which changes from the beginning of May, unless the information is confirmed that the application of the new framework is about to be postponed by three months.

 

The relevant amendment that has been voted provides that the minimum value of the real estate for obtaining the golden visa is determined from May at 500,000 euros for the Regional Units of the North, Central and South Sectors of Athens of the Region of Attica, the Municipality of Thessaloniki and Mykonos and Santorini  islands .For the rest regions, the minimum value of real estate for the granting of a golden visa remains at 250,000 euros.