Santorini Invest participated in the economic forum THE GREEK REAL ESTATE MARKET INVESTMENT OPPORTUNITIES organized by the Economic and Commercial Section of the Greek Embassy in Vienna and the Austrian Chamber of Commerce, on Tuesday 17/5.
Our team professionally informed the audience about the opportunities in the Greek real estate market.
The Greek real estate market collapsed by 47.7% in the course of the deep financial crisis from 2007 to 2017. The trend reversed only in 2018. A steady recovery set in relatively unnoticed. Since then, property prices have increased by 30-32% in Athens, 21-25% in Thessaloniki and 9-14% in the other major cities.
Foreign real estate investments in Greece increased by +172.1% in 2018 and by a further +28.5% in 2019. Only the pandemic year 2020 saw a temporary setback. According to the Central Bank of Greece, they amounted to 797.2 million euros in the first 9 months of 2021, compared to 592.0 million euros in the first nine months of 2020.
A PwC report on global real estate trends forecasts Athens 2022 to have some of the strongest growth prospects in all of Europe.
A special demand is developing for holiday properties and second homes. However, due to a lack of construction activity during the 10-year economic crisis, strong interest is met with limited supply. The market potentially faces a years-long boom. The entry prices are still very low compared to other EU Mediterranean countries.
The return of the Greek real estate market is supported by a robustly growing economy, which recorded a plus of 8.5% in 2021. Growth of around 4% is expected for 2022.