In the middle of difficulty lies opportunity.

Albert Einstein

Greek Property Market Outlook and Economic Background

Greece is one of the most lucrative real estate markets in Europe. For value-oriented investors, this country is pinpointed as a leading destination on their asset allocation maps for 2021 – 2022

Thanks to Greece’s successful response to the first wave of the Covid-19 epidemic, this Mediterranean country has won much praise from World leaders and was even one of the first countries to open its skies to tourists in Summer 2020!

For the past decade, Greece has faced a deep economic crisis that culminated in July 2015. As a result, property prices this European country have decreased by about 40% all over the country and in some areas, over 80% was recorded from 2008 till 2016.
Starting from 2017 the country shows notable signs of recovery. The Greek economy grew by around 2% in 2019, according to the International Monetary Fund (IMF) – the highest growth since 2007.

It has improved in a several essential economic parameters, such as:

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GDP grew 1.9% in 2019 compared to last year as per OECD data

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A substantial rise in the number of building permits: it soared 24.5% to 11,744 building permits during the first nine months of 2019 according to the Hellenic Statistical Authority

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Massive governmental investment in infrastructure

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Greece’s political debt continues to reduce

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Credit rating increase to B1 (stable horizon)

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The National Minimum Wage (NMW) was increased to 758.33 EUR/Month in 2019 from 683.76 EUR/Month in 2018 as per Trading Economics

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The Athens Stock Exchange rose 16% in the first quarter of 2019

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The Greek unemployment rate in 2019 fell to 16.3% of the workforce according to the Greek Statistical Authority. It is the lowest level since April of 2011 (About 27% in 2014 – 2015)

Key Factors for Investing in Greece in 2021 – 2022

  • The Greek real estate market is steadily on the rise.
  • Yield and potential upside are among the highest in the world.
  • Three years suspension of VAT payments on any new building permits as well as those to be made on unsold properties built after January 1, 2006.
  • Reduction of the single property tax (ENFIA).
  • Tertiary education in Greece is free for Bachelor’s degree and Doctoral degree programs. In respect to this fact, Greece has the highest enrolment rates in Bachelor’s programs of all OECD countries with the highest number of students to population ratio. There is a significant shortage in student dormitories, and students turn to the private market for apartments and rentals.
  • Greece is one of the most visited countries in the world. The country welcomed around 35 million foreign tourists in 2019. It is estimated it will account almost one-fourth of the country’s GDP with 42.5 million tourists by 2028, according to the World Travel & Tourism Council (WTTC).
  • Room rates at Greek hotels are projected to rise by 2-4 % in 2021 according to BCD Travel’s 2020 Industry Forecast.
  • A significant increase in Airbnb usage due to a shortage of hotel rooms in Greece, increased the demand for rental apartments for the local market. According to the Airbnb website, the demand for vacation apartments in Athens has increased by 66% a year since 2010.
  • Greece’s ‘Residence Via Property Purchase’ program is the most beneficial in Europe. The investment which is required for the issuance of the “Golden Visa” is €250,000 and is the lowest investment level in Europe

Finders Assets Assortment

Our continuous trustworthy business relationships and networking with all local property professionals allow us to reach the best exclusive opportunities at below-market prices. Our extensive range of properties includes commercial and residential buildings which could be converted into apartment hotel or students’ accommodation, operating hotels or hotels’ chains, offices, shops, small projects suitable for flipping, buildable plots of land, and luxury villas.

Privately owned assets:

Villas / Luxury Villas – private vacation properties suitable for rentals

Properties for renovation – properties with a high ROI potential

Residential buildings and apartments

Hotels – operating or were operating in the past

Commercial assets – offices, shops and more

Complexes – shared complexes perfect for tourist rentals

Land – for self-build and custom projects

Islands – registered in a private land registry

Governmental assets:

Hotels – active/inactive hotels, some controlling natural resources

Land – areas designated for development

Commercial Assets – a wide range of commercial properties a possible zoning change

Islands – for leasing and development

Office Buildings – Leasing to a Government / State entity

Banks Assets:

Debt Repayment – acquisition of ownership through property debt repayment

Asset realization – forfeited assets in the realization stage

Red Loans – Assets declared “problematic” due to tardy loan payments

A Real Estate backed debt buying – buying property ownership rights, including debt carried by property

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