In the middle of difficulty lies opportunity.
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:
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.