In contrast to new international challenges the Real Estate market in Greece has proven to be unaffected. This is evident through the continues positive trend in the Real Estate market and with the prospects in the construction sector, which is directly linked to the real estate sector, being positive. Consequently, many potential property buyers have been encouraged to invests in Greece.
Interest in purchasing property in Greece will continue to increase as the Greek market is diversified in terms of its characteristics, according to the latest report published by the Bank of Greece. Attractive property prices in combination with the absence of new unforeseen events and especially high-end properties have been the driving force behind property buyers choosing to invest in Greece. As seen by the increase of housing investment and the maintenance of its dynamics, confirmed a 36.1% increase in investments in housing in 2022 and a positive business expectation for housing construction rising further in the same year, on an annual basis by 4.0%. Correspondingly, in terms of construction projects (private construction), the business expectations index improved by 16.6 points in March compared to the previous month, rising to the highest level recorded since 2000.
Continuous improvements of the infrastructure and the upgrading of the existing building stock are expected to maintain the attractiveness of the market and its current dynamics as estimated by the Bank of Greece implementing both National Recovery and Resiliency Plan. In accordance to estimates by the Bank of Greece, the strong real estate markets of Europe seem to be already making significant advancements in the number of transactions, prices and earnings.
Yiannos Trisokkas being the Founder, CEO & Partner at Velment stated the following when asked to comment on the current state of Greece’s Real Estate market: ‘’ It is encouraging to see that even though 2022 was a year of world turmoil for many other countries, Greece prevailed with significant growth in its Real Estate market. Positive expectations for the market and undiminished investment interest for both to residential and commercial real estate prices, especially in highly commercialized areas have attracted the eyes of many of our clients. It goes without a question that we share such a positive outlook to Greece’s Real Estate market due to its strong, diversified characteristics that have proven to withstand external pressures, making it a safe, smart and tactful investment by potential property buyers’.
