WHY INVEST

In 2023, the housing market in the country experienced substantial price growth, with apartment prices rising by 13.4% year on-year. The Greek real estate market has continued its trajectory of growth and development in 2024, driven by increased foreign direct investment, government incentives, and key infrastructure projects.

Greece continues to be an attractive destination for both investors and homebuyers, offering relatively affordable options compared to other European markets. The price per square meter for new apartments in Athens currently ranges from €4000 to €5,500, coming off a rather low base of close to €3,000.

To provide greater context and comparison, we can look at the historical impact of the Portuguese Golden Visa on the real estate market in Lisbon. Early investors were purchasing prime property at approx. €4,000 per square meter, and ten years later these same properties are commanding €12,000 per square meter. We expect a similar gradual and sustained price increase in Athens due to the ramped-up demand for the Greek Golden Visa.

Furthermore, for the first time we are seeing large scale regeneration projects such as the Ellinikon in Athens, which is paving the way for a new modern real-estate market. The Ellinikon is a new ‘smart’ and ‘green’ city on the Athens Riviera and constitutes the largest urban regeneration project in Europe with over 10,000 properties master planned.

All this points to an interesting real-estate marketing going forward, with potential for good capital gains, decent yields and a Plan B option with access to Greece and the greater Schengen area.

Richard Haller

Managing Director

Offshore Real-Estate and Investment Migration