The Greek real estate market is attracting foreign investors, despite bureaucratic and other obstacles that continue to hamper deals.
And in the coming years, despite the worsening economic climate, investment interest will continue. This was the general assessment expressed by leading representatives of the Greek real estate industry at the Prodexpo conference, which took place at the end of October. “Greece continues to attract interest from foreign investors, with companies leasing office space and greenfield projects being implemented over the last 2-3 years”noted Arbitrage RE partner George Vitoulas.
According to Solum PY Gloval Managing Director and RICS Greece Advisory Board member Panos Charalampopoulos, demand is high and supply is low.
“Everything that is being built anew becomes unaffordable, while government agencies and funds have a lot of free real estate, the price increases for which are uncontrollable.”, noted Mr. Charalampopoulos. He added that there are 150,000 properties on sharing platforms and it is necessary to look at how these properties can appear on the market.
There is also cautious optimism for 2024 as the Greek property market is estimated to be moving at reasonable prices and remains one of the cheapest markets in Europe so far in terms of price per m2.
Political and economic stability plays a crucial role in attracting foreign investment. This was pointed out by Ten Brinke Hellas CEO Fotis Giofthios. “The country offers great prospects for investment. We need to focus on what the country offers and identify opportunities,” he said, adding that banks and servicers have plenty of real estate that can meet investors’ needs.
Real estate agency Greece Home Invest
Sotiris Bakagiannis, CEO of Intracom Properties, noted that Greece is in a different position compared to the rest of the world, thanks to the stability that has been created in recent years. “Greece performs best as a global tourism and investment hub,” – said Bakagiannis, believing that the market will continue its positive dynamics, despite rising construction costs and high interest rates.
Antonis Markopoulos, co-founder and CEO of Prosperty, emphasized that in an era of high interest rates and many problems, the paradox is that in Greece the problem is affordability.
Minas Dimos, founder of Plasis Real Estate + Development, noted that in the real estate market supply lags behind demand, and prices in some areas are rising rapidly.
“For example, in southern Attica, in the area bearing the name “Athens Riviera“, properties are offered at prices ranging from 7,000 to 20,000 euros/sq. m.” Mimos explained, noting that about 50% of residential property buyers are foreigners.
Difficulties
Dimitris Andriopoulos, CEO of Dimand, even suggested that in the next two years our country will face difficulties in attracting foreign investment and pointed out the need “seriously address the limited ability of companies to complete the large backlog of projects.”
George Vitoulas, Partner at Arbitrage RE, also highlighted the irregularities seen in contractors bidding for projects across the country, highlighting that “There are great difficulties in implementing projects and meeting schedules.”
According to Kostas Markazos, CEO of Premia, in order for Greece to compete with foreigners, “We should not be content with what pulls us along, for example, we do not have a land registry, but we experience inconvenience.”
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