Real Estate


In the first six months of 2018, purchase prices in Athens were at an average value of € 1,500 / sqm. Real estate prices are thus twice as low as in Lisbon, three times cheaper than in Madrid, Barcelona or Berlin.

According to the bank of greece, real estate was 44% cheaper at the end of 2017 than the last high of the 2008 prices. Real estate prices in Athens reached a low point in December 2017, prices have risen steadily since then.

Short breaks in Athens enjoy increasing popularity and also rents go up. In the the popular area of Koukaki, rents have risen by 35% in the last 12 months.  At the national level, rents have risen by 8.4% compared to 2017, and vacancy in the residential real estate sector is steadily declining. A large demand for short-term accommodation such as Airbnb or Homeaway is causing a decline in long-term tenants and an increase in rent - especially in the city center.

In 2018, rents in almost all regions of Greece increased - in Thessaloniki it was 14.4% compared to the previous year. In Athens, rents have increased by 20%, in Glyfada by 12%. Over the next few years, dozens of new hotels will be opened in Athens. According to ELSTAT, the number of building permits rose by 6.5% in the first quarter of 2018. From April 2017 to March 2018, 14k building permits were granted. Clearly lower than in 2008, when 65k licenses were issued. Nevertheless, it can be seen that there is a recovery of the construction activity.

"In this economic phase, construction activity is almost exclusively closed to those who have secured liquidity of the bank taps. As a result, foreign investors are the first funds to place in the Greek real estate market, " says president of the Association of companies for the quality and development of structures (Stepak), Petros Papaioannou.

The Greece Housing Price Index is expected to stand at 64.00 in 12 month’s time. In the long-term, the Greece House Price Index is projected to trend around 66.00 Index Points in 2020, according to econometric models




Tourism in Greece has been a key element of the economic activity in the country, and is one of the country's most important sectors.

Greece has been a major tourist destination and attraction in europe since antiquity, for its rich culture and history, which is reflected in large part by its 18 UNESCO World Heritage Sites, among the most in Europe and the world.

In the recent years Greece has simplified procedures of renting non-hotel accommodation introducing legislation aimed at removing bureaucratic obstacles. (Laws 4254/2014, 4276/2014).

Foreign tourist arrivals in Greece rose by 10 % percent year-on-year to 3 million in September 2018. Tourist Arrivals in Greece averaged 1,2 million persons from 2007 until 2018, reaching an all time high of 3,8 million persons in July of 2018 and a record low of 140.000 persons in February of 2013. Recent numbers are making Greece one of the most visited countries in Europe and the world. Tourism is contributing 18% to the nation's Gross Domestic Product. Its capital city Athens, as well as Santorini, Mykonos, Rhodes, Corfu and Crete are someof the country´s major tourist destinations.

Greece in January saw a remarkable 53 %  increase in travel receipts to 232.4 million euros, according to the travel services balance.

In January 2018, travel receipts in Greece had amounted to 152 million euros. A rise recorded for the first time in the history of Greek tourism to over 660,000 travelers.

Tourist arrivals in Greece are expected to be 4 million persons by the end of this quarter. Trading economics estimates tourist arrivals in Greece to stand at 1,8 million in 12 months time




According to the latest Bank of Greece data, net Foreign Direct Investment inflows during 2017 reached € 3,2 million vs. € 2,5 million during 2016, an increase of 28 %, marking a record for the last decade.

Investment activity in Greece originates primarily from companies in major markets such as the EU. Germany (primarily) and France are the top source countries of investment capital during this period (2007-2017), by a large margin, mainly due to the investment of Deutsche Telecom in OTE and the acquisition of Greek banks by French ones, during prior to the beginning of the crisis.

Switzerland, USA, Canada and China (including Hong Kong) also belong to the top ten source countries of foreign investment in Greece during the last decade, increasing significantly their investment presence during the last few years. Companies from China, Great Britain and Italy invest primarily in infrastructure and tourism.

The Chinese shipping company Cosco has bought 51% of Athens' port Piraeus. China Energy Investment Corporation, one of the world's largest energy companies, has been investing in renewable energy since July 2018. The Italian state railway company bought the Greek trainose in 2017 and is expanding the infrastructure network, especially to Italian ports. The world's largest tourism tour operator Thomas Cook is going to invest € 150 million in the Greek market in 2018. The tourism industry is the driving force.

50 % of all funding under Greece’s development law has been channeled into tourism ventures, while more than 400 investment plans have been submitted in the last three years to the tourism ministry, said Secretary General for Tourism Policy George Tziallas speaking at MIPIM property market event held in Cannes. The dynamic growth of tourism is stimulating investment activity in Greece, which can in turn create jobs and new opportunities for local communities.