Greece – developing tourism and investments in real estate

Greece – developing tourism and investments in real estate 

Tourism is the sphere of the economy constantly developing all around the world. It becomes more evident now when the world is “awakening” after the covid pandemic. This tendency of special importance for Greece as tourism comprises a significant share of its economy. 

 

Tourism sphere in Greece

Mr. Bakasa commented on this: “Our country, undoubtedly, may become «an apple of discord» for world tourism in the coming years. The tourism industry plays a major role in the overall GDP of the country and it continues to grow. Rich history, culture of Greece as well as its natural beauty and seaside resorts all contribute to this. Besides, tourists are attracted by relatively low prices in Greece comparing to Western Europe 

According to a study conducted in September 2020, Greece ranked seventh on the list of the most popular destinations for tourism in the world after: 

▪ Spain; 

▪ France; 

▪ Italy; 

▪ Germany; 

▪ United Kingdom; 

▪ USA. 

Taking into account only guests from European countries, Greece firmly occupies the sixth place, surpassing the USA. In the markets outside Europe the country falls to tenth position. Popular destinations in Asia (Thailand, Japan) and Mexico are outrunning Greece. 

 

Investments in real estate in Greece and Cyprus 

The Greek tourism sector creates favourable investment opportunities and conditions. Despite the coronavirus pandemic, 16 new hotels have already been built around Athens. It is expected that they will open and receive the first guests in the foreseeable future. 

 Mild climate, vibrant nature and warm sea attract a large number of buyers in Cyprus and other parts of Greece. Foreign citizens purchase private housing (apartments, villas and cottages) as well as various commercial properties: hotels, commercial pavilions, etc. 

 The former tend to spend their holidays in purchased houses. Many people choose Greece for permanent residence. The latter plan to develop business in a European country with a prospective economy and comfortable conditions for business activity. 

 Today tourism, foreign investment in real estate and other economic sectors play an important role for Greece. They form a major part of the post-pandemic economic development strategy. 

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