Greece set a record for real estate investment in 2019, with foreigners investing €1.45 billion in square meters in the country over 12 months. A new form of EUR 1.98 billion was recorded in 2022, almost 40% above the previous record, with the fourth quarter being even more profitable.
The years of pandemic and lockdown did not prove to be the most profitable for the investment sector in Greece. While the world was on pause, many did not dare to spend money on buying a home abroad. But in 2022, the situation changed radically; foreign investors spent almost €2 billion on square meters in Greece, 68% more than in 2021.
The fact is that the volume of investment during the year could have been more stable. The announcement of the changes to the terms of the Golden Visa program had a huge impact, as the inflow of foreign money into the country's budget increased significantly. During the fourth quarter of 2022, foreign investment in the Greek real estate market amounted to €698.5 million – 84% more than the corresponding period of the previous year and almost as much as during the first three quarters of the year.
There is no publicly available information on how many people decide to buy an apartment in Greece to move and how many people choose to rent it for short-term rentals. With all its advantages and the demand for short-term rentals in a country with a strong presence in the tourism industry, the Golden Visa has been the decisive factor in the record increase in demand for real estate from foreign nationals.
Also, the restart of the economy after the pandemic and the simultaneous explosive increase in demand for tourist destinations have influenced the demand for real estate in Greece. Relatively low prices for the housing market and steadily rising prices for short-term leases have contributed to an increase in the number of people willing to invest in the real estate sector, not necessarily for Golden Visa, but also for capital appreciation.