Why Invest in Greece: A Destination Drawing Investors From Around the World
April 26, 2024 · Greece · 12 min read
In recent years, Greece has emerged as one of Europe’s most attractive investment destinations. The Greek real estate market has shown steady growth, supported by effective government policies and measures.
In recent years, Greece has emerged as one of Europe’s most attractive investment destinations. The Greek real estate market has shown steady growth, supported by effective government policies and measures.
For foreign investors looking to invest in Greece, the Greece Golden Visa program is regarded as one of the most attractive routes to residency. Under the program as it stood at the time of writing, non-EU nationals could obtain a Greek residence permit by investing at least €250,000 (approximately US$280,000) in Greek real estate, with a potential pathway to Greek citizenship. The Greek passport ranks among the world’s strongest, offering visa-free or eVisa access to 190 destinations worldwide.
For investors weighing residency or citizenship by investment, a natural question follows: beyond securing EU residency, does it make sense to invest in Greece’s real estate market? We believe it does. This article explains why the Greek property market has become such an attractive and promising destination.
The Greek real estate market had a remarkable 2023, marked by rising property prices and broader economic growth. In 2024, Greece is strengthening its position alongside Portugal, Spain, and France as one of Europe’s leading real estate markets for foreign investors. With the Greece Golden Visa program drawing significant investor interest, the sector offers strong prospects and growth potential, making Greece a leading destination for property investment.
Greece by the numbers
EY’s “Greece Attractiveness Survey 2023” shows a marked improvement in Greece’s ability to attract foreign direct investment (FDI), with further potential ahead. The number of FDI projects in Greece grew 57% in 2022, compared with just 1% across Europe. Investor perceptions of Greece’s appeal remain positive, with several key indicators improving further: 40% of respondents said they intend to invest or expand operations in the country, the highest share since EY began the survey in 2019.
Greece recorded its best FDI performance since 2000. According to the EY European Investment Monitor (EIM), Greece attracted 47 FDI projects in 2022, up 57% from 2021 — further evidence of international investors’ strong confidence in the Greek economy as a whole.
In the real estate market specifically, amid the fight against inflation and rising interest rates, property prices in Greece have risen continuously since 2021. In 2022 alone, prices per square meter rose by approximately 8–10%. Alpha Bank data for Q1 2022 painted an optimistic picture of the Greek real estate market, showing strong annual growth in residential investment of 18.6% and annual growth in nominal residential property prices of 8.6%.
By the end of 2023, Greece had seen a significant rise in real estate transaction volumes, attracting both domestic and international investors. The data show that the Greek property market is thriving, driven mainly by growing interest from foreign buyers. Put simply, Greek real estate is now an attractive destination for property investors, offering a wide range of asset types: commercial real estate, high-yielding private rental apartments, student housing projects, and luxury villas.
How the Golden Visa program is driving foreign investment in Greek real estate
The Bank of Greece reports that foreign investor participation in the real estate market rose 60% in 2022 compared with the previous year, with total investment of approximately €1.28 billion. According to recent data from the Greek Ministry of Migration and Asylum, the Golden Visa program has channeled approximately €5.54 billion into the country’s real estate market over the past decade.
Rising demand for the Greece Golden Visa has played a key role in driving growth across the country’s real estate market. In the first half of 2023, foreign investors in the program invested more than €1 billion in real estate, triple the €361 million recorded in the same period a year earlier.
In August 2023, new rules took effect raising the minimum investment threshold. In early April 2024, the Greek government raised the minimum again, to €800,000 in central and high-demand areas and €400,000 in all other areas.
Economic revival puts Greece back on the global investment map
The financial crisis and recession hit Greece’s economy hard and plunged the country into deep turmoil. Thanks to the efforts of both the government and the Greek people, however, Greece has become one of Europe’s economic bright spots, restoring investor confidence and drawing investors from around the world.
As of 2023, a total of 22,298 residence permits had been issued under the Golden Visa program. Applications reached a record 8,351 in 2023, up roughly 100% on the previous year. That record made the Greece Golden Visa widely regarded as the world’s most popular golden visa program in 2023.
At the time of writing, although the Greek government had officially raised the program’s minimum investment effective March 31, 2024, investors could still apply under the €250,000 threshold then in force, provided they paid a 10% deposit before August 31, 2024, and completed the investment before December 31, 2024.
This period was therefore seen as the final window to invest in promising real estate projects in prime locations from €250,000. IMM Group presents projects suited to different investor criteria, from the student housing project Arish Wonderwall, at the €250,000 qualifying investment level, to the premium apartment project Iliso Suites in Athens and the apartment and resort villa project Aphrodite on the island of Crete. All projects are delivered by established developers with long track records in the market, selected to support both the residency application and the value of the investment.
Arish Wonderwall project
Iliso Suites project
Aphrodite II project
Benefits of a Greek Golden Visa residence permit:
- Access to healthcare, education, and other services in Greece, subject to local eligibility rules.
- Visa-free travel within the 29-country Schengen Area, for stays of up to 90 days in any 180-day period.
- After 7 years of residence in Greece, you may be eligible to apply for Greek citizenship, subject to Greece’s naturalization requirements. Once naturalized, family members, as EU citizens, could live in any EU member state. The Greek passport offers visa-free or eVisa access to 190 destinations.
If you are interested in Greece residency by investment programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.
