Greece Real Estate Foreign Investment Exceeds 50% of Total FDI
October 24, 2024 · Greece · 8 min read
Greece real estate foreign investment accounted for 54% of total foreign direct investment (FDI) into the country, as the Greek economy shows positive signs of recovery and growth.
According to the Bank of Greece, real estate accounted for 54% of total foreign direct investment (FDI) into the country in the first six months of 2024, reflecting growing interest from international investors. This comes as the Greek economy shows positive signs of recovery and growth.
The growth of real estate investment in Greece
In the first half of 2024, the Greek real estate market further cemented its position as a major draw for FDI, accounting for more than 54% of total FDI inflows, concentrated mainly in the residential segment.
According to Bank of Greece data, total FDI into the Greek economy reached €2.1 billion, of which €1.14 billion — equivalent to 54.2% — went into real estate. This is a record high, continuing an upward trend that began in early 2023.
In Q1 2024, real estate accounted for 43.3% of FDI, at €520 million. The second quarter told a different story: the share rose sharply as foreign capital for property purchases reached €622 million, while total foreign investment in the Greek economy did not exceed €900 million, lifting real estate’s share of FDI in that quarter to nearly 70%.
One reason real estate attracts so much investment is the Greek government’s incentive policies, including the Golden Visa program, which allows foreign nationals to obtain a residence permit by investing in property. This has drawn substantial capital from many countries, including China and a number of European countries.
Although the government has introduced changes to the Golden Visa program, the Greek real estate market is still viewed as having long-term growth potential and continues to attract strong interest from international investors. Factors such as possible interest rate cuts by the European Central Bank (ECB), easing inflation, and improving global macroeconomic conditions are expected to help revive demand for real estate investment in Greece.
In addition, Greece’s infrastructure improvements and the recovery of tourism and services also help sustain the market’s appeal. Foreign investors continue to see long-term capital appreciation potential, especially in coastal areas, well-known islands, and major city centers.
Greece Golden Visa – a route to European residency and visa-free travel in the Schengen Area
The Greece Golden Visa program is one of the key reasons Greek real estate has become an attractive investment destination. The program grants a residence permit to foreign investors who purchase property worth a minimum of €250,000 (approximately US$280,000). Under the program, the investor and their family — a spouse, children (unmarried and under 21, or financially dependent), and the parents of both the investor and the spouse (no financial dependency required) — receive the right to reside in Greece, along with other benefits:
- Visa-free travel across the 29 Schengen countries, with stays of up to 90 days in any 180-day period.
- Freedom to live anywhere in Greece.
- Access to healthcare and education in Greece.
- After 7 years of continuous residence, you may apply for Greek citizenship, and with it EU citizenship, subject to naturalization requirements. Greek citizens, including family members who naturalize, can live in any of the 27 EU member states. The Greek passport offers visa-free or eVisa access to more than 180 destinations worldwide.
The Greece Golden Visa offers further advantages: there is no upper age limit for the main applicant, and no education, management experience, or language requirements. Notably, there is no minimum stay requirement: you do not need to live in Greece to maintain the residence permit.
With many European countries having closed, or planning to close, their residency-by-investment programs, the Greece Golden Visa is seen by many investors as one of the more attractive options still available, with several distinct advantages.
| Read the full details of the Greece Golden Visa program
If you are considering residency by investment in Greece, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide only to advise on your family’s case.
IMM Group
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