Greece: 2022's unlikely economic winner!
As The Economist ranked the best and worst economic performers of 2022, with high economic growth, plunging debt-to-GDP ratio, an impressive stock market performance and narrow inflation range, Greece was at the top of the list.
After a high 6% GDP growth rate estimated in 2022 and an even higher 8.4% in 2021, Greece's GDP is expected to have positive growth in 2023, which considerably higher than the European average. Key drivers of growth are expected to be investments and exports.
The combination of its astonishing scenery, coveted Mediterranean lifestyle, rich culture, political stability and bottom-out economy makes Greece extremely appealing for foreign investors.
The residential property market of Athens ranks 4th among numerous European cities in terms of how attractive it is as a destination. It was calculated based on the property purchase cost and the amount of rent, according to investment company ProfitLevel.
Foreign investors have been attracted to Greece, mainly due to the Golden Visa Program, which offers residency to non-EU investors purchasing or renting property worth over €250,000 (the investment threshold will increase to €500,00 in some areas on 1 May 2023).
The local housing demand is also very solid due to the country’s strong economic performance. After a robust 8.4% GDP growth during 2021, the Greek economy is presenting another 6% growth in 2022. Greece’s economy is expected to keep growing this year reinforcing the country’s positive momentum.
Real estate experts remark that prices in Athens are at the start of a new upward cycle. Strong investment return is expected in the aftermath of Covid-19 and recession in previous decades.
Overall, most investors believe that Greek real estate market would continually strengthen and prices and rents still have much growth in the coming years.
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Greece is an open European economy and access to investment opportunities has never been easier. However one needs to bridge the gap between Global and Local in order to reach true success, not mediocre returns. We will understand your requirements and tailor-make an investment proposal either in the real estate sector, in the renewables sector or other if deemed suitable.
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