The volume of foreign investments in Greek real estate approached 500 million euros

The Bank of Greece has presented its next monetary policy report. According to him, in the first quarter of 2023, the country's budget increased by 497 million euros due to foreign investments. This exceeded the figure for the same period last year by 33% (374 million euros).

Dynamics of the Greek real estate market

The reason for the rapid growth of the Greek real estate market was a serious imbalance between supply and demand. As a result, the rise across the country from January to March amounted to 14.5% .

By the end of 2022, the statistics looked like this:

• Overall, the increase in the real estate market was 11.7%.
• Foreign investment in local real estate increased by 68%.
• The volume of investments by foreign investors reached a historical maximum, reaching 2 billion euros.

According to the Greek Ministry of Migration and Asylum, from January to May 2023, the number of requests for investment residence permits increased by 155% compared to the first quarter of last year, exceeding three thousand.

Purchase and sale transactions were made in the amount of at least 766 million euros. For comparison, for the whole of 2022, it amounted to a total of 1.09 billion euros.

Investment prospects in Greek real estate

As you know, changes are coming to the Golden Visa program in the near future, which include, among other things, doubling the lower limit of investments. We remind you that the minimum investment amount for obtaining a residence permit is 250 thousand euros.

Foreign citizens are in a hurry to participate in the program on current terms. To do this, they need to meet the deadline by August 1. It is expected that during this time the volume of investments in real estate will increase significantly.