After a 10-year period of crisis for the Greek economy over the past 2 years, all indicators of both the economy and real estate had stabilised and showed encouraging signs of recovery and an upward trend last year.
With regard to the real estate market in Greece, several factors have contributed to this. The rebirth of the market had gradually begun with the expiry of the memorandums and the country’s much improved credit image abroad by international investors, as well as the opportunities offered by the property market due to the previous drop in prices below 20-30%. This presented an opportunity for a high return on investment in a country with the corresponding foreign exchange guarantee, both within the euro zone. Initially there was a strong increase in demand for holiday homes, mainly from Europeans, but also from residents of other countries, mainly in the Greek islands, but also from larger third country investors such as China, who bought apartments and residential complexes mainly in Athens for renovation and tourist exploitation or for obtaining a golden visa. On the domestic market, the announcement of the abolition of VAT
for properties with planning permission after 2006, seems to have had a positive effect.