According to the 2024 Property Market Outlook for Greece report unveiled by the Real Estate & Development Committee of the Hellenic-American Chamber. Positive impacts included economic recovery, political stability and increased tourism, the Chamber says, although geopolitical uncertainties, inflation and high construction costs posed challenges.
Looking ahead to the next six months, hotel/residential sector, offices, storage spaces, and vacation homes are expected to perform well. Key drivers for this positive outlook are economic stability, quality tourism, and investment-grade improvements, although high interest rates, inflation, and geopolitical tensions remain potential obstacles.
The Greek real estate market
In 2023, Greece's economy experienced a 2% GDP growth, driven by investments in construction and the Recovery and Resilience Plan (RRP). The Greek real estate market is recovering following a long recession period. Greece has a positive momentum, albeit a rather slower pace is foreseen, from the first half of 2024. Affordable housing is a pressing social issue and government stimulus may create a new asset sub-class.
The Chairman of the Committee Mr. Lefteris Sikalidis commented on the report,
"As part of our commitment to provide comprehensive knowledge of the Greek real estate market, we want to offer a complete analysis of the trends and investment opportunities that exist in our country. Our goal is to support decision-making for those interested in real estate in Greece."
