Greece is on course to record its busiest year for housing transactions since before the eurozone debt crisis as foreign demand and steady economic recovery fuel a surge in sales.
Analysis by international property consultancy Astons shows that 122,120 homes were sold in 2023, an 8.8% annual increase and the strongest year for transactions since 2009, when volumes peaked at 135,970.
The figures mark the culmination of a decade-long rebound. Annual transactions have risen every year since 2015, with the exception of 2020 when pandemic restrictions drove a 22.6% decline. The market bounced back sharply the following year, with a 40.1% jump in sales.
Astons expects the momentum to continue, forecasting a 3.4% rise in 2024 followed by a further 6.6% increase in 2025. That would take annual sales to 134,518, almost back to pre-crisis levels.
GOLDEN VISA
The recovery reflects both domestic stability and renewed foreign interest. Greece’s “golden visa” residency-by-investment scheme, which grants residency to non-EU nationals who buy qualifying property, has been a significant driver of activity, particularly in the luxury segment.
Suzanna Uzakova, senior consultant at Astons, said: “Greece’s property market is in a period of immense growth, mirroring the stability and strength seen in the wider economy.
“This is no anomaly but a continuation of the past decade’s rise in transaction volumes.”
The residency scheme, introduced in 2013, has attracted high-net-worth investors from Asia and the Middle East in particular.
The minimum investment threshold was raised last year to €500,000 in Athens, Mykonos and Santorini, although it remains €250,000 in other regions.
ACCELERATED DEMAND
Industry figures say the prospect of tighter rules or even closure of the scheme has accelerated demand.
While critics argue that golden visas inflate housing costs in cities such as Athens, proponents contend that foreign capital has helped revive a sector that collapsed during Greece’s long debt crisis.
Astons says the steady increase in transactions since 2015 suggested the property market had “bounced back” after a decade of austerity and recession.
If 2025 projections are realised, annual sales will stand within 1% of the 2009 peak, underlining how far the market, and the wider Greek economy, has recovered.
