2012-2015: The Recession Period

This period began with one of the greatest crises faced by the Greek economy. The real estate market was severely impacted by the economic recession, and prices fell by up to 40% in many areas.

• Decline in property prices: On average, prices fell by 30% nationwide.
• Decrease in new building permits: By 70% compared to pre-crisis levels.
• Increase in unsold properties: Approximately 250,000 properties remained unsold until 2015.

2016-2019: The Recovery Begins

After 2015, the first signs of recovery began to emerge. Foreign investment, the growth of tourism, and, very importantly, the Golden Visa program contributed to the gradual rise in prices and demand.

• Impact of capital controls: Strengthened domestic demand for real estate.
• Rise of tourism: Boosted real estate demand on islands and coastal areas.
• Foreign investors: Significant role in revitalizing the market, focusing on central areas and tourist destinations.

New Trends in the Real Estate Market

• Short-term rentals: Platforms like Airbnb revolutionized the rental market.
• High-end properties: Increasing demand for luxury and high-standard properties.
• Energy efficiency: Rising awareness has driven demand for energy-efficient properties.

2020-2024: A New Reality

The period from 2020 to 2024 brought new challenges and opportunities to the Greek real estate market. The COVID-19 pandemic, the energy crisis, and technological advancements significantly impacted property demand and prices.

• Shifting preferences: Buyers prefer suburban areas and nature-friendly locations.
• Energy efficiency: Upgrading properties is a top priority.
• Digital platforms: Streamlined online real estate transactions.

Golden Visa: Benefits and Drawbacks

The Golden Visa program has played a significant role in shaping the Greek real estate market, attracting foreign investments but also creating certain dependencies.

Benefits:

• Increased investments: Significant capital inflows into the market.
• Development of tourism infrastructure: Boosted tourist areas.

Drawbacks:

• Price bubbles: Rising prices made properties inaccessible to local buyers.
• Market imbalances: Dependence on foreign investors increased vulnerability.

2024 Changes

The government introduced changes to the Golden Visa program in 2024, aiming to decentralize investments and regulate the market.

• New investment thresholds: €800,000 for major areas, €400,000 for others.
• Minimum property size: 120 square meters.
• Restrictions: Residence permits revoked if properties are sold or used for short-term rentals.

Future Predictions

Experts anticipate continued demand for real estate, particularly in tourist and energy-efficient properties, with gradual price increases in central and tourist areas.

• Challenges: Bureaucracy, urban planning, and construction costs remain obstacles.
• Opportunities: Programs like "My Home" and "Renovate-Rent" offer potential growth areas.