Greek Tourism to Boost Property Market

Greek tourism has been steadily growing for the last four years, and is expected to boom over the next decade according to the World Travel & Tourism Council (WTTC).

The council has found that the increase in Greek tourism from 2012 to 2017 is 23 per cent, adjusted for inflation. Up from 28.5 billion euros in 2012 to 35 billion euros in 2017.

Furthermore, analysts expect this figure to grow by another 56 per cent to reach 54.7 billion euros over the next decade.

The net volume of direct foreign investment increased tenfold from just 249 million euros at its lowest point in 2010, to around 2.8 billion euros in 2016, showing that investors are once again believing in Greece.

The Greek Ministry of Economy has stated that foreign direct investment into Greece is expected to reach 4 billion euros in 2017, a further increase of 42 per cent from the previous year

With the huge boost expected in Greek tourism over the coming years, the country is seen to be a very attractive prospect for overseas property investors.

Recovery in the Greek property market has lagged many of its European neighbours since the financial crisis in 2008. Property in Greece has been found to be one and a half times cheaper than in Spain and Germany, twice less than in the Netherlands and Sweden and almost three times cheaper than in Italy and Austria.

Real estate prices in the Greek capital of Athens still sit currently at around 42 per cent below the levels seen before the financial crisis, leaving a lot of possible upside for overseas property investors looking for capital growth.

The Greek ‘Golden Visa’ program has also attracted a lot of interest since launch in 2013, with over 2,000 primary applicants receiving a Greek residency permit.

Measures taken by the Greek government have enabled the country to avoid bankruptcy and now move on to encourage economic growth.

With the expected boost in Greek tourism and foreign direct investment, property price growth should soon follow, so now could be the time for overseas property investors to join the Greek resurrection.