Record foreign buys in realty

An important reason for asset purchases by foreigners lies in the popularity of short-term rentals and low sales prices, compared to other large cities in Europe. The center of Athens, the southern suburbs, Piraeus and popular destinations are the main areas attracting foreigners.

Foreign investment in the Greek real estate market, especially housing, recorded an all-time high in 2022. According to data from the Bank of Greece, 1.975 billion euros flowed into the local realty market from abroad last year. That was 68% higher than in 2021, when the corresponding amount had not exceeded €1.17 billion. At the same time, the performance of 2022 surpassed by 37% the previous record set in 2019, when foreign investments had reached €1.45 billion.

The historic performance of 2022 came thanks to the very dynamic fourth quarter, which also saw a record quarterly performance. In total, almost €700 million (€698.5 million) was invested, an amount that was 84.3% higher than the same quarter last year, when €379 million had flowed into the domestic real estate market. The next highest quarterly performance was recorded in the immediately preceding quarter (Q3 2022...

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