Record property fund inflows
Foreign capital inflows into Greece’s real estate market increased by 60.2% on an annual basis, to 1.277 billion euros, during the first nine months of this year, according to the Bank of Greece.
This is a historic high, surpassing even that of the January-September 2019 period, when the amount of foreign capital that entered the Greek property market had reached €1.03 billion (and €1.45 billion in total for the last year before the pandemic).
Based on the above data, the annual report of the central bank noted on Wednesday that “the positive course of tourism, the growth of short-term rentals and the increase in foreign investment continue to fuel the dynamics of the market.”
During those same nine months, investment in residences recorded an annual increase of 13.3%. However, the rate of increase was significantly lower than last year, when investments had increased by 34.8%.
At the same time, business expectations for home construction fell in the second and third quarters of 2022, although overall in this year’s first 11 months (January-November) they rose by 6.5%, according to IOBE.
