Chinese funds boost realty
Non-EU buyers of Greek property dominated by Hong Kong, Singapore and mainland China
Non-European Union citizens continued to increase their investments in Greek realty in 2023, while investments from EU countries retreated.
Bank of Greece data show that last year investments from non-EU countries reached 1.48 billion euros, marking an annual increase of 17.4% compared to 2022, when they had reached €1.26 billion. On the contrary, investments from EU countries amounted to €649 million, down 7.2% lower year-on-year.
Throughout 2023 €2.13 billion flowed into the Greek real estate market, constituting a historic high (from €1.97 billion in 2022). At the same time, the real estate market had a decisive contribution to the overall “rescue” of foreign investments in the country during 2023, as the sector’s total contribution amounted to 47% of the €4.48 billion invested in Greece last year.
As in 2022, so in 2023 the largest category of buyers came from Hong Kong, which essentially translates into Chinese funds, which is largely true for Singapore as well: These two countries together with China made total investments of €460 million, which constitute 62.2% of all investments between non-EU countries, and 21.5% of all funds from abroad into Greek realty.
However, it would be extremely difficult to repeat the rise seen in 2022, the first year of full recovery of foreign investment after the pandemic. At the time, funds from Hong Kong had risen to €294 million, up 254% annually, while in 2023 the increase reached 10.2%, to €324 million.
The Turkish market is also proving to be dynamic. In 2023, €107 million was invested, bringing the neighboring country to the sixth highest position, as the annual increase reached 132%. In 2022 it was in 13th, with the total amount reaching €46 million, while in 2021 the corresponding amount had not exceeded €9 million.
Switzerland still ranks second, with a significant increase of 51.3% from 2022, as the total funds reached €271 million, from €179 million in 2022.
On the contrary, US investors spent 10.2% less in 2023 – i.e. €149 million – attributed to the gradual deterioration of the US economic sentiment.
