Rising foreign investment in Greek property, resort development
From island resorts to urban redevelopment, Greece’s property sector is seen as one of the Mediterranean’s hottest investment prospects, with across-the-board growth in all asset classes: residential, hospitality, commercial and industrial.
In the past two years, Greece has welcomed a record number of hotel and resort projects, and the country is rapidly emerging as a business, logistics and technology hub to the region. Growing numbers of foreign nationals – retirees, high net worth individuals, digital nomads – are also choosing to reside in Greece.
Investment in Greek hospitality has led to some 150 new hotels – most in the 4- and 5-star category − opening their doors in the last two years, with dozens more now under development. Commercial space in Athens and surrounding areas has also seen strong demand. The latest annual survey by PwC and the Urban Land Institute on the European property market ranks Athens first in future capital gains and rental income among 31 cities, up from ninth place the previous year. Already an estimated 375,000 square meters of new office space was under development in 2021.
This year will also see the launch of several landmark property projects. These include the €8 billion redevelopment of the old Athens airport along the Athens Riviera, the refurbishment of the nearby Alimos Marina, the planned reopening of the Asteras Glyfada resort complex, and the renovation of the iconic Athens Hilton, which is being redeveloped into a mixed hotel, residential and leisure complex. Other projects include the revitalization of the Port of Piraeus; the development of a former U.S. military base in Crete; and the future development of a new super yacht marina in Corfu.
Greece’s prospects will be showcased at next month’s MIPIM 2022 trade fair in Cannes, France, one of Europe’s leading real estate events, where Enterprise Greece will organize the national participation in the event.