September 2024 Newsletter – Athens Real Estate News

Real Estate Market

The August holiday season has come to an end, and with it, the Greek economy is gradually returning to business and routine. The Athens real estate market continues to show growth, with a 2.7% increase in the first quarter (Q1) of 2024, reflecting an annualized potential of 10–12%. Data for the second quarter (Q2) has not yet been published, but the trend is expected to remain consistent.

The Golden Visa program (real estate purchase in exchange for residency) was recently updated, raising the minimum investment threshold from €500,000 to €800,000. As a result, demand in this segment is expected to cool somewhat.

Tourism

This summer, Greece experienced record-breaking tourism levels. While official figures have not yet been released, estimates indicate a 15.5% increase in the number of tourists. In addition, projections suggest a 12.2% increase in the country’s annual tourism revenue compared to 2023.

According to data from the Israeli Embassy in Athens, approximately 1.2 million Israelis have entered Greece so far in 2024. This figure does not include Israelis traveling with foreign passports. Based on this data, it can be cautiously estimated that one in every five Israelis visited Greece in the past year.

Economy

The Greek mortgage market is gradually beginning to reopen, following a healthy and structured recovery process within the country’s banking system. The Governor of the Bank of Greece has instructed banks to resume offering mortgages. However, after such a long period with virtually no mortgage activity, banks are adjusting cautiously and remain highly selective regarding eligible borrowers.

As of now, mortgages are still not widely available. Should there be any developments on this matter, we will be sure to keep our investors informed.