September 2024 Newsletter – Athens Real Estate News

Real Estate Market

The summer holiday season has come to an end, and the Greek economy is gradually returning to its regular business rhythm. The Athens real estate market continues to demonstrate strong momentum, with a 2.7% increase in the first quarter (Q1) of 2024, reflecting an annual growth potential of approximately 10% to 12%. Data for the second quarter (Q2) has not yet been published, but the overall trend is expected to remain positive.

The Golden Visa program – which grants residency through real estate investment – was recently revised, raising the minimum investment threshold in key areas from €500,000 to €800,000. As a result, demand in this specific segment may moderate somewhat, while broader market activity is still expected to remain strong.

Tourism

This summer, Greece experienced another record-breaking tourism season. Although the official final figures have not yet been released, estimates point to a 15.5% increase in tourist arrivals. In addition, annual tourism revenue is projected to rise by 12.2% compared to 2023.

This continued growth reinforces Greece’s position as one of Europe’s most attractive travel destinations and supports ongoing demand in sectors closely tied to real estate, including short-term rentals, hospitality, and urban accommodation in high-demand cities such as Athens.

Economy

The Greek mortgage market is gradually beginning to reopen, following a healthy and structured recovery in the country’s banking system. The Governor of the Bank of Greece has encouraged banks to resume mortgage lending. However, after many years of very limited activity, banks are moving carefully and remain highly selective regarding borrower eligibility.

At this stage, mortgage availability is still relatively limited. As the market continues to evolve, we will keep our investors updated on any meaningful developments.