Capital inflows from abroad for real estate investment in Greece reached a new all-time high in 2019, coming to €1.45 billion and soaring 29.4% from 2018, when the figure amounted to €1.128 billion, according to latest figures from Bank of Greece.
Consequently, based on the data of the payments balance for last year, the real estate sector accounted for 35% of foreign direct investment in the Greek economy that added up to €4.2 billion.
Real estate purchases in Greece by foreigners have been on the rise in recent years, growing more than sixfold compared to 2016, when the amount invested in property by foreigners had come to just €22.4 million.
Even so, there was a slight slowdown recorded in the last quarter of 2019, which may have been coincidental. In the October-December period there was an annual decline of 9.6% from the same quarter of 2018, when an all-time quarterly high of €464.1 million had been registered.
Property market professionals argue that a certain fatigue was to be expected, and this is mainly due to the wait-and-see stance adopted by interested investors ahead of measures to boost the market such as the suspension of value-added tax on new buildings.
Original story: Ekathimerini | Nikos Roussanoglou
Photo: Photo by Toomas Järvet for FreeImages.com
Edition: Prime Yield