GREECE EMERGES FROM ECONOMIC SLUMP WITH TOURISM RISE AND HOUSING SURGE

Experts are advising that now is the last chance to pick up a bargain property in Athens, as the economic slump appears to be over.

According to the latest data from the Hellenic Statistical Authority (ELSTAT), Greece’s GDP grew for four consecutive quarters in 2017, and the European Commission predicts 2.5% growth per year in 2018 and 2019. In addition to this, the latest figures from the Bank of Greece show that foreign buyers spent twice as much on Greek real estate in January 2018 than the year before.

Over the first six months of 2018, the price of real estate in central Athens averaged €1,500 metre square, which remains cheaper than many other European capitals. Per square metre, property in Athens is twice cheaper than in Lisbon, three times less expensive than in Madrid, Barcelona and Berlin, and almost seven times cheaper than in Paris.

But this number is on the rise, as according to The International Monetary Fund, Athens was 13th among the world’s 42 largest cities in terms of rising housing prices. The housing construction market is also beginning to revive. According to ELSTAT, in 2017 the number of construction permits issued in Athens increased for the first time in over 10 years – growing by 13%.

The Athens property market seeing a revival on the back of growing investor demand. The number of real estate transactions in the city grew by 18% in 2017, and by 1.5 times in the first two months of 2018 compared to the same period in 2017.

Greece is seeing a tourist boom – according to the Bank of Greece, the number of foreign tourists increased from 15 million in 2009 to 30 million in 2017. Demand for short-term properties being is buoyed by this demand from tourists, so property investors are catering to this crowd for higher and constant returns.

This economic boost has been supported by international hotel chain Wyndham opening its doors to the Dolce Attica Riviera hotel and the Four Seasons set to open the Four Seasons Astir Palace Hotel Athens in the southern suburb of Vouliagmeni.

Evidently, now is the time to strike for a solid investment in Greece, particularly in the capital.