Investment activity in the Greek real estate market has now embarked on a path of full recovery, according to Bank of Greece data, which shows that in the second quarter of the year capital inflows from abroad for the acquisition of real estate in Greece came to €414m, an increase of 67% compared to the corresponding period last year. 

At the same time, Q3 2022 was the best quarterly performance since the fourth quarter of 2018, when the amount spent by overseas property investors in Greece reached €464m.

Overall, in the first half of this year, foreign capital inflows registered an annual increase of 61% to €788m, compared to the €488m that had flowed into the country in the first half of 2021.

The Bank of Greece added that real estate investment activity in Greece is traditionally stronger during the second half of the year, so it is now almost certain that 2022 will mark not only the full recovery of foreign real estate investment since the outbreak of the pandemic, but at the same time it will also be a new full-year record high.

The Bank reported: ‘To date, the largest amount that flowed into the country in a calendar year was €1.45bn in 2019. This year it seems this figure will be surpassed with ease and is likely to even approach €1.6-1.7bn’.