Greece’s real estate market attracted €12.4 billion ($14.15 billion) in foreign investment between 2019 and 2025 according to data from the Bank of Greece. The figure represents a substantial increase compared with the amounts recorded in earlier years.
From 2002, when the Bank of Greece began recording such data, through 2018, total foreign investment in Greek real estate amounted to €3.38 billion ($3.85 billion).
This was equivalent to 27.2 percent of the €12.4 billion ($14.15 billion) recorded during the seven-year period from 2019 to 2025. Despite the increase, foreign investment continues to account for a limited share of the total annual value of real estate transactions in Greece.
Foreign buyers accounted for 8.7 percent of 2025 property transactions
Data from Greece’s Independent Authority for Public Revenue, known as AADE, shows that properties with a combined value of €23.5 billion ($26.8 billion) changed hands in 2025. The transactions included primary residences, second homes, income-producing commercial properties, plots of land, and other types of real estate.
In the same year, foreign investment in Greek property totaled €2.05 billion ($2.34 billion), according to the Bank of Greece. Foreign buyers therefore accounted for approximately 8.7 percent of the overall value of real estate transactions completed in the country. Although foreign investment represented a relatively small proportion of the total market, real estate has become an increasingly significant destination for international capital entering the Greek economy.
Real estate’s share of foreign direct investment increased
An analysis by the Centre of Planning and Economic Research (KEPE) documented the increase in real estate’s share of Greece’s net foreign direct investment between 2013 and 2023. Property accounted for 7.4 percent of net foreign direct investment in 2013. By 2018, its share had risen to 33.5 percent and remained above 30 percent in 2019 and 2020.
The proportion declined to 22 percent in 2021 and 24.6 percent in 2022. This reduction largely reflected an increase in total foreign direct investment rather than a comparable decline in international demand for Greek real estate. Overall foreign direct investment in Greece reached €7.5 billion ($8.5 billion) in 2022.
In 2023, real estate represented 47 percent of all foreign direct investment entering the country. This meant that almost one in every two euros invested in Greece from abroad was directed toward property. The concentration of foreign capital in real estate was also associated with upward pressure on property prices and growing concerns over housing affordability for domestic buyers.
Real estate continued to account for a substantial share of foreign direct investment in 2024, representing 46 percent of the total. This figure fell to 16.6 percent in 2025. The decline appears to have reflected the broader increase in foreign investment across the Greek economy more than a significant reduction in international demand for property.
Factors behind the increase in foreign investment
Several factors contributed to the growth of foreign property purchases, particularly from 2019 onward. Beginning in 2018, Greece’s housing market and broader economy started to recover from a prolonged financial crisis that had significantly reduced property values. In the same period, real estate prices in several other European countries continued to rise.
Greek property consequently remained relatively affordable compared to equivalent real estate in other European markets, particularly in Southern Europe. Investment risk also declined after Greece exited its international bailout programs. The period of greater economic and political stability that followed contributed to renewed international confidence in the country.
Comparatively low property prices, improving economic conditions, and lower perceived investment risk encouraged more overseas buyers to enter the Greek market. Foreign investors mainly targeted residential properties with income-generating potential, luxury homes on Greek islands, and properties that allowed buyers to qualify for residence permits through Greece’s Golden Visa program.
In many cases, these objectives overlapped. Buyers acquired properties to secure residence rights and subsequently used them to generate rental income, often through short-term leasing platforms. During the initial years of the investment increase, apartments in central Athens attracted significant interest because of their comparatively low purchase prices. Properties in the capital’s southern suburbs were also in demand, alongside luxury homes on popular Greek islands.
Golden Visa investment in Greece’s real estate market
The expansion of foreign real estate investment is also reflected in the number of residence permits issued through Greece’s Golden Visa program. According to data from the Ministry of Migration and Asylum, Greece issued 26,109 new initial permanent investor permits between 2019 and 2025. The number peaked in 2025, when 9,479 new permits were granted.
Based on the former minimum property investment threshold of €250,000 per permit, the program is estimated to have attracted approximately €6.52 billion ($7.44 billion) between 2019 and 2025. This corresponds to nearly half of the €12.4 billion ($14.15 billion) in total foreign real estate investment recorded in the same period. The calculation should be regarded as an indicative estimate. The actual amount invested may have been higher because some buyers purchased properties valued above the minimum threshold.
The data shows that foreign investment has played a significant role in the development of Greece’s real estate market since 2019. International capital supported transaction activity and increased demand in areas such as central Athens, the capital’s southern suburbs, and major island destinations.
At the same time, the concentration of investment in residential property has contributed to concerns over rising prices and limited housing availability. These pressures have been particularly evident in locations with strong tourism activity and high levels of investment demand, where many Greek households face increasing difficulty in finding affordable housing.
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