European inflows in realty

  • 14 May, 25

Turks and Cypriots considerably increased their investment in Greek property last year

The increase in foreign investment in the Greek realty market was considerable in 2024, reaching a new all-time high mainly thanks to the increase in inflows from European countries.

According to Bank of Greece data, a total of 990 million euros flowed in from the European Union in 2024, of which €842 million was from the eurozone and €148 million from EU states outside the euro area. This is an increase of 52.5% compared to 2023, a development mainly thanks to the large increase in investments from Cyprus (+126%), which reached €319 million and constituted almost a third of the total.

Last year was another record one in terms of foreign investments in the real estate market, with a total of €2.75 billion of capital inflows, increased by 30% from 2023 (€2.13 billion). Of that amount, €1.75 billion came from countries outside the EU, 18.2% more than the €1.48 billion in 2023. Capital of Chinese origin is estimated at €371 million, slightly higher than the €357 million in 2023, and came mainly via the Hong Kong market.

However, the most important phenomenon was the explosive rise in property purchases by Turkish investors in Attica: In 2024, €292 million was invested, up 174% from 2023, while the total increase since 2022 reaches 380%. This is a clear indication of the search for an investment refuge in the Greek realty market by wealthy Turks wishing to protect themselves from the political and economic problems in the neighboring country.

This is also reflected in the numbers from the Golden Visa program, which has also been the main recipient of Turkish capital. By early 2024, 800 permits had been granted to Turkish investors, but this had increased by 84% by February 2025, as permits amounted to 1,471. Turks rank second only to the Chinese in the number of permits, with a 10.9% share.

British investment immigration company Astons says in an analysis that in total Greece attracted €482 million from Turkey, most of it going to property. According to Astons data, in 2024 Turkish investors were behind 15% of all Golden Visa applications.

Cre: ekathimerini

RELATED NEWS