The overall economic situation in Greece has continued to improve in the past few years. A series of economic reform measures introduced by the government have achieved remarkable results, and the economic growth rate has increased year by year.
Q1 fiscal surplus far exceeds expectations
According to recent provisional data released by the Greek Ministry of Finance, Greek tax revenue in the first quarter of 2023 will be 13.682 billion euros, an increase of 1.508 billion euros or 12.4% over the expected target.
Meanwhile, Greece achieved a primary surplus of 3 billion euros in the first quarter, much higher than the previously set target of 28 million euros.
Home prices continue to rise strongly
Greek house prices continue to rise strongly amid increased demand from foreign buyers and the country's continued economic growth.
In urban Greece, following a year-on-year increase of 10.26% in the second quarter of 2022, 10.35% in the first quarter of 2022, 10.81% in the fourth quarter of 2021 and 9.4% in the third quarter of 2021, by 2022 House prices in urban areas of Greece rose strongly to 11.32% in the third quarter, the best performance since the fourth quarter of 2006.
After adjusting for inflation, house prices fell by a modest 0.31% year-on-year in real terms in Q3 2022.
The large difference between nominal and real figures is due to high inflation, which is expected to reach 10% this year, well above the annual average of 0.2% between 2011 and 2021.
Strong Growth Major Cities
01
athens
Annual house price growth in the third quarter of 2022 was 13.02% (1.21% in real terms), up from 10.83% in the previous year. During the most recent quarter, house prices increased by 4% (3.78% in real terms).
02
thessaloniki
House prices in Greece's second largest city rose by 11.07% in the year to Q3 2022, the largest year-on-year increase since Q1 2007.
03
other cities
In the third quarter of 2022, house prices rose by 9.39% year-on-year, higher than the year-on-year increase of 6.85% in the previous year.
In the most recent quarter, house prices in Greece rose by 2.99% (2.77% in real terms) compared to Q3 2022.
Strong demand from foreign buyers
In 2021, as Greek economic activity returned to pre-Covid-19 pandemic levels, net foreign direct investment (FDI) in purchasing Greek real estate surged by 34.4% year-on-year to EUR 1.18 billion, after falling by nearly 40% in 2020.
According to the Ernst & Young Investment Report 2022, despite the uncertain international environment, Greece remains resilient and attractive to foreign investors.
According to the Bank of Greece, net FDI in the real estate sector reached 1.28 billion euros in the first three quarters of 2022, an increase of 60.2% compared to the same period last year, with strong demand from foreign home buyers.
More and more people immigrate to Greece
Greece is an ancient but vibrant country. With its rich cultural heritage, beautiful natural scenery, stable political environment and good educational and medical resources, it has become a destination for more and more people to emigrate.
economy
Greece is one of the member states of the European Union. Its economic system is relatively developed. At the same time, it has a tourism industry and a real estate market full of potential. Its development potential cannot be underestimated.
When you move to Greece, you can enjoy the advanced medical and social welfare system in Europe. At the same time, you can invest in real estate or start your own business, and get considerable returns.
society and culture
Greece has a profound social and cultural background, a long history and rich and colorful culture, and has profound attainments in art, music, drama, philosophy and other fields.
Moving to Greece can help you integrate into the local society, appreciate the unique charm of different cultures, increase your knowledge, and expand your network.
educate
Greece has an excellent education system, and its number of higher education schools ranks among the top in the EU. Greek university education not only pays attention to imparting theoretical knowledge, but also pays attention to cultivating students' practical ability and innovative consciousness.
In addition, international schools in Greece have also attracted much attention. Many international schools provide teaching in English to meet the needs of students from different countries.
the medical
The level of medical care in Greece is also relatively high, with advanced medical equipment and technology, as well as excellent medical personnel and relatively sufficient medical resources. In global healthcare rankings, Greece is at the top.
Catch up with the last train of 250,000 Euro house purchase and relocation in Greece. If you are interested in this, please contact Xiaoxing for details!
Cyprus
Turkey
Saint Kitts and Nevis
Greece
