Total foreign capital inflows into the Greek economy reached €2.8 billion in the first half of 2025. Of that amount, €938.3 million, or 33.4%, was directed to the real estate market, according to data from the Bank of Greece.
By comparison, during the same period last year, real estate accounted for 57.8% of total foreign investment, attracting €1.14 billion out of €1.97 billion invested in the economy overall.
Golden Visa changes reshaped last year’s figures
The sharp contrast between the two periods is largely explained by record inflows from non-EU investors in 2024, who rushed to complete transactions ahead of changes to Greece’s Golden Visa program.
Under the revised framework introduced last year, the minimum investment threshold increased to €800,000 for properties located in Attica, the municipality of Thessaloniki and major islands, up from €250,000 (or €500,000 in selected high-demand areas).
At the same time, overall foreign investment inflows were relatively weak in 2024, only improving toward the end of the year following the completion of the landmark Masdar acquisition of Terna Energy.
Record inflows shift the balance in 2025
By the end of Q3, total foreign investment inflows had already reached €8.6 billion, marking a historic high for the Greek economy. With real estate data for the later months still pending, it is already clear that property’s share of total foreign investment will fall well below the 33.4% recorded in the first half of the year.
A long-term perspective shows how far the market has come
Despite the recent decline in its relative share, foreign investment in Greek real estate remains historically strong. In 2024, inflows reached an all-time high of €2.75 billion, continuing the upward trajectory that began in 2022 (€1.97 billion) and 2023 (€2.13 billion).
Just a few years earlier, the figures were negligible by comparison. In 2015, amid capital controls, foreign real estate investment amounted to just €153 million, while in 2010, at the onset of the sovereign debt crisis, inflows collapsed to €63 million.
In 2004, the year Greece hosted the Olympic Games, foreign real estate investment stood at €80.6 million. The sole exception was 2007, when inflows reached €308.5 million, partly driven by a construction boom. That level was not exceeded again until 2017, when investments climbed to €414.7 million.
