Turks: Buying up Greece piece by piece – Official data

In recent years, there has been a significant increase in foreign investment in real estate in Greece, as confirmed by official data. As of May 2024, the influx of foreign capital has substantially increased, with Chinese and Turkish investors standing out in particular. In 2023, approximately 2.13 billion euros were invested in the Greek real estate market, of which 1.48 billion came from non-European Union countries.

Chinese investors still hold leading positions; however, there is a noticeable increase in interest from investors in Turkey. According to information published by the newspaper "Kathimerini," the trend of increasing real estate investments in Greece from residents of non-EU countries continued in 2023, while the influx of capital from European Union countries significantly decreased. According to the Bank of Greece, the volume of investments from non-EU countries increased by 17.4% in 2023 compared to the previous year, reaching 1.26 billion euros.

As in 2022, the majority of real estate purchases in Greece came from Hong Kong, which represents Chinese investments; a similar situation is observed with Singapore. These two countries, along with mainland China, account for 62.2% of all investments from non-EU countries, as well as 21.5% of the total capital from abroad that has entered the Greek real estate market.

The situation with Turkish investments is particularly impressive: in 2023, Turkey invested 107 million euros in Greek real estate. This result allowed Turkey to take sixth place in terms of investment volume, with an astonishing increase of 132% compared to the previous year. For comparison, in 2022, Turkey was in 13th place with investments of 46 million euros, and in 2021, this amount was only 9 million euros.

According to data presented by the Central Bank of Greece, the list of countries that have made investments in real estate is as follows (amounts are in millions of euros):

• Hong Kong— 324
• Switzerland— 271
• U.S.— 149
• Cyprus— 141
• Turkey— 107
• Singapore— 103
• United Kingdom— 101
• Israel— 88
• Bulgaria— 72
• United Arab Emirates— 50
• France— 43
• Luxembourg— 43
• Netherlands— 38
• China— 33

This data highlights the growing interest in the Greek real estate market from investors around the world, making it increasingly attractive for foreign investments.