FDI mainly in property, NPLs

The leading position of real estate in foreign direct investment (FDI) in Greece remained and even strengthened in 2023, as the figures show, maintaining the reflection as to whether and how the country's production model will eventually be able to change.

Foreign direct investment has "resurrected" in recent years, from just 249 million euros in fateful 2010, to a record €7.9 billion in 2022. However, foreign investors prefer to invest largely in tourism and real estate and not in industry nor in the creation of new production units from the outset, so-called greenfield investments.

In 2023, Bank of Greece data show that while total FDI lagged the 2022 record, real estate investment soared. In January-September FDI reached €3.9 billion, quite some way from the €7.9 billion throughout 2022. In contrast, real estate investments reached €1.6 billion against €1.2 billion...