Foreign cash goes to realty

The upward trend in capital inflows from abroad for the acquisition of real estate continues this year, as, according to Bank of Greece data, a total of 1.9 billion euros has been invested in the first nine months of this year, an amount that is 17% higher than the same period in 2023.

Given that inflows had totaled €2 billion in 2023, it is obvious that 2024 will mark a historic high in foreign investments in the property market.

This picture is now also reflected in the course of foreign direct investments, where real estate has reached 62% of the total. BoG data show total FDI in January-September amounted to €3.1 billion, falling by 15% on an annual basis, to continue the downward trend of recent years. In the same period last year, foreign investments had amounted to €3.66 billion, while in 2022 it was €6.43 billion.

This development, combined with the...