Greece has been in dire economic straits recently, so nobody could blame you if you want to sell your property in Greece quickly before things get any worse there. Greece is a country in southeastern Europe with thousands of islands throughout the Aegean and Ionian seas. Influential in ancient times, it’s often called the cradle of Western civilization. Athens, its capital, retains landmarks including the 5th-century B.C. Acropolis citadel with the Parthenon temple. Greece is also known for its beaches, from the black sands of Santorini to the party resorts of Mykonos.
Yes, things are looking quite grim at the moment in Greece. The Greek economy contracted in the fourth quarter of last year, according to the economic data put out by the Hellenic Statistical Authority. This indicates that the performance of the economy in 2023 will be similar, if not worse.
Greece’s gross domestic product (GDP) declined by 0.4% over the last 3 months of 2022. That followed a decent performance of plus 0.9 percent in the first 9 months of the year. The Greek economy has registered a tepid growth rate of 0.3 percent through 2022.
Greece’s Prime Minister is in an unenviable situation right now, as he tries to negotiate with the IMF, ECB and the World Bank for more bailout funds. The creditors have been asking for more austerity measures and further budget cuts.
This has put a lot of pressure on Prime Minister who knows that his people are sick and tired of the cuts and all the austerity talk. Many would rather have Greece default on its obligations to foreign creditors and get out of the European Union.
Obviously, such a move would sound the death knell of the Greek economy. No wonder the Greek government is in a Catch 22 situation.
As Tassos Anastasatos, an economist based in Athens, who works at Eurobank Ergasias explains, “Most of the recovery in the third quarter had been driven by consumption. Toward the end of the year doubts already started to emerge that the review would close quickly, and that may have made people more cautious about their spending.”
Surprisingly, though, the Greek property market is doing pretty well, considering the situation in the country. The tourism industry is doing spectacularly well too, having registered two successive years of record tourism, with 25 million visitors in 2019 and over 27 million visitors in 2022.
The confidence from the tourism industry has spread to the property market as well. Greece remains a popular overseas property destination, regardless of the economic crisis. There is still a lot of interest among overseas investors to buy property in Greece online.
It’s easy to see why – life in the Greek Islands, which see virtually all of the tourist action, is far different from that in the rest of Greece. You certainly won’t find any political demonstrations in Mykonos and Crete, for example. All you have here is plenty of tourists trying to have a good time and the locals busy making money from the tourism business.
Despite its economic woes, Greece is a safe country, with no terrorist attacks of any sort. So visitors feel safe and secure here. That’s another reason that many wealthy foreigners are buying villas in the Greek Islands such as Mykonos, Crete, Corfu, Rhodes, and Santorini rather than in Turkey or Egypt. So the party goes on as usual in Greece, crisis or no crisis