This report delves into fleshing out the importance of the Greek tourism and travel industry for the Greek economy and its flexibility and resilience during tough COVID-19 years. Furthermore, it aims to provide useful insights on the current industry status and its potential for the coming years, focusing on key indicators such as tourist arrivals, total contribution of travel and tourism to the Greek GDP, airport arrivals, hotel turnovers, surveys from expert panels etc.
Despite the global recession caused by the pandemic, house prices & rents continues its positive trajectory in the main markets of EU. According to Eurostat's findings, over the period 2010 until Q3 2021, rents increased by 16% and house prices by 39% across EU. In particular, house prices increased by 8.8% y-o-y in EU & 9.2% y-o-y in European Union during Q3 2021.
Greece experienced a deep recession since the end of 2009.
As we roll into the second year of COVID-19, the world has seen excess mortality rates, economic downturn and anxiety on an unprecedented degree. IMF trims 2021 GDP forecast, citing "vaccine divide" & Greece fears a possible 5th wave of COVID-19. However, even though COVID-19 has forced the country to impose lockdown which have cost many billions of euros to an economy slowly emerging from a decade-long crisis, Greek real estate showed significant resilience & set to rebound.
This report aims to explore the COVID-19 impact on tourism & travel industry & its recovery on greek & international level. Evidence shows that even though the COVID-19 shock (61.2% decrease in contribution of travel and tourism to Greek GDP during 2020), the Greek tourism & travel industry shows slow & gradual improvement from mid-May 2021.
The report delves into key economic conditions, aiming to outline an overview of the Greek economy. It further includes an assessment of the real estate sector’s performance, while providing invaluable insights about the Greek economy, the banking and the tourism industry. The report also provides certain observations portraying 2020 conditions and the effects of the COVID-19 pandemic.
In 2020, Private Building Activity in Greece seems still unaffected by the pandemic breakout, keeping up its positive trend for fourth consecutive year. However, the actual impact on the construction industry will be clearly measured in a couple of years. More specifically, the building permits went up 8.9% compared with the corresponding period in 2019 recording 18,768 issued building permits.
In a country that is still recovering from years of austerity, the coronavirus pandemic is an additional destabilizing factor. In 2020, the volume of conducted auctions in Greece decreased significantly by 45% compared to previous year’s volumes. More specifically, total conducted auctions reached 9,464 in 2020 vs. 17,165 in 2019 vs. 19,521 in 2018.
Before COVID-19, travel and tourism had become one of the most important sectors in Greece, accounting for 21.5% of the country’s GDP. Unfortunately, the global pandemic has severely affected the transfers either for business or pleasure.
As the effects of COVID-19 are felt throughout the world, real estate markets are being significantly impacted in different ways. The effects are felt in Greece, too.
The specific report aims to outline the foreign investment trend in Greece & the attractiveness of the Greek golden visa program. Furthermore, the report presents the trends in the current asking prices of the commercial assets.
In an effort to get a sense of how the real estate market in Greece behaves during the COVID-19 period, Delfi Analytics examines property transfers in the Attica area and how they have been impacted.
It has been more than six months since the COVID-19 pandemic has struck the Greek society, with the effects being intense on the wider economy. As in all European countries, along with the public finances, significant sectors of activity have been affected, and inevitably the real estate sector.
Anchesmou street, as referred to in maps dated back in 1880, was the road connecting Stadiou street to Lycabettus. Back then, the road was not bestowed of the recognition and the commercial value it has today. It took decades for Anchesmou street to transition from an ordinary street with residential properties to one of the most significant streets in Athens, the road known today as Voukourestiou Street.
Koukaki is located on the southeastern side of the Filopappou Hill in Athens, a district with a strong historical, archeological and architectural element, classifying it as the most popular tourist destination in Athens. It is a densely populated area since the 1960’s, due to its location, exactly below the Acropolis and very close to the historical center of Athens. As a residential area located in the center of Athens it has also evolved as a center of entertainment during recent years.