Prodexpo 2024: The situation in the Greek Real Estate Market

MIBS Group recently attended the landmark 25th Prodexpo conference, which took place on October 21 and 22 at the Megaron Athens Concert Hall. This year’s conference placed a strong emphasis on the rapid changes within the industry, highlighting both opportunities and potential challenges in Greece’s real estate landscape. 

The conference began with an exclusive Executive Leaders' Breakfast, providing a unique opportunity for senior industry representatives to discuss market trends and exchange ideas on both investment opportunities and potential risks.  Key topics that were mentioned were the industry challenges, the real estate categories that mostly attract prospect investors, the importance of sustainable buildings, as well as the problems created by the lack of infrastructure and the uncertainty of urban planning legislation. Later that day, a standout session, “From Risk to Reward: How Investors Propelled Greece's Real Estate to Top Tier” delved into the strategic investments that have transformed Greece’s real estate market into a competitive global player. This discussion underscored how investors have driven growth by navigating market challenges and capitalizing on opportunities in an evolving economic climate. 

In another notable session, Spyridoula Boutou, MIBS Group COO moderated a distinguished panel of real estate experts from Greece, Spain, Portugal, Central Europe and Singapore to explore the topic: "Residential Trends: The International Perspective" where they had the opportunity to share the experience in terms of local trends as well as examples of governmental interventions in the real estate sector. 

The discussion was supported by insights from the Real Estate Barometer, a tool developed by RICS Greece and Prodexpo that provides a comprehensive view of trends across residential, office, retail, hotel, and logistics sector in Greece. Key highlights included: 

The insightful contributions of all distinguished speakers provided valuable perspectives on the opportunities and shifts within Greece's residential real estate sector, offering actionable strategies for industry players. 

Day two maintained the momentum with thought-provoking panels, and interactive discussions on property development and investment strategies in Greece.  One of the most impactful sessions, “New marinas: anchoring the rise of upscale Mediterranean destinations” focused on the growing demand for marinas along the sought after Athens Riviera and the Mediterranean. Speakers explored how this trend boosts the local economy, catering to an upscale clientele and promoting Greece as a premium destination. 

Another standout session, “Unveiling New Trends and Valuing Opportunities in the Greek Property Market” examined government incentives, increased tourism, and urban redevelopment as key growth drivers. Experts from diverse real estate segments discussed how these factors are fostering a supportive environment for sustainable development, attracting foreign investment. 

The conference concluded with a dynamic discussion entitled “Greek second home market: the revival? The impact of Golden Visa” analyzing key facts of the Golden Visa program, a major catalyst for foreign investment in Greece over the past decade. While most speakers expressed concern over recent regulatory changes, they acknowledged the program’s substantial contributions, including revitalizing the real estate market, resolving non-performing loans, boosting government revenue, and supporting job creation in the construction industry. The panel highlighted the importance of policies that continue to attract international investors while fostering sustainable market growth.