Commercial Real Estate - Greece

Greece

The Commercial Real Estate market market in Greece is forecasted to achieve a significant milestone, with its value projected to reach US$259.60bn by the year 2024.
This projection indicates a promising future for the country's real estate sector.
Furthermore, it is expected that the market will experience a steady growth rate of 0.95% annually from 2024 to 2028, resulting in a market volume of US$269.60bn by the end of the forecast period.
When considering the global context, it is worth noting that the United States is expected to generate the highest value in the Real Estate market, reaching a staggering US$25,370.00bn in 2024.
This demonstrates the dominant position of the United States in the global real estate industry.
Despite the economic challenges Greece has faced, the commercial real estate market in the country is experiencing a steady growth due to increased foreign investment and the development of tourism infrastructure.

Key regions: United Kingdom, China, Asia, France, Europe

Market

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Analyst Opinion

The Commercial Real Estate market in Greece has experienced significant developments and trends in recent years.

Customer preferences: In Greece, there is a growing demand for commercial real estate properties, particularly in major cities such as Athens and Thessaloniki. Investors and businesses are seeking prime locations for retail spaces, office buildings, and industrial facilities. The preference for well-located properties is driven by the desire to attract customers and clients, as well as the need for convenient access to transportation and amenities.

Trends in the market: One notable trend in the Greek commercial real estate market is the increasing popularity of mixed-use developments. These projects combine various types of properties, such as residential, retail, and office spaces, in a single complex. This trend is driven by the desire for urban revitalization and the need to maximize land use efficiency. Mixed-use developments offer a diverse range of amenities and services, creating vibrant and dynamic environments that attract both residents and businesses. Another trend in the market is the rise of coworking spaces. With the growing number of startups and freelancers in Greece, there is a demand for flexible and affordable office solutions. Coworking spaces provide shared workspaces and amenities, fostering collaboration and networking opportunities. This trend is also fueled by the changing nature of work, with more people opting for remote or flexible work arrangements.

Local special circumstances: Greece has a rich cultural heritage and a strong tourism industry. As a result, there is a demand for commercial real estate properties in tourist destinations, such as the Greek islands. Investors are attracted to properties that can cater to the needs of tourists, such as hotels, restaurants, and retail spaces. The tourism sector also drives the demand for commercial real estate in urban areas, as tourists seek accommodation, dining, and entertainment options.

Underlying macroeconomic factors: The Greek economy has been recovering from the financial crisis, and this has had a positive impact on the commercial real estate market. Economic growth and increased investor confidence have led to a rise in investment in the sector. Additionally, the government has implemented reforms to attract foreign investment and improve the business environment. These factors have contributed to the development of the commercial real estate market in Greece. In conclusion, the Commercial Real Estate market in Greece has experienced significant developments and trends in recent years. Customer preferences include well-located properties and mixed-use developments. The rise of coworking spaces is also a notable trend in the market. The local special circumstances of Greece, including its cultural heritage and tourism industry, contribute to the demand for commercial real estate properties. The underlying macroeconomic factors, such as economic recovery and government reforms, have also played a role in the market's development.

Methodology

Data coverage:

Figures are based on value of commercial real estate.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach. As a basis for evaluating this market, we use national statistical offices. Next, we use relevant key market indicators and data from country-specific associations such as share of industry, manufacturing, and services of the GPD, price level index, GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the market, for example, exponential trend smoothing.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.