Good morning everyone,

I hope you are well and that you had the most enjoyable and restful August possible.

The much-anticipated summer, which each of us was looking forward to for relaxation and a break from everyday life, has passed. However, I cannot help but dwell on the tourism aspect. Our Greece has shone from one end to the other over these 4-6 months. It is undeniable that it is its "season." Every village, whether on an island or in the mountains, is full of people and smiling faces, and of course, every tourist spot (see the historic center of Athens) is full of faces from all over the world. Unfortunately, the fires, which were very intense this year, have certainly had a significant impact, causing immeasurable destruction to our nature and its extensions.

We have all read analyses and predictions for this year's course of the tourism industry (related article here), but I will choose to refer to the economic data next month, which will give us a more complete picture. Surely the question that comes to mind is why we do not have a longer tourist season like many European countries. However, this answer is not simple; we have nothing to envy, the infrastructure exists, the weather is competitive even in winter, and culturally/historically, I think it does not need to be analyzed (without wanting to diminish other countries).

I believe that there has not been organized marketing/advertising as much as there should be, or we have not believed in it enough. A prediction that I dare to make is that in the next decade, we will see changes/prolongation of the tourist season, something that may start from this year. This seems to have gradually begun to affect the real estate market as well, and in combination with the golden visa (which has changes) and digital nomads (a result of COVID), they reflect in the statistics an increasing interest in renting or buying/investing in properties in our country.

The real estate market in Greece seems to have strong foundations and is resistant, and my view is confirmed by movements/investments that are being completed despite the high prices (whether they are rentals or sales). Certainly, the general economic situation in Europe (with high inflation, ongoing interest rate hikes, high construction costs, and continuing hostilities) creates an insecurity in the economic climate.

However, traditionally the situation in Greece has other adaptations and possibilities without this meaning that there is no risk or that this trend of Europe will not come to us. However, this summer I studied this article from the IMF organization that gives us a different perspective:

However, I will not seek the cause of the rise in real estate prices/values there; on the contrary, I observe that it is only a small percentage that is not able to affect the overall picture:

• As you will read, the Greek real estate market is classified as a low-risk investment.

• At the top of the high-risk rankings, we find Canada, Australia, and Luxembourg.

• In the top ten, European countries are Sweden, the Netherlands, Portugal, and Denmark.

• They are certainly linked to high loan interest rates, and as we now have low personal borrowing (a result of the crisis), this protects us (who would have expected it when 4-6 years ago we considered it a development problem...)

• According to my analyses, the average asking prices (sales) for Attica are still lower than those of 2019 (pre-COVID).

• I believe that there is room and investment opportunities either for protection against inflation or for overvalue (depending on the property).

• The Real Estate Market in Greece has shown (or more accurately proven) its resilience in the face of the economy.

• The interest in investment from abroad (beyond the Golden Visa) is expected to increase, along with the expected upgrade of the investment grade.

• As long as the situation is "problematic" in Europe, there may be a turn (everyone's wish) of institutional investors towards Greece.

  To conclude, I want to present to you an interesting maisonette for sale in Dionysos, which has all the characteristics that one would look for:

• Plot of 800 square meters

• 360 square meters of residence (maisonette/single-family house)

• Swimming pool

• built in 2004

• Asking price 2,200 euros/square meter

  Good continuation

Vasilis Asteriadis.