Greece’s Financial News
Increase of new buildings
Investment in new buildings increased by almost 10% during 2021. According to a recent study, the upward trend of new buildings is associated with a 2% increase in the prices of new buildings in 2018 and 7.7% in 2019, respectively. In the period from 2008 to 2017, the average annual decrease in the prices of new housing constructions was 6.3%. The return of manufacturers to the market was also encouraged by the fact that in the last two years, the growth rate of sales prices was higher than the corresponding manufacturing costs; something that happened for the first time since 2007. Thus, the incentive to invest in new buildings increased.
Investment barrage, growth springboard for the tourist market
An investment barrage accompanied by a strong flow of strategic investments is combined with the gradual recovery of the Greek hospitality industry from the effects of the pandemic. The movements made in 2021 and the business deals carried out in 2022 cultivate expectations for the country, which is emerging as one of the most sought after holiday destinations, benefiting from the rise of a new type of travelers who give priority to authentic experiences. The competitive advantages of Greece, its rich cultural heritage, natural beauty and the diversity of landscapes in the various geographical areas attract significant tourist investments, thus further strengthening the position of Greece as an up-and-coming recreational destination for both holidays and investments.
Tourism: Chinese Fosun opens five hotels in Greece
The Chinese group Fosun Tourism, which controls the international Club Med chain and has in recent years bought selected brands and properties of Thomas Cook, after the latter went bankrupt in 2019, is investing more than €30 million for its expansion in Greek tourism. At the same time, it is in discussions with Greek owners of prime hotel properties in order to conclude new cooperation agreements and raise the Casa Cook and Cook’s Club brand marks in even more destinations, while the extension and renovation of the historic Club Med in Gregolimano, Evia, is underway. So, in the next period, and before the summer, it has planned to open at least four new hotel units in Greece and, in particular, in Mykonos, Corfu, Samos and Rhodes, in addition to those that have been operating in the previous years.
Investment opportunities in Greece
Investing in Data Centers in Greece
The acceleration of digital transformation has dramatically increased the demand for digital cloud and investments in data centers, giving Greece the opportunity to take advantage of its geostrategic position. Most of our everyday activities are carried out via our smart phone or computer, such as online shopping, connecting to social media networks, online banking, communication via landline and mobile devices, and even telemedicine, go through a data center.
Significant opportunities for Greece are created by the great mobility recorded in the data center market, with the country becoming a hub of data traffic in Europe. The explosion in data transmission due to the pandemic, the development of the fifth generation (5G) networks in mobile telephony, the European Commission requirements for the legal framework and geographical data storage constraints, but also the saturation recorded in the main nodes such as Amsterdam, lead large groups of data centers to regional markets such as Greece.
Personal opinion
The ever-increasing digitization of all aspects of our lives. A digitization that requires the movement and storage of data. Today, 60% of the largest companies in the world are IT companies, while eight out of 10 operating in data management. Greece is one of the fastest growing data center markets in the region where some of the most innovative Data Center infrastructure projects are already being implemented at European level. Our company can offer you the right conditions to enter safely into the Greek market.