GREECE Trends and Developments Contributed by: Theodoros Skouzos and Natalia Skoulidou, Iason Skouzos TaxLaw
(b) growing political and social pressure for sustainability, as local communities push back against overtourism. Overall, tourism remains a core opportunity for for - eign investors, but success increasingly depends on differentiation, ESG credentials and careful compli - ance with evolving zoning, environmental and housing rules. Energy and the green transition Greece is positioning itself as a regional hub for renewable energy and cross-border interconnections. Renewable energy sources (RES) – especially wind and solar – have expanded rapidly, hitting record pro - duction levels in 2023 and supported by a dense pipe - line of projects, including utility-scale solar and wind farms and battery storage systems. Recent reforms introduced a detailed framework for standalone bat - tery energy storage systems, allocating 4.7 GW of grid capacity and encouraging co-location with industrial off-takers. Two emblematic developments illustrate the sector’s direction. • Strategic foreign investment: UAE-based Masdar completed the acquisition of Terna Energy, one of Greece’s largest renewables companies, in a deal valuing the firm at EUR3.2 billion, signalling con - fidence in the Greek RES pipeline and its regional role. • Interconnectors and regional role: Greece and Egypt have reaffirmed their commitment to a 3,000 MW undersea cable to bring cheap solar and wind power from North Africa to Europe, in a EUR4 bil - lion project aligned with EU energy diversification goals. For investors, opportunities span: • utility-scale wind, solar and hybrid RES projects; • battery storage and grid balancing solutions; • green hydrogen and biomethane, following a new legal framework for renewable gases; and • grid infrastructure and cross-border interconnec - tors.
The main challenges are permitting complexity (mul - tiple authorities and environmental approvals), grid capacity constraints in some regions and community acceptance issues, particularly for large onshore wind projects. Shipping and logistics: a global giant anchored in Greece Greek-owned shipping is a global heavyweight. Greek ship-owners control around 20% of world shipping capacity and roughly 61% of the EU fleet, with approximately 5,700 vessels, and the fleet’s deadweight tonnage has grown by more than 40% since 2015. Piraeus, managed by China’s COSCO, has become a strategic European port, handling sig - nificant container volumes and serving as a gateway for Asian trade into Europe. Investment opportunities in and around the sector include: • port infrastructure, ship repair yards and logistics parks, especially around Piraeus and Thessaloniki; • maritime technology (fleet management software, decarbonisation solutions, alternative fuels); and • finance, leasing and insurance services tailored to ship-owners. Regulatory and compliance risks should not be under - estimated. EU and international environmental regula - tions (carbon pricing, fuel standards) are tightening, and enforcement against customs and VAT fraud is intensifying, as shown by recent large-scale seizures of under-declared imports at Piraeus. Investors in logistics or trade-heavy sectors must therefore build robust compliance systems and expect close co-ordi - nation with customs and tax authorities. Construction and real estate The Greek construction and property sectors have been rebounding, driven by tourism, foreign invest - ment and pent-up domestic demand. Residential property prices in urban areas rose by about 6.2% year-on-year in Q1 2025 (3.5% in real terms), continu - ing the strong trend seen in 2023–2024. Real estate outlook studies point to continued price growth in 2025–2026, particularly in metropolitan Athens, Thes - saloniki and coastal hotspots, with rental yields in the
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