GREECE Trends and Developments Contributed by: Theodoros Skouzos and Natalia Skoulidou, Iason Skouzos TaxLaw
4.5%–8% range, depending on location and property size. Key themes for investors are as follows. • Location of demand: (a) prime residential in central Athens and Thes - saloniki; (b) hospitality and serviced apartments in tourist destinations; and (c) logistics warehouses and data centres. • Policy drivers: (a) the Golden Visa programme continues to support foreign demand, accounting for roughly 10% of transactions in some estimates, although rules are tightening in certain areas; and (b) new regulations on short-term rentals and energy performance standards are reshaping the economics of some residential investments. Investors should carefully assess local zoning rules, heritage protections and seismic standards, and anticipate that high-profile projects may face court challenges or local opposition, which can delay imple - mentation even when licences are granted. Agriculture and the agri-food sector Agriculture remains structurally important, both as a source of exports (olive oil, wine, fruits, vegetables, aquaculture) and as a backbone of rural communi - ties. The Greek Common Agricultural Policy (CAP) Strategic Plan emphasises a shift towards more resil - ient, green and digital agriculture, including support for high-value crops, environmental schemes and the modernisation of farms. Around half of the country’s land is classified as agricultural, and there is grow - ing interest in organic and protected-origin products linked to Greece’s strong culinary brand. Investor opportunities include: • consolidation and professional management of fragmented land holdings, where legal and cadas - tral issues can be resolved; • export-oriented agri-food processing (olive oil, dairy, wine, specialty foods); and
• agri-technology solutions (irrigation, precision farming, climate-smart agriculture). Risks are real, including climate change (drought, heatwaves), water management challenges, frag - mented ownership and an ageing farmer population. Demographic decline is particularly acute in rural areas, which may constrain labour supply and suc - cession plans, unless supported by immigration or policies attracting younger farmers. Technology, digital services and the start-up ecosystem Greece’s technology and start-up scene is still small by European standards, but it is growing in size and sophistication. The Greek start-up ecosystem is val - ued at roughly USD4.2 billion, with more than 700 active start-ups across verticals such as maritime tech, fintech, AI and life sciences, and Athens ranks among the top 100 emerging start-up ecosystems globally. Government-backed funds and the Hellenic Development Bank of Investments have played an important role in expanding venture capital availability. Two city hubs dominate: • Athens is the largest ecosystem, with better access to investors, corporates and international connec - tions; and • Thessaloniki is a rising northern star, leverag - ing universities, lower costs and proximity to the Balkans. For investors, the tech sector offers: • early-stage and growth-stage start-up investments, often at lower valuations than in Western Europe; • near-shore IT and back-office operations, taking advantage of skilled engineers and competitive salaries; and • partnerships with Greek corporates (banking, ship - ping, telecoms, energy) that are actively seeking innovation. Challenges include scale (the domestic market is small), brain drain to other EU countries and still- developing exit routes, although recent acquisitions and listings have started to improve this picture.
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