GREECE Trends and Developments Contributed by: Ioanna Alexandropoulou, Konstantinos Plastiras, Filippos Lamnidis and Sergios Lamnidis, Lamnidis Law
roads of infrastructure, tourism and urban living. It was, unsurprisingly, among the first projects to receive fast-track approval under the Strategic Investments regime. Strategic doesn’t always mean big Interestingly, not all strategic real estate invest - ment in the last decade has been mega-scale. Many projects that have shaped local econo - mies or transformed neighbourhoods have been mid-sized, but legally and commercially struc - tured to create lasting impact. In urban centres like Athens and Thessaloniki, adaptive reuse has played a huge role. Former factories, warehouses and underutilised office buildings were converted into mixed-use hubs – combining retail, co-working and cultural uses, or even affordable student housing. These kinds of developments often involve complex planning, heritage considerations or public land conces - sions, which is where the strategic framework (and strong legal advisory) becomes essential. Public-private partnerships also found new life, especially when deployed through state plat - forms such as HRADF or ETAD. These structures allowed for long-term leases or development rights without full transfer of ownership, striking a balance between public interest and private initiative. It’s not the most headline-grabbing part of the market – but it’s often where the real transformation happens. The legal tools behind the capital None of this would have been possible without a shift in the legal and fiscal environment. Over the last decade, Greece moved – deliberately – towards a more investor-friendly model. The “Fast Track” procedure, once seen as theoreti - cal, is now an operational mechanism through Enterprise Greece, offering clarity, efficiency and
a genuine single-window approach for qualifying projects. Tax incentives played a key role too. The optional suspension of VAT on new constructions (Law 4646/2019, extended through 2025), accelerat - ed depreciation, and exemptions from municipal levies all made feasibility models more attrac - tive – especially at a time when financing was still constrained. For many investors, these tools tipped the scales between “interesting project” and “bankable investment” . From a legal advisory perspective, real estate investment work now sits at the intersection of regulatory, transactional, planning and some - times even constitutional law. It’s a space that requires fluency in state processes and com - mercial expectations alike. And in that sense, it’s perhaps one of the most dynamic and rewarding parts of Greece’s real estate practice. As a result, since the implementation of strategic investments is more simplified and their realisation has accel - erated, the investments climate has improved. Looking forward Today, real estate investment in Greek isn’t just a recovery story – it’s a core pillar of the country’s economic strategy. The playbook is expanding. We’re already seeing new types of projects – tech campuses, education infrastruc - ture, healthcare real estate and even affordable housing portfolios – being structured to qualify for strategic status. What matters most going forward is balance. Greece has done the hard work of attracting capital and removing friction. The next chal - lenge is ensuring that strategic investment also delivers long-term social value. That’s where the legal community has a responsibility: not just to
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