5 REASONS TO INVEST IN GREECE
The Investor Greece 2019 I Briefing I Introduction
“THE COUNTRY IS NOW ON TRACK TO RECOVER FROM A DEEP DEPRESSION. REFORMS HAVE GATHERED PACE AND FISCAL CONSOLIDATION HAS STRENGTHENED CREDIBILITY, LOWERING UNCERTAINTY.”
Greece has a developed infrastructure that enables the uninterrupted implementation of most investment activities. Within the context of the 2004 Olympic Games in Athens, and investment in the years after, there have been a number of material improvements in Greece’s infrastructure of Greece. During the last decade, the road network has seen substantial improvements. Greece has 45 airports—15 international airports, 26 domestic airports, and 4 municipal airports. With hundreds of islands, Greece has many seaports, 16 of which are international. The port of Piraeus is one of the busiest in Europe and is the main cargo port of the country, followed by the ports of Thessaloniki, Patras, and Igoumenitsa. Greece has more than 140 ports that serve passengers and cargo. Greece’s port infrastructure is being constantly upgraded and improved to meet the needs of cargo shipping, security concerns, and the country’s visitors,
HIGHLY STRATEGIC LOCATION
Greece is a member of the Schengen Area Schengen consisting of 26 European countries, not including Cyprus and the UK. Holders of the Greek residency permit enjoy the same travel privileges than a Greek citizen. Greece has direct access to a regional market of over 140 million consumers, including emerging and high growth markets of Southeast Europe and Eastern Mediterranean. The country also plays an important role as an energy hub on the East-West energy corridor. Over 4,000 Greek companies have invested about €15 billion in Southeast Europe and the country shares strong business and cultural ties with the region. Greece also offers the most competitive and the cheapest European Golden-Visa in the Mediterranean with a minimum property value of only €250,000.
IMPROVED ECONOMIC OUTLOOK
According to the IMF, investment activity in Greece is expected to accelerate in 2019 reaching 2.4 percent growth. Investments of fixed capital in Greece are expected to grow by 12 to 14 percent on a yearly basis.The driver will be mainly exports and tourism, that by year-end are predicted to rise 7% percent from 2018, and the slight increase in household consumption in the second half of the year by 1% percent on an annual basis, that will keep the growth rate in line with the estimates of the country’s creditors. The budget deficit has been slowly declining and is being kept below 3% of GDP, which helped the economy of Greece to stand strong on its own feet again with a stable economic growth period.
QUALITY OF LIFE
With over 300 days of sunshine a year, Greece is renowned for its dry summer climate, combining hot days with breezy nights. Greek summer can last well from May to September allowing one to enjoy the sea and the sun to the fullest. Security is a major benefit for residents as Greece has one of the lowest crime rates in Europe, especially in terms of burglary. This is of great importance not only for tourism but even more for property owners. Most of Greek beaches have been awarded with the Blue Flag, an award given by the European Community for cleanliness and excellent water quality. English is a second language to the majority of Greeks.
TALENTED HUMAN RESOURCES
During the last decades in Greece, demographic shifts, EU integration, and global trends have been reshaping the economic landscape so that Greece’s human resources are meeting the needs of today’s service and knowledge-based economy. There is a good supply of highly qualified labor in Greece, capable of effectively supporting any investment project. Greece’s biggest strength is probably its highly skilled workforce. Unfortunately for the country, if not employers, that workforce is currently underutilized. Greece has Europe’s second highest percentage of Masters and PhD students as a share of its population, with science, technology and engineering being specialisms.