Legal Market Overview
After a protracted delay, 2021 finally saw the start of the construction of the €8bn Hellinikon project on the site of the old Athens international airport. The project is seen as crucial to reviving Greece’s post-pandemic fortunes and is among the largest urban regeneration projects in Europe. The development has already generated 10,000 jobs and is forecast to create a further 70,000 jobs once complete. This project is expected to contribute 2.4% to Greece’s GDP when finished, expediting the 9% decline as seen in 2020.
Investments from property developers also saw an uptick in other projects work, supporting the construction of hotels, shopping malls, restaurants, residential homes and a casino. As a result of construction, the tourism industry is expected to see a healthy increase with international visitors expected to grow by 10%.
In a further sign of the more positive environment, the country will also receive €31bn by 2026 from the Next Generation EU fund. The financing is intended to support investments and reforms, and includes support for climate objectives.