The link between the improvement of Greece's credit profile and the growing confidence of international investors in the Greek real estate market is highlighted by the chairman and CEO of Greece Sotheby's International Realty, Savvas Savvaidis, in a statement on the occasion of the latest decisions by the rating agencies.
As he states, on Friday, September 18, Greece was at the center of two rating decisions. Scope Ratings upgraded the country's credit rating to BBB+ from BBB, with a stable outlook, while Moody's Ratings upgraded the outlook for the Greek economy to positive, maintaining the rating at Baa3.
Scope attributed its decision to the rapid de-escalation of the public debt ratio and the strengthening of fiscal sustainability, referring among other things to primary surpluses, structural improvements in tax administration, and prudent fiscal management. Accordingly, Moody's pointed out that the reforms strengthen economic and fiscal resilience more than the agency had initially estimated.
The same statement also refers to the course of key macroeconomic indicators. As noted, the yields on Greek bonds are lower than those of France, Italy, and the US, while the ratio of Greek public debt to GDP is expected to fall this year below the corresponding level of Italy. At the same time, the Ministry of Finance is planning the early repayment of about 13 billion euros of debt from the bailout-program period during 2026.
Mr. Savvaidis places particular emphasis on the effects that the improvement of the country's credit profile may have on the luxury real estate market.
“A country's credit rating is the first element an international investor examines when allocating capital. When Greece's rating is upgraded, every discussion about Greek assets starts from a stronger base, and the housing market is the field where this confidence becomes most tangible”, he says.
As he points out, sovereign credit ratings affect the cost of capital, the willingness of private banks to finance cross-border purchases, and the risk framework on the basis of which family offices allocate capital to real assets.
According to data from Greece Sotheby's International Realty that he cites, total expressed demand from prospective buyers reached 6.11 billion euros in the first half of 2026, marking a 35% year-on-year increase. Demand from British buyers increased by 60%, while buyers without tax residence in Greece represented 29% of transactions in the upper segment of the market.
At the same time, according to the same data, the ultra-luxury property category valued at over 5 million euros represented 70% of the total value of demand.
“What the rating agencies formalized on Friday, we see every day in our own data: the 6.11 billion euros of expressed buying interest in the first half of 2026, up by 35% year-on-year, reflect the same confidence in Greece's course -- a confidence that was recorded in demand before it was reflected in the ratings”, says Mr. Savvaidis.
In his statement, he also estimates that, provided fiscal performance continues to exceed targets, the further improvement of the country's credit rating may strengthen the repricing of Greek risk and the fundamentals supporting the values of prime and trophy properties.
Finally, according to the data he cites from the report “The State of Greek Luxury Property at Mid-Year 2026”, Greece Sotheby's International Realty's completed transactions since 2016 amount in total to 650 million euros.
SOURCE: ANA-MPA