From the multi-billion euro Ellinikon smart city project on the Athenian Riviera to the revitalization of landmark buildings around the Greek capital, Greek real estate is becoming a showcase for smart and sustainable real estate development. And even as global property markets wrestle with economic uncertainty, Greece remains a prime investment destination in Europe across a spectrum of real estate assets.

Case in point: Greece is planning to further raise its minimum thresholds for foreign property investors seeking residency in Greece less than a year after the last increase, underscoring the unquenched demand for Greek property. At the same time, the number of 4- and 5-star hotels operating in Athens has almost doubled in recent years.

Incentives for retirees, digital nomads and high-income individuals to relocate to Greece are driving investment in city residences, vacation homes, senior living and luxury villas. Record tourism flows have drawn record investment – an estimated €3 billion last year alone – into Greek hotel properties. According to a recent study, the number of 4-star hotels in Athens has almost doubled to 77 in less than a decade and the number of 5-star hotels has grown to 31 from 15 eight years ago.

Meanwhile, the growing importance of Greece as a commercial hub to the region is creating new opportunities in office and retail spaces, industrial facilities and logistics hubs, such as the recent announcements by international home furnishing giant Ikea and investment fund H.I.G. Capital (see related story).

And all projects, both old and new, are increasingly being designed around environmental criteria. These are being supported by government incentives for energy efficient buildings, for energy conservation, and for incorporating renewable energy. They are also being used in the renovation of old building stock – such as the redevelopment of the landmark Piraeus Tower − through smart and efficient technologies.