Greece is booming in 2025, with robust investments across construction, hospitality, and energy sectors, according to Sardelas Petsa Managing Partner Panagiotis Sardelas, who stresses that digital infrastructure and capital markets are also gaining momentum.
"2025 has sustained the strong momentum of previous years, particularly in construction, hospitality, and energy,” Sardelas begins. “These sectors remain dominant, with peak activity levels. In construction, market consolidation continues, with mergers between major companies. Financing is strong, especially for hospitality and commercial property developments, as well as renewable energy-linked projects.”
Moreover, Sardelas reports that hospitality is thriving due to record-breaking tourist intake, generating substantial foreign revenue. "Project financing and development remain central," he observes. “In energy, major players actively acquire smaller projects, while foreign investors show keen interest – the Masdar-TERNA deal exemplifies this trend.” Additionally, Sardelas posits that digital infrastructure is emerging as a high-potential sector, with a focal point especially on data centers. “Public Power Corporation and Damac have partnered on a major project in Northern Greece, likely setting a precedent for further developments,” he notes.
Turning to capital markets, Sardelas notes that IPO activity is increasing, with the Athens International Airport IPO being a prime example. “Greek banks are expanding credit activity and moving past post-crisis struggles,” he says. “The banks are diversifying beyond traditional commercial banking into wholesale and investment banking. For instance, Alpha Group acquired FlexFin and entered Cyprus via AstroBank, while Eurobank acquired Hellenic Bank in Cyprus, as part of its strategy to expand toward the Middle East and Asia,” he explains. "We expect other systemic banks, like Piraeus Bank, to follow suit.”
Moreover, Sardelas reports that Greece’s government is actively implementing legislative reforms to modernize tax and regulatory frameworks, attracting investment and startup activity. “New laws ease SME access to capital markets, including waiving the prospectus requirement for listings under EUR 8 million. Tax incentives have expanded, such as a 100% super-deduction (up to EUR 200,000) for listing SMEs from 2025-2027,” he outlines. Moreover, Sardelas reports that “withholding tax on bond interest was reduced from 15% to 5%, and angel investor benefits now allow up to 50% deduction on equity investments.” Lending-side reforms include lower stamp duty costs for non-bank financing, alongside exemptions for high-tech startups. “Additionally, a new startup investor residence permit facilitates golden visas through capital investments starting at EUR 250,000, including debt transactions,” Sardelas observes.
Finally, Sardelas turns to renewable energy growth, indicating a particular popularity of photovoltaic sources. According to him, this growth has “outpaced the country’s grid capacity, causing curtailments. Tο address this, Greece introduced a 2025 reform establishing a regulatory framework for standalone Battery Energy Storage Systems, targeting 4.3 gigawatts in capacity by 2030," he explains. “With clearer rules and streamlined procedures, developers can now more easily secure financing and move forward with their projects as this reform significantly alleviates grid pressure and unlocks new opportunities in the sector," Sardelas concludes.
