Greece, Bulgaria, and Romania are promoting the construction of the “Black Sea–Aegean Sea” multimodal transport corridor, which is intended to connect the ports, railways, highways, and logistics hubs of the three countries with access to the Ukrainian and Moldovan borders.
The project will become part of the EU’s Trans-European Transport Network (TEN-T). The European Commission notes that the broader “Baltic Sea–Black Sea–Aegean Sea” corridor spans 11 EU countries, as well as Ukraine and Moldova, connecting the Baltic, Black, and Aegean Seas.
The new section between Greece, Bulgaria, and Romania will consist of three main branches. The western branch is planned to run along the route Athens–Thessaloniki–Promachonas–Kulata–Sofia–Vidin/Calafat–Craiova–Bucharest. The central branch will connect Thessaloniki and Alexandroupolis with the Bulgarian cities of Svilengrad and Ruse, then continue through Giurgiu and Bucharest to
Siret on the Romanian border with Ukraine, as well as to Ungheni on the border with Moldova. The Eastern Branch will connect Alexandroupolis with the Bulgarian ports of Burgas and Varna, and then on to Constanța in Romania.
To coordinate the project, the three countries are establishing the Black Sea–Aegean Sea Corridor Platform (BACP). The European Commission reported that Greece, Bulgaria, and Romania signed a memorandum on the development of transport infrastructure on December 3, 2025, in Brussels. The document provides for coordination at the political and technical levels, the exchange of data on national investment plans, and the joint promotion of priority TEN-T projects.
European Commissioner for Transport Apostolos Tzitzikostas called the project a step toward strengthening the strategic north-south corridor in Southeast Europe. According to him, closer cooperation between Greece, Bulgaria, and Romania should strengthen ties for citizens and businesses, as well as enhance Europe’s security, competitiveness, and resilience in the Aegean, Black Sea, and Danube regions.
The project’s significance for the region goes beyond mere transportation modernization. The corridor could provide Ukraine with an additional southern logistics route to ports in the Aegean Sea, Bulgaria, and Romania, as well as strengthen the role of Constanța, Burgas, Varna, Alexandroupoli, and Thessaloniki as hubs for trade, agricultural exports, industrial cargo, and container transport.
For the Balkans, this also represents an opportunity to reduce dependence on overburdened or vulnerable routes. Since the outbreak of full-scale war against Ukraine, the importance of alternative routes via the Danube, the Black Sea, Romania, Bulgaria, and Greece has risen sharply. The central branch to Siret could effectively become an extension of Ukrainian logistics routes to southern Europe.
The project is also important for the military and crisis mobility of the EU and NATO, but its civilian economic value is no less significant. This involves faster transport between the three seas, better connections between ports and railways, reduced logistics costs, and the creation of a sustainable infrastructure for trade between Ukraine, Moldova, the Balkans, Central Europe, and the Mediterranean.
For Ukraine, this represents a potential new route to the Mediterranean; for Romania, Bulgaria, and Greece, it means strengthening their roles as transit countries; and for the entire region, it is a step toward more sustainable logistics between the Baltic Sea, the Black Sea, the Danube, and the Aegean Sea.
Aegean Sea, BACP, BLACK SEA, BULGARIA, GREECE, INFRASTRUCTURE, LOGISTICS, ROMANIA, TEN-T, UKRAINE
The Embassy of Ukraine in the Hellenic Republic called on Ukrainian citizens who are in Greece or are planning trips around the country to take into account the increased risk of wildfires during the summer season. High temperatures, dry weather and strong winds may contribute to the rapid spread of fire throughout the country, the embassy reported.
Ukrainian citizens are advised to regularly check official announcements by the Greek authorities, in particular the daily Fire Risk Forecast Map published by the Greek Ministry of Climate Crisis and Civil Protection. The official website of Greece’s civil protection authorities also publishes up-to-date fire danger maps and information about the 112 emergency system.
The embassy emphasizes that wildfires can cause significant logistical difficulties for tourists and local residents, including road closures, power outages, disruption of transport infrastructure and deterioration of air quality. In areas near fire outbreaks, the Greek authorities may announce the evacuation of the population.
Ukrainian citizens are advised to comply with all instructions of the Greek authorities, follow official civil protection announcements, carry identity documents with them and think through an action plan in advance in case of an emergency. On a mobile phone, it is advisable to make sure that receiving emergency alerts from the 112 system is enabled.
If a fire is detected, it is necessary to call the Greek Fire Service at 199, and for emergency assistance — the single European number 112. In the event of possible changes to transport connections, citizens are advised to clarify information with tour operators, airlines or Athens International Airport at +30 210 353 0000.
In the event of a threat to life or health, Ukrainian citizens may contact the hotline of the Embassy of Ukraine in Greece in Athens: +30 693 276 5606, available via Signal, WhatsApp, Viber and Telegram. The hotline of the Consulate of Ukraine in Thessaloniki is also operating: +30 693 407 7385, the consulate’s email address is gc_grs@mfa.gov.ua. The 24-hour hotline of the Ministry of Foreign Affairs of Ukraine: +38 044 238 15 88.
In Greece, wildfires are one of the main seasonal risks during the summer period, especially in conditions of heat, drought and strong winds. For Ukrainian tourists and temporarily displaced persons, this means the need to plan routes more carefully, check the situation in the region where they are staying and respond promptly to messages from local services.
Greece has more than 2.2 million vacant homes, accounting for 34.5% of the country’s total housing stock—one of the highest rates in Europe, according to a study by the Parliamentary Budget Office based on data from the 2021 ELSTAT census.
The study’s authors note that the problem in the Greek housing market is linked not only to a lack of new construction but also to the low utilization rate of existing housing stock. While the total number of residential properties increased by 3.5% between 2011 and 2021, the number of homes available for long-term rent decreased by 10.4%, and those listed for sale fell by 33.1%. The number of inactive vacant properties—those not offered for either rent or sale—rose to 1.81 million.
The category of vacant housing includes not only potential properties for purchase or rent, but also second homes, summer cottages, older housing stock, properties in rural areas and on islands, as well as real estate taken off the market due to legal, inheritance, or technical issues. Among the reasons why housing does not return to the market, the study cites inheritance disputes, unclear ownership status, legal complications, high renovation costs, low energy efficiency, and limited demand in certain regions.
For investors, this market structure creates opportunities primarily in the segments of older housing stock, redevelopment, and renovation. Properties that remain vacant due to owners’ reluctance to invest in modernization may enter the market at a discount; however, their investment appeal depends on the total cost after renovation and the potential market price upon sale or long-term lease.
Government support for renovation could be an additional factor. Greece is preparing a housing modernization program worth approximately 500 million euros, which is intended to help return some of the vacant properties to the housing market. According to Greek media reports, the program provides subsidies for repairs and energy efficiency, and eligibility checks are to be conducted via the gov.gr platform.
At the same time, investors should factor in the risk of price adjustments. According to the study’s authors, if the share of vacant and inactive housing returns to 2001 levels within approximately six years, real housing prices in Greece could fall by 15.5–24.6%. This does not imply an automatic collapse of the entire market; however, overvalued properties and locations with limited demand may prove to be the most vulnerable.
The Greek real estate market continues to appreciate for now, but the pace of growth is slowing. According to the Bank of Greece, apartment prices rose by 5.7% year-over-year in the first quarter of 2026, following increases of 8.1% in 2025 and 9.1% in 2024. In Athens, growth in the first quarter was 5.2%, and in Thessaloniki, 6.4%.
Relying solely on short-term rentals and the Golden Visa program as the sole rationale for a transaction remains a risk. Research indicates that the impact of short-term rentals on the market as a whole may be limited; however, in central areas of Athens and Thessaloniki, as well as popular tourist destinations, they are increasing pressure on the long-term housing market. Therefore, a high-quality asset is not a property purchased solely for a residence permit or Airbnb purposes, but rather a property with a clear legal history, an estimated renovation cost, and sustained demand once it is brought to market.
According to Serbian Economist, North Macedonia plans to build a high-speed railway from the border with Serbia to the border with Greece by 2031, which should integrate the country into the new Athens–Thessaloniki–Skopje–Belgrade–Budapest–Vienna transport corridor. The project is of direct importance to Serbia, as its effectiveness depends on the modernization of the Serbian sections between Belgrade and Niš and the future Niš–Skopje route.
North Macedonia’s Deputy Prime Minister and Minister of Transport, Aleksandar Nikolovski, stated in an interview with MIA that Skopje plans to build a line “from border to border,” that is, from the border with Serbia to the border with Greece.
This involves the development of Railway Corridor 10, which is intended to connect Greek ports and North Macedonia with Serbia, Hungary, Austria, and onward to Central Europe. Nikoloski stated that the goal of the project is to build a high-speed railway from Athens through Thessaloniki and Skopje northward to Belgrade, Budapest, and Vienna, which will “completely transform the structure of the economy and business” in the region.
According to the North Macedonian Ministry of Transport, the project is set to become one of the largest infrastructure projects in Southeast Europe. Nikoloski previously stated that passenger trains on the future line should travel at speeds of up to 250 km/h, and freight trains at up to 140 km/h, with 750-meter-long freight trains compliant with European standards being a key feature.
The cost of the Macedonian section is estimated at approximately EUR2 billion.
The project is currently in the preparatory stage. According to Nikoloski, the most suitable route has been selected from several options, and planning, geotechnical studies, and an environmental impact assessment are currently underway. The new route is expected to be approximately 35 km shorter than the existing one, which is particularly important for freight transit between Greek ports and Central Europe.
The Serbian component is key to the entire scheme. If North Macedonia connects its borders with Greece and Serbia but the Serbian section is not modernized, the project’s impact will be limited.
Therefore, Belgrade–Niš–Skopje is becoming the central missing link in the vertical transport corridor from the Aegean Sea to Central Europe.
Serbia is already modernizing the Belgrade–Niš railway. The EUR 2.2 billion financial package from the EU, EIB, and EBRD provides for the upgrade of the line to allow trains to travel at speeds of up to 200 km/h. The package includes an EU grant of up to EUR 598 million, an EIB loan of EUR 1.1 billion, and an EBRD loan of EUR 550 million.
In the northern part of the route, the Belgrade–Budapest section is already under development. The Serbian section of the Belgrade–Novi Sad line was opened earlier, and the further connection to Hungary is set to become part of the broader Budapest–Belgrade–Skopje–Athens corridor. However, the launch of service along the entire line to Budapest depends on the readiness of the Hungarian section and technical certification.
For Serbia, the new Macedonian project opens up an important economic prospect. If the entire Athens/Piraeus–Thessaloniki–Skopje–Niš–Belgrade–Budapest–Vienna corridor is modernized, Serbia could strengthen its role as a transit and logistics hub between Europe’s southern ports and Central European markets.
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Over the past three years, Turkish investors have invested approximately EUR614 million in Greek real estate, significantly strengthening their presence in the housing market of their neighboring country. According to experts, the main motivation for buyers from Turkey has been the desire to protect their capital from high inflation, currency fluctuations, and domestic economic uncertainty. For them, Greek real estate serves not only as an investment asset but also as a way to gain access to the European residency program.
An additional factor is the Golden Visa program, which allows citizens of non-EU countries to obtain a residence permit in Greece through investment. Depending on the property and region, the minimum investment threshold ranges from EUR250,000 to EUR800,000, and the residence permit itself is issued for five years with the possibility of renewal provided the investment is maintained.
The growth in interest from Turkish buyers is particularly noticeable against the backdrop of an overall decline in foreign investment in Greek real estate. According to the Bank of Greece, foreign investment in this sector fell by 22% in 2025—to EUR2.05 billion, down from EUR2.75 billion the previous year. Despite the decline, 2025 remained one of the strongest years for the market in terms of foreign capital inflows.
For Greece, Turkish demand has a dual effect. On the one hand, it supports developers, the secondary housing market, and investments in tourist areas. On the other hand, it increases pressure on prices, especially in Athens, Thessaloniki, on the islands, and in coastal locations, where supply is limited and local residents are already facing housing affordability issues.
Turkish investors’ interest is also linked to geographical proximity. Greece is perceived as a familiar and relatively close market: tourism and business ties are developing between the countries, and the Greek islands remain a popular destination for Turkish citizens. Reuters previously reported that Greece had extended a simplified visa regime for Turkish citizens to a number of Aegean islands, which further bolstered ties between the two markets.
In the near future, Turkish capital is likely to continue playing a significant role in the Greek market.
Greek authorities are tightening controls on fraudulent schemes in the Golden Visa program following the issuance of a new circular, No. 1/2026, by the Ministry of Migration and Asylum. According to explanations regarding the circular and reports in industry publications, Greek authorities will now forward information about misleading advertising and fictitious investment deals to the AADE tax authority and the Greek anti-money laundering agency, and confirmed violations may result in sanctions up to and including the revocation of the investor’s residence permit.
The reason for tightening controls was schemes in which investors were formally shown a property that met the program’s minimum threshold, but part of the funds was then effectively returned through hidden discounts, prepaid lease agreements, compensation for furniture, or cash payments. Industry experts note that following the increase in program entry thresholds in September 2024, the market saw a rise in advertising offers for properties priced below the legally established minimum, which drew additional attention from the authorities.
The new circular is broader in scope than mere anti-fraud measures. According to explanations from lawyers and the industry press, the document also resolves discrepancies in the application of rules among regional offices, clarifies the application submission process, and establishes stricter oversight of whether properties and applicants meet program requirements. This is intended to simultaneously increase the predictability of administration and intensify pressure on questionable schemes.
This tightening comes amid continued high demand for the Greek Golden Visa. According to data cited in industry publications, the number of approvals reached 8,879 in 2025, nearly doubling from 4,535 the previous year. This makes the program one of the most sought-after in Europe, thereby increasing incentives for abuse in the real estate market.
