ESG Compliance in Greek Real Estate: Current Gaps and Future Directions

Kornilios Vezyroglou () and Fotios Siokis
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Kornilios Vezyroglou: Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia 156, 54636 Thessaloniki, Greece
Fotios Siokis: Department of Balkan, Slavic & Oriental Studies, University of Macedonia, Egnatia 156, 54636 Thessaloniki, Greece

JRFM, 2025, vol. 18, issue 10, 1-20

Abstract: This study analyzes the ESG (Environmental, Social, and Governance) reporting practices of Greek Real Estate Investment Companies (REICs). Our findings reveal significant variation in compliance levels. This can be attributed to loose regulations, combined with a lack of self-commitment. Environmental performance is the least reported ESG pillar. We further explore the quality of Greek REICs’ ESG reporting. The results indicate that reporting per se does not necessarily ensure adherence to globally acknowledged reporting principles. Our work highlights that Greek REICs should be either motivated or enforced by law to align their ESG practices with broader market trends and regulatory developments. At the same time, our study is a call to policymakers for clear ESG guidelines. Despite the plethora of legislation and principles, the elephant in the room remains: many firms continue to do less than needed, or even the bare minimum, just because they can.

Keywords: ESG reporting; Real Estate Investment Companies (REICs); compliance levels; environmental performance; regulatory framework; Greece (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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