The Emergence of Hedge Funds [1]
- The New Millionaires of the Athens Riviera
While, until recently, prospective buyers of luxury homes on the Athens Riviera primarily came from the tourism sector or the traditional holiday-home market, a new category of buyers is now emerging from the world of international investment. This new group includes managers of multi-billion-euro funds, founders of investment firms and senior executives in the financial sector who are increasingly considering Athens as a location for both their professional activities and family life. These buyers are looking for properties that can serve as their permanent homes.
- The First International Investment Funds to Set Up in Greece
The interest of international investors in Greece is confirmed by reports in the Financial Times and Bloomberg, according to which Chris Rokos, founder of the London-based investment firm Rokos Capital Management, transferred his tax residence to Greece. At the same time, Millennium Management registered an office in Athens in July 2026, while Veriton and Elan Capital are in discussions with the Greek Ministry of Finance about the possibility of establishing operations in Greece as well. These are firms that manage substantial investment funds, seeking returns through different strategies in international financial markets. Their establishment in Athens does not merely involve the opening of new offices, but also entails the relocation of executives, associates and their families, who will need access to housing, schools and high-quality services.
- Tax Incentives for Attracting International Investment Funds to Athens
This new trend is supported by the application of a 5% tax rate to certain remuneration received by investment fund managers from the returns generated by their investments, provided that the applicable conditions are met.
At the same time, the regime under Article 5C of Law 4172/2013 provides for a 50% exemption from income tax on employment income for a period of up to seven years for individuals who transfer their tax residence to Greece and satisfy the relevant conditions.
An illustrative example is provided by Greece Sotheby’s International Realty: a senior executive with an annual salary of €1 million, remuneration of €10 million from investment profits and income of €3 million from personal investments is estimated to have an annual tax liability of approximately €4.9 million in London, compared with approximately €1.1 million in Athens. The difference amounts to approximately €3.8 million per year!
For the special 5% tax regime to apply, the Greek company employing the executives must, among other requirements, incur annual expenditure of at least €3 million in Greece. Therefore, the regime requires real business activity in Greece, not merely the transfer of wealthy individuals’ tax residence.
- The Areas with the Highest Demand. Why Elliniko Is Becoming Particularly Important for Investors’ Families
Vouliagmeni, Voula, Glyfada and Elliniko are at the centre of this interest, as they offer a combination of seaside living, modern residences and access to services.
For professionals relocating with their families from London to Athens, choosing a home involves more than the property itself: proximity to international schools, access to private healthcare, daily commuting and connectivity to the airport are also key considerations. For this reason, Elliniko is becoming particularly important, as the development of new residences is accompanied by plans for educational, sports, retail and other infrastructure. A notable example is the investment by Inspired Education, which acquired the Moraitis School and Costeas-Geitonas School in 2024 with the aim of developing a new school in Elliniko with a capacity of 1,300 students. Consequently, access to international schools is becoming a key factor in the choice of property.
However, the number of available homes that meet the requirements of this category of buyers is limited. Moreover, the concentration of a growing number of high-net-worth buyers in the already expensive areas of the Athens Riviera may intensify competition for available properties and lead to further price increases. Whether this occurs will depend on the actual number of executives who ultimately relocate to Greece, the pace of new residential development and the choices made by the buyers themselves, as alternative locations are also available, such as Psychiko and Filothei, particularly for families that prefer a greener residential environment with access to existing international schools.
- From Holiday Homes to Permanent Residence
The presence of international investment funds on the Athens Riviera is creating the conditions for a shift towards permanent, year-round living rather than holiday-home ownership. This means that the overall quality of the living environment is becoming a key factor in attracting buyers.
The growing interest from hedge funds is still at an early stage, but the initial indications suggest that the Athens Riviera is taking on a new role: evolving from a luxury holiday destination into a place of permanent residence.
[1] This text constitutes a summary of the article entitled “How Hedge Funds Are Changing the Real Estate Market in the Southern Suburbs – The New Millionaires of the Athens Riviera”, published on 28 September 2026 on the NouPou Real Estate website, available at the following link: https://www.noupou.gr/real-estate/pos-ta-hedge-funds-allazoun-tin-agora-akiniton-sta-notia-proastia-oi-neoi-ekatommiriouxoi-tis-athinaikis-rivieras/ (last accessed on 1 November 2026).