Greece continues to draw significant interest from foreign investors, with three primary categories dominating the real estate market over the past decade.
Residency-permit seekers
A major segment of investors consists of those seeking residency permits through the Golden Visa program, particularly popular among Chinese buyers. However, recent changes, including an increase in the minimum investment threshold from €250,000 to €800,000, have dampened demand. This has been further complicated by China’s strict capital export controls.
It needs to be clarified that the original €250,000 investment option remains available but is tied to specific types of properties, such as industrial or commercial buildings that can be repurposed for residential use. Nevertheless, these options are often viewed as less prestigious, resulting in limited interest.
Tourism-focused property investors
Another key group includes investors, notably from Israel, who have purchased properties at low prices and converted them into tourist accommodations. These investments have played a pivotal role in the market. However, recent regulatory restrictions on short-term rentals in certain areas have led to stagnation, reduced demand, and potential price drops. Property owners with existing rental licenses maintain an advantage due to limited supply.
Lifestyle investors
The third category of buyers focuses on improving quality of life rather than financial returns. These investors often come from the Balkans, including Bulgaria and North Macedonia, and prefer coastal properties in northern Greece, with Chalkidiki emerging as a particularly popular destination. Similarly, Western Europeans, notably French buyers, prefer properties on the Aegean and Ionian islands, often purchasing homes for holiday retreats or permanent residence.
A distinct subcategory of investors focuses on high-end, luxury properties. The Ellinikon Project, Europe’s largest urban regeneration initiative, is the cornerstone of this market. Beyond mere real estate investment, the project represents a new lifestyle concept, emphasizing innovation, sustainability, and aesthetics, making it a magnet for elite buyers globally. Other luxury developments, such as Elounda Hills in Crete, featuring upscale villas, five-star hotel facilities, and unique living experiences, further underline Greece’s appeal as a destination for premium investments. Moreover, areas such as the Athens Riviera, Mykonos, Santorini, and Porto Heli also remain highly sought after for their prestigious properties with exceptional views and proximity to top-tier infrastructure.
What Foreign Investors Seek
Foreign buyers are drawn to Greece’s natural beauty, particularly coastal and island locations, as well as emerging urban zones like the Athens Riviera. Their primary priorities are high rental yields, capital appreciation potential, and luxury features. The Golden Visa program, along with Greece’s political stability and advanced infrastructure, further enhances its attractiveness.
The Value of Renovated Properties
The condition of properties significantly impacts their value, with renovated homes achieving markedly higher prices compared to non-renovated ones. According to Protio’s analysis, renovated properties command a 58% higher value on average. Certain neighbourhoods in Athens stand out for their extraordinary post-renovation appreciation, such as Moschato (116% increase), Psyrri (95.5% increase), and Omonia (61.5% increase). Exarchia and Evangelismos are also gaining popularity due to their strategic proximity to Athens’ commercial and business centres.
Modern buyers are increasingly seeking properties that combine energy efficiency, sustainability, and aesthetics. Renovated properties that offer both aesthetic appeal and functionality are becoming preferred choices in a highly competitive market.
[1] The present constitutes a summary of the article entitled “Who are the foreign buyers of properties in Greece – the areas they prefer” published on the website “iEidiseis” on 15.12.2024 available in Greek at: https://www.ieidiseis.gr/oikonomia/272694/poioi-ksenoi-agorazoun-akinita-stin-ellada-oi-perioxes-pou protimoyn.
Text edited and authored by: Thalia Dolka, lawyer in Athens, holds an LLM in Civil Law and is an LLM candidate at the Law School of Strasbourg.