Athens’ housing market is experiencing an investment boom
After some stagnation, real estate in Greece has become interesting to investors again. Good dynamics are demonstrated by the housing market in Athens, where foreign buyers are actively buying apartments. Most consider the purchase of the real estate in the capital as a good investment.
Most of the housing purchased by foreigners in Athens is used to rent on a long-term and daily. This fact is confirmed by realtors who talk with buyers. Many of them also look for housing in the Greek capital, to obtain future additional income from its rent.
Experts note that during the current year in Athens, the market has significantly increased the number of foreign investors. Most of all, the local real estate buyers are interested in the Netherlands, Britain, Australia, and Romania. In this case, compared with 2021, there is a change in trends. The British used to buy apartments in the Cyclades, but now they are more focused on proposals in Athens. The same dynamics are observed among participants in the program “Golden Visa”, 111 British citizens have received a residence permit in exchange for investment in the capital.
Buyers from France occupy the fourth place in the number of transactions in the real estate market in Greece. However, they are mainly interested in properties in the suburbs of Athens, its western part. Among the citizens of this country, there is still a high demand for housing outside the Cyclades islands.
For a long time, the Greek market was perceived only as a place for rest. Therefore, foreign buyers were most often interested in houses on the coast. However, now the trends have changed, and investors see in the local segment the excellent income potential. The main factor for the change of vector was the cancellation of the financial aid program, which was in effect in Greece for several years. Its withdrawal allowed reducing the risks for investment activity, and infusions of capital into the market began to increase actively. An important role in the process of increasing interest from foreign buyers has played a revision of the property tax, its size has been reduced. In addition, Greece has demonstrated political stability over the past few years, which is also an argument in favor of increased investment.
This year, the tourist season in the country has been extremely successful, and the demand for short-term rentals has increased significantly. At the same time, the demand for long-term rentals has not decreased, which is facilitated by the remote format of work. Citizens of other countries come to Greece to enjoy the mild climate and the sea, and at the same time to be able to conduct professional activities. These arguments are in favor of increased investment in the real estate market in the country, not only in Athens but also in other major cities of Greece.