With more than 300 days of sunshine a year, a sea of opalescent captivating blues and turquoises, and postcard landscapes, the Greek climate is a major asset for real estate investments.
The Greek real estate market presents excellent business opportunities for investors able to converge with a growing demand from a solid local and international clientele in the tourist sector or for business.
Demand for real estate in Greece is growing
The real estate market in Athens is booming and backed by major infrastructure and urban reconversion projects such as the one underway around the Elleniko area, site of the former international airport located on the edge of the beach strip of the Greek riviera.
The centre of Athens is experiencing a real tourist boom. The number of foreign tourists increased from 15 million in 2009 to 32 million nowadays, most of whom visited Athens during their stay in Greece.
Athens, its Greek real estate market and tourism
Athens is the city with the second fastest growth rate in the number of tourists in Europe.
While the city centre is the most popular area for tourist bookings: Koukaki, Acropolis, Plaka, Thission, Monastiraki, Kolonaki, Lycabettus, Mets and Pagrati and the emerging areas around Kerameikos and Votanikos where modern buildings and recently renovated neo-classical houses are enjoying increasing success.
Demand from foreign investors has recently been strengthened by the investment facility linked to “Golden Visas”: it is now possible to obtain a Greek residence permit on condition of the purchase of one or several properties with a minimum value of 250,000 euros. In other countries, obtaining a golden visa requires a much higher minimum investment amount.
The Greek luxury real estate market on the Athens Riviera
You will find attractive real estate investment locations not only in the centre of Athens, but also in the surrounding areas: the coast is only a few kilometres south of the city centre. Just like on the French Riviera, you will find the most popular localities in terms of real estate investment. However, the Greek coast offers a decisive advantage for investors: real estate is significantly cheaper there than on the « Côte d’Azur ».
The most popular places on the coast of Athens
Nevertheless, the coast of Athens already enjoys great popularity among lovers of luxury and comfort. This is due, mainly, to the many picturesque places located along the coastline. These are very popular places, especially with an international and wealthy clientele, which explains the presence along the coast of some of the most luxurious properties in Greece. Any potential investor should therefore take a look at the following five localities:
Palaio Faliro, a coastal area located ten minutes by car from the centre of Athens, is one of the most popular vacation spots. Glyfada, the largest city in the southern suburbs of Athens, is known as the centre of nightlife and entertainment in the capital. The small town of Voula is known for its beaches which are accessible to everyone, especially water sports enthusiasts.
Vouliagmeni, in its green setting, has luxury villas and the best hotels at only 30 minutes by car from the centre of Athens. The little treasure of the region is the lake of the same name which is nestled at the foot of a cliff. You can bathe there all year round in warm and beneficial waters and, in the evening, enjoy the numerous taverns on the site.
Growing demand for The Islands
The Greek islands are at the centre of the desires of many investors. But the scarcity of opportunities and the exceptional geographical location place the budgets at a very high level.
Every dream has a cost and there is life after Mykonos and Santorini where prices are sky high. In any case, this is what MobiliaRealEstate, a real estate agency based in Athens and specialized in the islands, defends. Indeed, we see that many more discreet islands have certain advantages and in particular that of allowing a quiet life away from the crowds and nightclubs.
In addition, budgets are more affordable and the offer is growing at a time when a new generation is trying to develop island life in a more responsible and ecological way by prioritizing quality of life.
Be well accompanied
The real estate profession in Greece is completing its revolution in terms of qualification and certification. It is therefore easier than before to find seasoned and serious professionals who work in association with financial, legal and technical specialists. Mobilia Real Estate has shown us that its network of lawyers, notaries and account managers constitute a solid and reliable network, multilingual and experienced in supporting an international clientele.
A good real estate agent will never forget that your project must have an economic balance and a satisfactory level of profitability and will defend your interests.
The advantage of the Greek market also lies in the fact that opportunities exist for institutional and corporate investors as well as for individual investors. In addition, the investment must be complemented by a management service. Precisely, agencies offer a real estate rental management service which makes possible to secure the profitability of investments. It is, in a way, the icing on the cake that makes Greece a privileged place for real estate investors.