Top Real Estate Investment Destinations in Greece

The purchase of real estate in European countries has long been a favoured immigration policy among foreign investors. Greek real estate is one such investment product popular among many immigrants. The advantage of buying property in Greece is not just ownership but also the ability to obtain permanent resident status in the country.

According to data from the Central Bank of Greece, from Q1 to Q3 of 2022, foreign capital inflows into the Greek real estate market increased by 60.2% YoY, totalling €1.277 billion. This signifies that despite being relatively inexpensive, Greek real estate has become a high-quality asset that can preserve its value in the context of global inflation.

In September 2022, Greek Prime Minister Kyriakos Mitsotakis announced that the investment threshold for the "Greek Golden Visa" will increase from €250,000 to €500,000, effective from May 1, 2023. Under the new policy, the central area of Athens, along with the northern and southern areas, will be included in the €500,000 investment threshold. At the same time, Saroniki, Mykonos, and Santorini will follow the €500,000 European investment threshold. The eastern and western regions of Attica and the city of Piraeus will maintain the €250,000 investment threshold.

Here are some recommended cities for buying property in Greece:

Athens

Athens, the capital of Greece, is a popular location for real estate investment. The North, Central, and South areas of Athens offer different types of properties.

Central Athens: Downtown Old Town

Central Athens is known as the "Heart of Athens," where administration, economy, education, medical care, culture, and commerce all converge. This area has a strong commercial atmosphere and historical heritage, with popular tourist attractions such as the Acropolis, Syntagma Square, and major museums.

Central Athens' properties are generally smaller and located near tourist attractions and commercial centers, making them easier to rent out and suitable for investment.

South of Athens: The New Wealthy Area

South Athens is also called the "Chest of Athens," boasting charming beach scenery and is a favourite spot among celebrities and wealthy people of Athens. Real estate here is mainly built along the coast, with invincible sea views and facilities such as private docks and yachts.

Properties in South Athens are on the higher side of the price spectrum, suitable for holiday home investments.

Northern Athens: Traditional Rich District

North Athens has a high concentration of embassies from various countries, making it a gathering place for dignitaries, top executives, and elites worldwide. This area has a very high green rate, mature living facilities, complete infrastructure, and good public security. It is one of the most livable areas.

Properties in the North of Athens are mainly large houses such as villas and duplex apartments. If you prefer new homes, the North is the right choice.

Crete

Crete is the largest island in the Greek archipelago and is known as the "hometown of retirement" and "hometown of longevity." Crete has a 1,000-kilometer coastline and is a popular destination for tourists and immigrants at the confluence of the Mediterranean and Aegean Seas.

Although housing prices in Crete are lower than those in Athens, its coastal location and international airport make it an attractive option for real estate investment. Real estate rental rates and yields in Crete are impressive, and exquisite villas near the sea are excellent real estate choices.

Santorini

The Aegean house, with its characteristic white walls and blue roofs, is the quintessential image of Santorini, one of Greece's most popular tourist destinations. Its consistent flow of visitors presents a unique opportunity for investment.

While Santorini may be far from Athens, and its transportation and planning may not be as perfect as the capital, it's still a great option for those looking to invest. Considering the tourist traffic, renting out your property as a homestay or Airbnb is a viable option.

All in all, whether for self-occupation or investment, Greece offers a range of options. After reading our recommendations for several cities, we hope you'll consider adding Santorini to your list!

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