Foreign buyers target Athens
The housing market in the center of Athens is enjoying an investment frenzy, as foreign investors of various nationalities have returned in force and are looking for apartments, with the aim of exploiting them either through short-term or long-term leases. This conclusion is easily reached by examining the searches carried out by foreigners through electronic classified ads. It is also confirmed by real estate market executives, who are in daily communication with interested parties abroad.
According to data compiled on behalf of Kathimerini by Spitogatos Insights, the online classifieds network, of the 10 countries with the greatest interest in the Greek market, five are focused on real estate in the Athens city center. In the year’s first half, investors from the United Kingdom, Romania, the Netherlands, Australia and Cyprus pointed to the center of the Greek capital as their number one destination, in residential asset search terms.
This is a major shift, particularly in the case of British buyers, who were more interested in properties in the Cyclades last year. On the contrary, this year they have targeted the center of Athens, a fact also confirmed by the course of the “golden visa” program, where investors from the UK obtained 111 new residence licenses this year.
The French, who are the fourth most active group in the Greek market, have expanded their investment interest this year to the western suburbs of Athens, beyond the Cycladic islands, which were the preeminent area of purchasing demand in previous years. Of course this may also include investment funds of French origin, or even Israelis, who have a second citizenship, from France or other French-speaking countries, real estate market players point out.
The bottom line is that the Greek market is no longer exclusively a destination for holiday homes but has found a spot on the map of investment destinations for good. This trend started after the country’s exit from the bailouts, which sharply reduced the investment risk. Political stability and the property tax cuts, combined with this year’s emergence of the country as a “champion” of tourism, are the main drivers of investment interest in real estate.
