Realtors note Balkan interest in Thessaloniki

Realtors note Balkan interest in Thessaloniki

The number of Balkan nationals looking for real estate to buy in Thessaloniki has risen exponentially, realtors told Philoxenia’s “Tourism, Real Estate, Transport & Infrastructure in Greece and SE Europe” forum in the northern port city on Friday. 

Realtors noted that potential investors were willing to pay up to 1 million euros, at the same time that Israeli investors were freezing their plans because of the energy crisis and market uncertainty. 

The majority of realtors participating in the forum took a stance against raising the investment level in the Golden Visa program, from the current €250,000 to €500,000. The program provides investors in property at such amounts with a multiple-year residence permit that includes their close relatives. 

Realtors said on Friday that the upcoming changes in criteria for the visas do not reflect the low supply of luxury homes in Greece. As Kostas Georgakos, Greek-Serbian Chamber of Northern Greece president and CEO of Georgakos & Parthenon RE explained, “it is no secret that the dream of Balkan people is to own a property in Thessaloniki and northern Greece.” 

He attributed the rise in interest to the rise of living standards and the low property prices in the city compared to the Balkan ones. In Belgrade, one square meter costs €12,000, he noted, compared to €3,000/sq.m. for a new apartment in Thessaloniki.

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