Greece is set to become one of the hottest real estate investment opportunities of 2019, especially in the capital – Athens. This is thanks to a confluence of factors, including economic recovery, rising tourism and foreign investment. With so many positive trends converging, you may never find a better time to buy luxury property in Greece.
Foreign investment is flowing into Greek property – and not just because of increasingly favourable economic conditions (though the economy did expand for the ninth straight quarter in Q3 2018). The Greek ‘Golden Visa Scheme’ grants Greek residence to all non-EU expats who invest €250,000 in real estate. The scheme is proving hugely popular with investors, particularly those from China and Israel, and is helping to drive up prices in premium property.
Real estate in Athens is likely to be among the biggest beneficiaries of the improving property market in Greece. Trading Economics forecasts say that real estate price growth in the capital will reach 22% by 2020. But what is it that makes the capital so attractive?
The first reason is the scale of the property opportunity which has seen prices falling by 42.8% from the peak year of 2008. Property transactions and construction activity are both rising again, but are still far below their peak levels.
The second reason is that Athens is enjoying a tourism boom in the last few years . This cradle of classical civilisation boasts a gravitas like no other, and the world knows it. With tourism on the rise, big businesses are keen to increase their presence across Greece and in Athens specifically. But private investors can also compete, thanks to city-centre apartments with holiday rental appeal – a potentially lucrative revenue stream to add to price appreciation.
While there are big opportunities in many areas of the metropolitan region , luxury real estate in the centre of Athens continues to offer excellent value for money and perennial appeal as a second home. Scenic neighbourhoods like Plaka and Anafiotika sit right beneath the Acropolis, and boast luxury stores and restaurants alongside tourist fare.
However, if you want investment potential and the benefits of living in a bustling city, Kerameikos is worth considering. It’s popular with young creatives, sits right beside the shopping district of Ermou Street and has two metro stations.
For luxury buyers who would like their needs catered for in-house, the rise of branded developments in Greece may be of interest. These properties are resort complexes, designed and built in the name of high-end brands from the worlds of design, fashion, the hotel industry and even automakers.
To decide whether a property in Athens is right for you, we recommend spending some time gaining an overview of available property in the region. With a clearer idea of the market, you can factor in lifestyle considerations like picking the right home for your needs and how to maintain a second home.