New Trends in the Greek Real Estate Market

The British investment migration company Astons, in its latest analysis of the Greek market, has identified three new categories of real estate investments under the Golden Visa program, according to the Ekathimerini portal. One of the emerging trends is the departure of buyers from major cities in the country.

Some investors have started relocating beyond Attica and Thessaloniki, seeking better opportunities and lower residency permit costs. According to Eleni Kontogeorgou, President of the Athens Notarial Association, notaries in the region are already reporting an increase in real estate transactions involving foreign investors, with property transfers reaching €400,000.

Expanding Interest Beyond Attica

Market sources indicate that interest in properties outside Attica remains limited, although searches continue. A small number of investors have begun exploring cities near Attica, such as Corinth and even Patras. According to Astons' analysis, investors should pay attention to locations with rising real estate prices, such as Kavala, where property values have increased by 21% over the past 12 months, reaching €1,630 per square meter.

Lefteris Potamianos, CEO of Potamianos Real Estate Group, considers the areas around Athens, such as the Saronic Gulf and Evia, to be the most attractive for investment. Ioannis Revitiss, Honorary President of the Attica Realtors Association, believes that in 2025, the best investment opportunities will be in old residential buildings in central Athens, industrial properties, warehouses, and suburban land plots. He also highlights housing on small islands and popular tourist destinations with airports, energy-efficient office buildings with modern certifications, land with high building coefficients in the northern and southern suburbs of Athens, and luxury countryside villas in tourist zones.

Changing Investment Strategies for Golden Visa Eligibility

Astons experts emphasize another significant shift: investor interest in acquiring properties for conversion to meet Golden Visa eligibility requirements. This approach allows investors to secure a residence permit for as little as €250,000, even in Attica and Thessaloniki, where the usual threshold is €800,000.

"We are seeing an increase in investments by development companies that purchase old buildings, such as hotels and offices, and completely renovate them, converting them into modern apartments specifically designed for investors under the €250,000 Golden Visa program," Astons states in its report.

Luxury Properties and Market Outlook

The third category of investments remains modern and luxury real estate in the northern and southern suburbs of Attica or on popular islands, where the investment threshold is now €800,000. Experts expect fewer transactions in this segment, with a shift in the profile of investors purchasing such properties.

Over the past nine months, a total of €1.9 billion has been invested in the Greek real estate market, marking a 17% increase compared to the same period in 2023. Real estate investments account for more than 62% of total foreign investments, which amounted to €3.1 billion from January to September, reflecting a 15% year-on-year decline. This downward trend has been evident for the past few years: in 2023, foreign investments reached €3.66 billion, while in 2022, they stood at €6.43 billion.

Forecast for 2025: Declining Foreign Investments

Experts predict a significant decline in foreign real estate purchases in 2025 due to changes in the Golden Visa program and short-term rental regulations. It is expected that small-scale investors interested in apartments will be replaced by business investors focusing on residential, tourism, logistics, and other real estate development projects. Additionally, holiday homes will gain prominence. However, some analysts doubt whether sufficient capital will be attracted for long-term investment projects, seeing a clearer trend toward a decline in all forms of foreign direct investment.

Key Factors Driving Market Trends

Several factors are influencing these new trends, including:

Stricter residency permit regulations for non-EU citizens
Tighter rental market restrictions
Changes in building standards
Moreover, rental yields in Greece have remained relatively low. According to Global Property Guide, the rental yield in Q4 2024 was only 4.73%.