Real estate in Attica: which foreigners want to buy real estate, 4 dominant nationalities

Real estate in Greece and especially in Attica continues to attract foreign buyers, and for good reason.

According to the latest data from the Bank of Greece, funds amounting to about 1.102 billion euros entered the domestic market from abroad in the first half of 2023. This represents a percentage increase of almost 40% compared to the corresponding period last year.

The war in Israel “spurred up” the domestic real estate market. Israelis are one of the most popular nationalities among foreign property buyers in Greece and especially Attica. “It is too early to draw any safe conclusions,” says Mr Lefteris Potamianos, president of the Attica Association of Real Estate Agents.

However, he reports that in In the midst of military conflicts, two important contracts for the purchase of real estate in Athens were signed last week. One from an Israeli, the other from a Lebanese. One of them, worth one million euros, concerns the purchase of a plot of land in Neos Kosmos on which a residential building for commercial use will be built.

At the same time, however, negotiations for the purchase of three different properties “frozen” because potential buyers from Israel “decided to hold off.”

As Mr. Spyros Papagiannakis, CEO of Mapei Hellas, a subsidiary of the Italian building materials supplier giant, recently said, the military conflict may also be working to the benefit of construction activity, with Israelis and Lebanese showing strong interest in housing in Cyprus and Greece.

Israeli interest is also captured by Spitogatos Insights data on housing searches recorded in the third quarter of 2023. Namely, in the center of Athens The Americans are in first place, the British are in second place, and the Israelis are in third place.. In the third quarter, the average sale price of houses in the center of Athens increased by 14.4% compared to 2022, reaching 2,000 euros per sq.m.

The majority of property searches came from US citizens who showed interest in the southern suburbs of Attica, where prices in the third quarter, according to Spitogatos, amounted to 3,611 euros per square meter, compared to 3,167 euros in the third quarter of 2022, an increase of 14%.

In second place in the south of Athens are potential buyers from the UK, and in third place are Germans. The same “series” on a national basis was recorded in the second quarter of this year.

In the Piraeus area, where average housing prices are 2000 euros per sq.m. (up 14.7% from Q3 2022), Britons are ranked number 1 when looking for properties to buy. In 2nd place are immigrants from the USA, in 3rd place are Germans.

Recently, the real estate network RE/MAX Hellas noted that Israel is among the top five most popular nationalities for foreign buyers, ranking 1st, followed by China and Germany in 2nd and 3rd place respectively.

According to available data, potential Israeli property buyers are divided into four categories. The first includes private investors who mainly want to buy small apartments with a total cost of 100,000 euros. These buyers are interested in central areas, seeking to achieve a net annual return of 5-6% when their country, like other mature markets, yields no more than 2-3%.

Small and medium-sized companies from Israel fall into the second category. The budget in this case ranges from 500,000 to 5 million euros, with a higher return of 13% assumed.

Large Israeli companies invest more than 5 million euros and seek long-term profits, while the fourth category are owner-broker real estate who come to Greece to expand the residential property catalog and offer properties to the Israeli market.

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Description

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