New "tidbits" – regions for the purchase of real estate by foreigners

In most cases, foreign investors buy property in Greece not only to obtain a Golden Visa, but also because it is profitable, often renting out the property for a short period.

The successful Golden Visa program, which provides residence permits to foreign third-country nationals, is changing the property market in Greece, especially after doubling the amount to €500,000. At the same time, investors are now focusing on Piraeus and the western suburbs of Athens.

In most cases, foreign investors consider this a “profitable investment” (to then rent out). The amount for obtaining a Golden Visa has been increased in some areas (from 250,000 euros to 500,000 euros) in order to limit the purchase of property by foreigners in tourist areas.

According to information provided by Lefteris Potamianos, President of the Athens-Attica Real Estate Brokers Association, the western suburbs (Egaleo, Peristeri, Ilion), which maintain the Golden Visa limit of €250,000, have gained an enviable advantage.

In addition, Piraeus, Greece’s largest port, is also benefiting from these changes made to the Golden Visa program. Potamianos notes that property prices for obtaining a residence permit in exchange for investment remained at €250,000, in contrast to the center of Athens, the southern and northern suburbs, where they rose to €500,000. The average price in the country’s largest port is now set ​​at 1919.32 euros per square meter. Mr Potamianos emphasizes that the reason for such a sharp increase in property prices is the Golden Visa.

Most investors are now looking for real estate in Piraeus, since important infrastructure projects have been implemented here and a total reconstruction is underway: a new metro station has been built, the port is being renovated. All this has created significant demand for housing from individuals working in the area. Experts say Piraeus has emerged as a new hotspot for foreign investors from third countries, with buyers from China leading the way.

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