Israelis are buying housing in Greece: “Plan B” against the backdrop of war

Israelis have become one of the most active foreign real estate buyers in Athens and Thessaloniki. Against the backdrop of war, Greece is increasingly perceived as a safe “Plan B”.

Israeli buyers are increasingly entering the Greek real estate market, especially in Attica And Thessalonikiincreasing pressure on prices and rents in popular urban areas.

According to Bank of Greeceonly in 2024 from Israel Greek real estate received about 129 million euroswhat’s on 46.5% more than a year earlier. According to market estimates, in 2025 the trend continued, and the total volume of investments over two years could approach 250–280 million euros.

Based on the average purchase price of approx. 150.000 eurosin 2024–2025, Israeli citizens could purchase approximately 1,500–2,000 objects.

Who buys and what does he choose?

This is not just about big investors. According to market participants, a significant portion of buyers are representatives middle classwho are looking not for luxury villas, but for relatively affordable apartments.

Most often people are interested in:

• apartments with 1–2 bedrooms;
• objects worth 120,000–200,000 euros;
• old apartments for renovation;
• districts Kipseli, Pangrati, Exarchy, Kolonaki, Mets;
• city ​​real estate in Thessaloniki.

According to research RE/MAX Greece for 2025, Israelis took first place among foreign real estate buyers in Attica And Thessaloniki. They are followed by buyers from Turkey, Lebanon, China and other countries. :contentReference[oaicite:0]{index=0}

At the same time, according to market data, only a minority of Israeli buyers are focused on the program Golden Visa. Many prefer properties below the new high thresholds and are purchasing properties as a spare home, an investment or a place for eventual relocation.

Greece as “Plan B”

After October 2023 and the protracted war in the Middle East, for many Israelis Greece has become not just a destination for relaxation or investing money, but an option for personal safety.

The country is approximately two hours’ flight from Tel Avivremains close culturally and geographically, is part of EU and is perceived as a calmer environment for families.

That is why some buyers purchase housing not only for rent or resale, but as a ready-made backup option – an apartment where they can arrive quickly and without lengthy preparation if the situation in the region worsens.

Pressure on the housing market

For the Greek market, such a wave of purchases has a double effect. On the one hand, living capital is coming to the country, the market is reviving, old apartments and entire buildings are being renovated.

On the other hand, in the central areas of Athens and Thessaloniki, this increases competition for housing. Buyers who come with cash and no bank credit often find themselves in a stronger position than local residents.

In practice, this means that old apartments and entire houses can be purchased, renovated, split into smaller units and returned to the market at different prices – for rent, short-term accommodation or resale.

This is where the painful question arises: when foreign demand grows faster than the income of the local population, the market begins to work not for the city resident, but for the buyer with a stronger wallet.

Editorial comment

Israeli real estate purchases in Greece cannot be reduced to the simple formula “foreigners buying apartments.” The picture is more complicated. For many Israeli families, this is really an attempt to find a fallback option in conditions of war, instability and constant anxiety about the future.

But for Greek society the consequences are quite concrete. When hundreds of millions of euros pour into areas where local residents are already struggling to cope with rising rents, the market begins to change against the average Greek.

The state loves foreign investments because they look good in reports. But the residents in Kipseli, Pangrati or Thessaloniki reports do not pay rent. Another thing is more important to them: will the family be able to stay in their area or will they be gradually displaced by more solvent buyers.

It is especially sensitive that we are not talking about a few expensive villas on the islands, but about mass interest in urban apartments of the middle segment – exactly the kind of housing that the local middle class is counting on.

The paradox is that Greece is becoming a “safe haven” for some, but at the same time an increasingly less accessible home for others.

Conclusion: Israeli real estate investment is not a marginal phenomenon, but a prominent factor in the market. And if the state does not find a balance between foreign capital and the right of local residents to affordable housing, Greek cities risk gradually turning into a map of someone else’s “Plan B”, where the Greeks themselves will have less and less space left.

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