For one more year, our country was represented at the largest international real estate exhibition in Asia, LPS in Shanghai, where for the last 10 years more than 100 companies have taken part every year. As stated by the managing director of the newdeal real estate group, Christos Bletas, whose company participates for the seventh consecutive year in the exhibition, in the last decade, three main categories of investors from abroad have dominated the Greek market real estate.

Buyers aiming to obtain a residence permit

The first and largest group are buyers aiming to obtain a residence permit through the Golden Visa program, with Chinese investors making up the lion’s share. However, Mr. Bletas points out in APE-MPE, the recent increase in the minimum investment limit in real estate from 250,000 euros to 800,000 euros has significantly hindered the interest of this group. A key reason is the Chinese government’s restrictions on the export of foreign currency, which make it particularly difficult to transfer money of this amount.

However, there is still the €250,000 option which is gradually developing, but has not yet gained much popularity. These are real estate that can be converted into housing such as abandoned factories, old industrial buildings and degraded office buildings, which through renovation or change of use come back on the market. However, these are considered as a “second class product” and do not currently attract special interest from China, at least, due to the lower prestige attributed to such investments, says Mr. Bletas.

Investors who convert properties into tourist accommodation

Another category of investors are those who bought properties at low prices and turned them into tourist accommodation, (protagonists are the Israelis) and has been one of the most active pillars of the Greek real estate market in recent years.

However, according to Mr. Bletas, the recent restrictions on short-term rentals in some areas have caused stagnation, leading to a decrease in demand and a possible drop in prices. Conversely, owners who already hold operating licenses maintain a competitive advantage due to limited supply.

The third category of investors

The third category includes investors who do not see the real estate market only as a yield opportunity, but primarily as a means to improve their quality of life. Northern Greece was until recently dominated by investors from the Balkans, mainly from Bulgaria and North Macedonia, who prefer properties near the sea, with Halkidiki being one of the most popular destinations. Accordingly, on the Aegean and Ionian islands, the French and other Western Europeans are the protagonists, who invest in residences either for vacations or for permanent residence.

As Mr. Bletas mentions, a special and distinct category of investors is the one that focuses on high prestige luxury properties. At the top of this market is Elliniko, the largest and most ambitious urban regeneration project in Europe. It is not just an investment in real estate, but a new way of life that incorporates innovation, sustainability and high aesthetics, making Greece a central destination for top investors from around the world, he adds.

In addition, projects such as Elounda Hills in Crete, which include luxury villas, five-star hotel infrastructure and unique living experiences, are attracting significant interest. At the same time, areas such as the Athenian Riviera, Mykonos, Santorini and Porto Heli remain centers of attraction for investors looking for prestigious properties, with unique views and direct access to top infrastructure.

What do foreigners want?

Foreign real estate investors in Greece are looking for areas of natural beauty, such as seaside locations and islands, or developing urban areas, such as the Athenian Riviera. They focus on properties that offer high rental yields, capital appreciation potential, or luxury features.

The Golden Visa is a major incentive, while political stability and modern infrastructure, such as marinas and tourist resorts, boost interest, he says.

Renovations increase the value of properties in strategic areas

In any case, in the real estate market, the importance of the condition of a property is gaining more and more value. The value of renovated properties is 58% higher than the value of non-renovated ones, according to recent data from Protio’s analysis of the trends of the last quarter of 2024 in the majority of areas of Athens. With properties gaining an impressive increase in value of around 116%, Moschato is at the top, with an increase that highlights the special dynamics of the area. According to the same research, the area of ​​Psirri follows with a significant increase in value after the renovation, which reaches 95.5%, but also Omonia with 61.5%, areas of the center of Athens with increased demand.

Exarchia and Evangelismos are in the first places, with an increase in property value after the renovation by 52% and 48.4% respectively.

These are areas that remain high, as buyers are now looking for modern and quality homes close to the shopping and business center. As Protio estimates, buyers are increasingly turning to properties with new features, looking for renovated homes that combine high energy efficiency with contemporary design and aesthetic renewal, for reasons of sustainability and functionality, in different areas.