Any investors in Greece?
Hey everyone!
I'm Dimitris, a beginner investor living in Heraklion, Crete, Greece. I own 1 rental and am looking to buy my next one within 2021.
Would love to meet bigger pockets members who are investing or looking to invest in the country.
Let's connect!
Most Popular Reply
While Greece is generally still cheap compared to other European locales, partly as a result of the Global Financial crisis, real estate on the most popular islands like Mykonos, Rhodes or Santorini is actually very expensive - as much as 10,000 euros a square meter. This could translate in a low rental yield. Of course, this isn't a problem if your purpose is to get the Golden Visa or use the property for yourself.
Otherwise, prices in downtown Athens currently range between 2,400 and 3,600 euros a square meter. Yet, because of the low long-term rents, your average net rental yields would be low, at around 4%. Again, this isn't a problem if your purpose is to get the Golden Visa or use the property for yourself. As an investment, you would do much better with a short-term rental but you need to check the latest regulations.
If you want cheaper property, you can look at Athens' waterfront, a 70-kilometer-long stretch of white-sand beaches and clear water. The government is investing around 8 billion euros into developing the infrastructure there, including casinos, shopping malls, sporting grounds, and residential communities. This area could be attractive for both long- and short-term rentals. Indeed, it's already a popular weekend hangout for Athenians and it'd be an easy daily commute for those living close to the metro and working in the city. Visitors could combine a beach and city holiday all in one and a beach holiday there would be less expensive than on the most popular islands.