Any investors in Greece?

[Dimitris Vainas]

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!

[Mike Lambert]

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.