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!
#3 Investor Mindset Contributor
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- Pittsburgh, PA
Geia sou, Dimitri. My wife and I are looking into short-term rentals on the mainland near Athens as our long-term retirement strategy.
Hey there - we are looking to invest in a couple vacation rental properties in Athens as part of the Greek Golden Visa program. Curious what your thoughts are on short and long-term appreciation for properties in Athens?
@Dimitris Vainas
Nice man, I was born in Athens. I was there last summer visiting. Planning on buying property there eventually
@Dimitris Vainas
What is the best way to look up properties there in your opinion?
Originally posted by @Benjamin Canyon:Hey there - we are looking to invest in a couple vacation rental properties in Athens as part of the Greek Golden Visa program. Curious what your thoughts are on short and long-term appreciation for properties in Athens?
Hi Benjamin!
I'm not an expert in Athens to be honest.
But I'd look mostly into areas close to the metro (underground) stations, and also into the high end areas... With the golden visa minimum investment you can get a quite luxurious apartment/home in most cases.
Also I'd look a bit outside the center, closer to the beach, like Porto Rafti.
Let me know if you move forward with this, I'd love to help out in any way that I can, even as a translator. :)
Originally posted by @Ramsin Jacob:@Dimitris Vainas
What is the best way to look up properties there in your opinion?
Hi Jacob!
Good to hear from you. 😊
Unless you talk to a specific realtor, I'd start with the most popular online platforms. Mainly:
https://www.xe.gr/ (the greek craigslist)
https://www.spitogatos.gr/ (literally translates to "house cat")
https://www.spiti24.gr/ (english version available)
https://www.tospitimou.gr/ (english version available)
Those are probably your best bet.
Although, as far as I understand, there are lots of off-market deals in Athens.
Let me know how it goes!
Originally posted by @Dimitris Vainas:Originally posted by @Benjamin Canyon:Hey there - we are looking to invest in a couple vacation rental properties in Athens as part of the Greek Golden Visa program. Curious what your thoughts are on short and long-term appreciation for properties in Athens?
Hi Benjamin!
I'm not an expert in Athens to be honest.
But I'd look mostly into areas close to the metro (underground) stations, and also into the high end areas... With the golden visa minimum investment you can get a quite luxurious apartment/home in most cases.
Also I'd look a bit outside the center, closer to the beach, like Porto Rafti.
Let me know if you move forward with this, I'd love to help out in any way that I can, even as a translator. :)
Thank you so much! We've decided to hold off for now until it's clearer what the economy looks like later this year.
@Dimitris Vainas
We've also been looking at Greece to take advantage of the Golden Visa program. We're looking more towards some of the islands rather than the mainland. We'd like to invest in something soon to have for short-term rentals and eventually move into as part of our retirement plan. Any advice on where to look? We've visited Zakynthos during the offseason and loved it.
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.
@Mike Lambert
Love all that info! Thanks!
That 70 mile stretch you speak of in my favorite part of athens as well! Stayed there couple years of ago. Was born in Athens and one of the neighborhoods there is where my family lived for a while. Got to go back and check out the original stomping grounds. It was cool for me to see my roots. Im just learning about the Golden Visa now, didn’t hear about it until reading the comments here.
You're welcome!
Yes, after Portugal's success with its own golden visa, Greece is finally getting its act together. Lisbon's real estate prices have seen a huge increase as a result of the golden visa so let's see if Athens is going to follow in Lisbon's footsteps. In any case, investing ahead of a path of progress is one of the tried and true recipe for investing in real estate profitably.
@Dimitris Vainas
Hi Dimitri
I’m a swallow traveling from South Africa and wanting invest in Greece rental income opportunities. Do they exist and where is best to look?
Opportunities do exist, yes. I'm seeing a lot of people having success with flipping in Athens. There are quite a few old apartments that sell for cheap, but competition is fierce and you have to keep an eye out constantly.
You can use https://en.spitogatos.gr/property-index to find the average sale and rent price for different locations.
Also AirBnb is pretty big here, but I believe the government is about to change the regulation around it soon.
Originally posted by @Themi Stergianos:@Dimitris Vainas
Hi Dimitri
I’m a swallow traveling from South Africa and wanting invest in Greece rental income opportunities. Do they exist and where is best to look?
@Dimitris Vainas and all, just joined BP. Just checking to see if there are any more recent discussions on REI in Greece?
@Darren McPherson I'm still working on it, currently looking to buy a couple of units here in my hometown before the end of the year. Which places are you interested in?
Quote from @Dimitris Vainas:Great! Coming to Greece in October for a scouting trip. Also want to buy before the end of the year. Will message you with more details.
@Darren McPherson I'm still working on it, currently looking to buy a couple of units here in my hometown before the end of the year. Which places are you interested in?
hey dimitri i was looking for short term investing in chania or iraklio
There are many ways to invest in real estate. Especially in Greece you need special assistance to all steps of selecting and finally purchasing the right property in the right location, so in my opinion you need a local professional agent like we do it in HALKIDIKI area under our brand Halkidiki Properties. To be honest in our country it’s quite difficult to determine what a pro agents means and to choose a correct an honest person to drive you throw process.
Bellow I can give you few tips how to start and what to Watch out:
Define your goals for buying a property in Greece, such as a vacation home, investment or permanent residence. Research the area to check local amenities, transportation and other factors that could affect your quality of life. Work with an experienced real estate agent who can find you suitable properties and guide you through the process. When viewing potential purchases pay attention to any damage such as cracks, leaks or structural issues; you may want to hire a professional inspector for extra assurance. Understand legal requirements like tax numbers, residence permits and use of a notary. Calculate total associated costs including taxes, fees and legal expenses. Consider resale value especially if the property is an investment; look for those likely to appreciate over time.
Hi Guys, I just joined bigger pockets.
I currently live in London but I was born in Athens, have investing experience from Greece and plan to start RE investment projects there, this year. I am looking for someone to exchange ideas, perhaps even become accountability partners?
Spiros