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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
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Any investors in Greece?

Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
Posted Dec 8 2020, 00:49

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!

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Jim K.
  • Handyman
  • Pittsburgh, PA
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Jim K.
  • Handyman
  • Pittsburgh, PA
Replied Dec 8 2020, 04:49

Geia sou, Dimitri. My wife and I are looking into short-term rentals on the mainland near Athens as our long-term retirement strategy.

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Replied Dec 28 2020, 20:03

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? 

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Ramsin Jacob
  • Realtor
  • San Jose, CA
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Ramsin Jacob
  • Realtor
  • San Jose, CA
Replied Jan 6 2021, 08:40

@Dimitris Vainas

Nice man, I was born in Athens. I was there last summer visiting. Planning on buying property there eventually

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Ramsin Jacob
  • Realtor
  • San Jose, CA
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Ramsin Jacob
  • Realtor
  • San Jose, CA
Replied Jan 6 2021, 08:41

@Dimitris Vainas

What is the best way to look up properties there in your opinion?

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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
Replied Jan 19 2021, 23:35
Originally posted by @Benjamin G.:

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. :)

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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
Replied Jan 19 2021, 23:40
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!

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Replied Jan 20 2021, 17:22
Originally posted by @Dimitris Vainas:
Originally posted by @Benjamin G.:

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.

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Replied Feb 28 2021, 09:06

@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.

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Mike Lambert
  • Investor
  • Montréal, Québec
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Mike Lambert
  • Investor
  • Montréal, Québec
Replied Mar 1 2021, 13:52

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.

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Ramsin Jacob
  • Realtor
  • San Jose, CA
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Ramsin Jacob
  • Realtor
  • San Jose, CA
Replied Mar 10 2021, 05:34

@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.

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Mike Lambert
  • Investor
  • Montréal, Québec
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Mike Lambert
  • Investor
  • Montréal, Québec
Replied Mar 11 2021, 19:51

@Ramsin Jacob

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.

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Themi Stergianos
  • South Africa
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Themi Stergianos
  • South Africa
Replied Jul 21 2021, 12:04

@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?

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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
Replied Jul 28 2021, 05:08
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?

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Replied Aug 6 2022, 19:00

@Dimitris Vainas and all, just joined BP. Just checking to see if there are any more recent discussions on REI in Greece?

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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
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Dimitris Vainas
  • Homeowner
  • Heraklion Crete, Greece
Replied Aug 10 2022, 02:57

@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?

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Replied Aug 10 2022, 15:48
Quote from @Dimitris Vainas:

@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?

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.