Foreign real estate agents and agencies are springing up like mushrooms aiming to get a bite out of Athens’ booming property market.
Indicatively, property going for 150,000 euros can reach 250,000 euros if the commission for the foreign broker is included.
Agents and agencies based in Europe, primarily in Balkan countries, are offering real estate services to foreigners seeking to buy properties in Athens, and in the meantime make a commission. This activity has resulted in increased prices, while Greek real estate professionals are warning of potential deception.
According to Greek media reports, tourist operators also appear to be eyeing the practice including agents in China, who are looking to sell quick and get the commission in view of increased interest by buyers seeking to make use of the said properties as short-term Airbnb-style rentals.
In the meantime, all the more Chinese, Turkish, Syrian and Lebanese go-betweens are clinching properties from Greek real estate agents promising a steady flow of clients with the aim to earn a large bonus ranging between 40-80 percent of the sale price.
Properties costing 50,000-150,000 euros in Athens, and at popular tourist destinations are among the mostly sought after by foreign buyers, while commission depends on the asking price.
The property market in Greece has gained momentum as of late in great part due to the ongoing golden visa program, which offers five-year residency rights to non-European Union citizens in return for real estate acquisitions or for strategic investments exceeding 250,000 euros.