Real Estate Experts Say Greece Offers ‘Huge’ Investment Opportunities
The prospects for buyers interested in properties in Greece are looking up, said market experts during the 24th Prodexpo conference held in Athens last week.
Buyers can expect 4 percent to 10 percent returns on investment in properties in Greece, said Dimitris Biniaris, president of the Greek Real Estate Agents Federation and board member of the Athens Real Estate Agents Association, adding there was a “huge opportunity” for foreign investors.
“Greece is an international hub not only for tourism, but also for logistics for foreign investors,” he said.
The Prodexpo discussion came after National Economy and Finance Minister Kostis Hatzidakis said foreign investments in real estate had increased by 39 percent in the first half of the year compared to 2022 on the back of an upward trend a year ago, when real estate investments by foreigners came to 2.1 billion euros, or a 68 percent rise over 2021.
Biniaris added that Greece had evolved into a strong property market during the crisis with old detached homes in city centers being renovated and made available for short-term rentals, apartments, boutique hotels, and student housing, among others.
He said Greece also offered a safe investor environment, low crime rates, a healthy banking system and the highest yields of all developed countries.
“Today, returns on investment for properties (office buildings, shops, warehouses, industrial grounds and free-standing properties in the center of cities) can reach 4 percent to 8 percent for shops, 8 percent to 10 percent for industrial properties, 5 percent to 7 percent for renovated city properties, 6 percent to 7.5 percent for offices and 7 percent to 8 percent for storage spaces,” said Biniaris, who is also the founder of Binswanger Greece Real Estate Services Group.
At the same time, returns are even higher when there is developer-investor partnership from the start. In this case, he said, returns can be 50 percent higher citing the example of real estate in the center of Athens, near Omonia Square.