The Greek real estate market is booming, and nowhere is this more evident than in Athens. With high-end tourism surging, new investment incentives under the Golden Visa (GV) program, and major global players betting big on Greece, investors looking for strong returns and long-term capital appreciation should pay close attention.
New Golden Visa Rules: €250K Investment boosts Urban Regeneration
The latest Greek Golden Visa regulations, effective from 2024, offer a unique opportunity for investors to participate in urban regeneration projects. A minimum investment of €250,000 is now permitted for transforming old commercial properties into modern apartments – a move that is set to revitalize vacant commercial buildings across the country, including many parts of Athens.
This initiative mirrors Portugal’s previously program, which similarly repurposed old structures, leading to widespread urban renewal and uplift across cities like Lisbon and Porto. Unlike Portugal, which has since removed this investment route, Greece is now the only country in Europe offering a straightforward real estate path to residency. This is expected to drive even greater interest in the program throughout 2025, further stimulating economic growth.
Major Institutional Investment: A Vote of Confidence
When a global investment powerhouse like Blackstone commits over half a billion euros to southern European hospitality real estate, it sends a strong signal to investors. In one of its major deals last year, Blackstone acquired the Grand Hyatt Athens from private real estate groups Henderson Park and Hines for €235 million, reinforcing confidence in Greece’s post-pandemic tourism and hospitality sector.
This is part of a broader trend. With Blackstone expanding its already vast portfolio, it’s clear that Athens and other prime Greek locations are well-positioned for continued growth. Institutional investments of this scale drive further real estate appreciation and enhance infrastructure, making Greece a prime location for private investors seeking strong returns.
High-End Tourism Driving the Greek Economic Boom
Since the pandemic, luxury tourism in Greece has surged, attracting affluent travelers and investors alike. The rise in high-end hotel developments, villa rentals, and exclusive resorts underscores a growing demand for premium real estate.
Key trends driving Greece’s high-end tourism boom include:
- A record-breaking number of luxury hotel openings in Athens and the islands
- Increasing private jet and yacht arrivals
- A surge in high-spending international visitors
Tourism is a cornerstone of the Greek economy, contributing nearly 20% of GDP, and continued investment in this sector is reinforcing real estate appreciation and rental yields.
Why Greece Stands Alone in Europe for Golden Visas
With Spain closing their Golden Visa programme, Greece now offers the only direct real estate investment pathway in Europe. Investors can still gain residency through property ownership, unlike in other EU countries that have restricted such options and channelled investment into other areas such as funds.
This shift positions Greece as the go-to destination for investors seeking European residency through real estate, particularly as demand is expected to grow in 2025.
Property Price Growth in Athens
The property prices per sqm in Athens’ city center have increased by approximately 75.64% between 2020 and 2024. This significant rise reflects the city’s growing appeal among investors and the strong demand for real estate in prime locations. On top of the capital appreciation potential, investors can also expect to rent their property out for 3-4% per annum. And let’s not forget the biggest return on the investment – the residency permit, which for many is a game-changer, granting them better access to Europe. La Vida offers an excellent portfolio of real estate options in Athens that qualify under the new Golden Visa terms.
Why Now is the Time to Invest in Athens
With Blackstone’s massive investments, The Ellinikon reshaping the city, a favorable Golden Visa policy, and luxury tourism on the rise, Athens presents a fantastic opportunity for real estate investors. Those who act now stand to benefit from capital appreciation, strong rental yields, and long-term economic growth in one of Europe’s most promising markets.