"Many places are known for having high-quality properties that increase in value over time, but not all markets are the same," market players say, adding: "some can provide a suitable return on investment and others can they make you... a millionaire".
The increase in interest from mainly foreign investors for real estate in Greece, whether it concerns the Golden Visa program, or Digital Nomads or other cases such as pensioners' investments, is rapid. There are small investors who invest less than €5 million to acquire investment properties, but also large institutional investors who intend to invest significant amounts. However, the common denominator remains the significant lack of inventory.
In the first case, many projects that are in the works mainly on the Athenian Riviera are attracting the interest of investors with residences in the Southern suburbs emerging as the big winners of the market. The average property sold in the 9th month of 2023 cost 44% more than in 2022 and 49% more than in 2021 while this price takes the... uphill in 2024.
According to Protio's latest data, there are some "forgotten" areas of Attica that, however, offer significant returns. America Square gives a yield of 7.2%, standing out as one of the most attractive areas for investment. Nikaia also falls from the podium with 7.9% and the area of Patisia with 7.8% and the places are occupied by the area of Attiki with 7.1% and Victoria Square with 6.9% which although with a lower performance than previous semester (7.7% and 7.1% respectively) now belong to the top three regions with the highest performance.
The map of income property investments is expanding with some more important areas. They are followed by the Polytechnic area with 6.7%, Peristeri and Kypseli with 6.3%, Aigaleo with 6%, Perissos (Neas Ionias) and Agia Sofia (Piraeus) with 5.9% and Korydallos with 5.8%. The new additions offer investors a wealth of opportunities in various areas of the city, reinforcing the image of a dynamic and diversified market. The growing demand for real estate across the map of Attica, rising rents and asking prices, as well as the improvement of urban infrastructure have contributed to the upward trend in yields and the change in the map of the top 10 regions.
