Brief summary:
Medical tourism in Greece is driving demand for properties near hospitals, medical centers, and areas with related services. Investors can benefit from demand generated by patients, caregivers, medical staff, and tenants who prefer to live close to high-quality medical facilities.
Greece is emerging as a major player in the global medical tourism industry, a trend that is having a significant impact on the country’s real estate market, particularly in major urban centers. Demand for properties in areas adjacent to leading medical centers is growing significantly, offering attractive investment opportunities. The combination of high-quality healthcare services at competitive prices, an ideal Mediterranean climate for recovery, and a strategic location makes Athens a preferred destination for medical tourism, with a direct impact on real estate values in certain areas
Greece as a whole, and Athens in particular, have become an attractive destination for medical tourism in recent years thanks to several key factors. First, the country offers internationally renowned private healthcare facilities that provide innovative treatments and excellent value for money compared to Western European capitals—eight world-class hospitals operate in Athens and Thessaloniki, offering advanced healthcare services in specialties such as neurosurgery, oncology, and robotic surgery. Additionally, Greece boasts a high ratio of doctors per capita, all recognized for their high professional standards.
Greece’s strategic location, with easy access from both the east and the west, is a major advantage in the field of medical tourism. Furthermore, its Mediterranean climate—with more than 300 days of sunshine a year—and its luxury resorts create an ideal environment for recovery (and for combining a vacation with medical treatment).
National Initiative – Greece Aims to Become a Global Hub for Medical Tourism
The Greek government and medical associations are actively working to develop the medical tourism sector. The Athens Medical Association (AMA) has formulated a comprehensive strategy to transform Greece into a global hub for health and wellness, with the aim of attracting international patients and creating new employment opportunities in the healthcare sector.
Greece’s competitiveness in the field of medical tourism has improved, with the country ranking 24th out of 136 countries in the 2017 Travel and Tourism Competitiveness Index (up from 31st the previous year). The health/wellness tourism sector is worth €3 billion (10% of tourism GDP), ranking 5th globally in potential (alongside India), but 45th in revenue; with a forecast of €15 billion. Local forecasts predict annual growth of 21% in the medical tourism services market in Greece (compared to the previous global rate of 12.3%).
The most popular procedures include in vitro fertilization (IVF), cosmetic surgery, and dental treatments, with Athens attracting patients from regions such as the United Arab Emirates and across Europe. The city boasts world-class private clinics and healthcare groups such as the Athens Medical Group and Asklepieia Health Cluster, which focus on medical tourism.
The average medical tourist in Greece is between the ages of 45 and 55 and comes from the middle class and above. According to estimates, medical tourists stay in the country for an average of 7 days. The Athens Medical Group reports that 7,500 tourists from 55 countries fly to Greece each year to receive medical treatment.
Demand for properties in areas near medical centers
The growth of the medical tourism industry is having a significant impact on demand for real estate in Athens, particularly in areas near hospitals and medical centers, for both short- and long-term rentals.
Properties located near hospitals tend to attract not only medical tourists but also their families and companions, leading to consistent demand for both residential and commercial space in these areas. Furthermore, areas surrounding prominent medical centers see high demand from patients and healthcare professionals, another factor driving up rental prices.
Among the major hospitals in areas experiencing growing demand and rising property values are the Athens General Hospital “G. Gennimatas,” located between the neighborhoods of Polygono (Kipseli), Attiki, Victoria, and Gizi; the Nikaia Agios Panteleimon Hospital in the Aglao neighborhood; the Evangelismos Hospital, located in the Kolonaki neighborhood and serving neighborhoods such as Exarchia, Zografou, and Neos Kosmos; the Ippokrateio Hospital, adjacent to the neighborhoods of Ambelokipi, Gizi, and North Exarchia; and the Elpis Hospital, located in the Gizi neighborhood and also serving the large neighborhood of Kipseli.
Areas surrounding leading medical institutions are becoming particularly sought-after not only for short-term rentals tailored to medical tourists but also for long-term property buyers, including healthcare professionals and retirees in the field, who are seeking a high quality of life.
Investment Potential in the Sector
The growth of the medical tourism industry in Athens has created significant investment opportunities in the local real estate market. Investors can capitalize on the growing demand for residential properties designed for medical tourists.
The importance of the medical tourism industry extends beyond the demand for short-term rentals—it plays a role in shaping the overall investment landscape in Athens. Accordingly, luxury developments located near major healthcare centers or tourist areas offer high returns on investment. Furthermore, investing in Greece in mixed-use properties that combine healthcare facilities with residential or hospitality services may yield significant benefits.
The Athens real estate market has shown strong potential for recovery following the 2008 crisis and the COVID-19 pandemic, supported by political stability, favorable investment programs, and a growing inflow of foreign capital.
The value of real estate properties near leading hospitals is rising specifically due to the growth of the medical industry. Investors recognize the potential for steady rental income, particularly from sectors such as short-term rentals aimed at patients undergoing treatment. As medical tourism continues to grow, the residential real estate market in these areas is expected to thrive, enticing more investors to consider buying property in Greece near renowned hospitals.
In addition, as the medical tourism sector expands, it encourages infrastructure development and urban improvements in neighboring neighborhoods. Improved transportation links, facilities, and services benefit both tourists and local residents. As a result, areas near major healthcare providers often experience comprehensive urban renewal, which further increases property values and demand.
The synergy between Athens’ burgeoning medical tourism industry and its robust real estate market offers lucrative opportunities for investors. Strategic investments in residential properties located near healthcare centers or upscale developments tailored to medical tourism trends can yield high and stable returns.
Although challenges remain in this sector—such as language barriers and administrative complexities for foreign patients—ongoing investments in healthcare infrastructure and collaboration between government agencies and private healthcare providers are fostering an environment conducive to medical tourism. The sector’s dynamics significantly enhance Athens’ appeal as a destination for both treatment and leisure—suggesting a future increase in demand for properties in real estate markets linked to the expansion of medical tourism in Greece.
