: Questions and Answers
Everything You Wanted to Know
Opposing faction
CEO and Owner
Is now a good time to buy real estate in Athens?
Yes, now is a great time to buy an apartment in Athens.
According to the Greek Central Bank’s housing index, property prices in the country reached an all-time high in the third quarter of 2008. Subsequently, in the wake of the recession and the economic crisis, property prices plummeted by more than 40% and bottomed out in 2017.
The Greek economy has begun to recover in recent years, leading to a rise in real estate prices in Athens. The city’s thriving tourism industry has driven the market, and for those seeking income from short-term rentals, this is an excellent opportunity. In addition, the “Golden Visa” program is attracting foreign investors to Athens and driving up prices, while recently launched development and renovation projects throughout the city are also likely to have a positive impact on real estate prices.
Why is real estate in Athens relatively inexpensive?
Real estate prices in Athens, especially when compared to other Western European cities, have been influenced by a combination of factors:
The Economic Crisis (2008–2018): The global economic crisis of 2008 and the subsequent European crisis had a significant impact on the Greek economy. Greece faced a severe crisis, high unemployment rates, reduced revenues, and restricted access to credit. The real estate market was particularly hard hit, leading to a decline in real estate prices in Greece during that period.
Supply and Demand: In certain areas, there is a large supply of properties, particularly in older neighborhoods. These properties require renovation, which leads to lower prices.
Foreign Investment: Until recently, Greece did not attract as much foreign investment in real estate as other European countries. However, programs such as the Golden Visa, which offers citizenship to investors in exchange for a certain amount of investment in real estate, have begun to spark interest among foreign investors in the Greek real estate market.
Is the real estate market in Athens stable?
The recovery was driven by foreign investment, growth in the tourism sector, a government that encourages investors, and other factors.
It should be noted that real estate prices are still about 20% lower than they were before the crisis.
Is it possible to buy a house in Athens without citizenship?
Do you need to be a Greek resident or citizen to purchase property in Athens? No.
However, you do need a Greek AFM (tax ID number). You can obtain a non-resident AFM through a fairly simple process.
What are the pros and cons of investing in short-term rental apartments in Athens?
On the one hand, short-term rental apartments offer a quick and high return on investment, especially in popular areas of Athens.
On the other hand, because tenant turnover is high, maintenance and management fees are also higher.
Has there been an increase in tourism in Athens in recent years?
What are the best areas to stay in Athens?
The most popular areas for accommodation in Athens: Plaka, Kolonaki, Koukaki, Monastiraki, and all the neighborhoods surrounding the Acropolis (Thissio, Petralona, Filopappou) are considered highly desirable.
What does the Golden Visa offer?
Those eligible for the Golden Visa may reside in Greece and many other European countries for 5 years, after which it can be renewed.
Who is eligible for a Golden Visa?
Investors who purchase properties valued at €250,000 or more (please note that in some parts of Greece, the amount has been raised to €500,000 and €800,000).
What is the tax treaty between Israel and Greece?
The treaty allows Israeli residents to avoid paying tax in Israel if they have earned income from real estate in Greece; in other words, even after paying tax in Greece, they will not be required to pay the remaining tax in Israel, which is unusual compared to other treaties.
What taxes are paid in Greece when purchasing an apartment? And what are the taxes on income?
– The purchase tax is 3.09%.
– Income tax on rental income is 15%.
– Capital gains tax: There is an exemption.
How much does an apartment cost in Athens?
The cost of purchasing an apartment in Athens varies widely and depends on several factors: the apartment’s location, size, and condition.
In buildings that have undergone extensive renovation, the minimum price is approximately 350,000 NIS.
Is the apartment registered in the Land Registry under the buyer's name?
Yes, the registration serves as legal proof of ownership of the property and guarantees the owner’s rights.
