Investment interest is becoming more and more intense for Greek and foreign buyers, as the gradual recovery of selling prices creates expectations of future goodwill for those who are placed in the market in time.

There is also a recovery in rental prices after a short “pause” during 2020, hoping for further reinforcement of the annual returns from the holding of residence. In a related study, Astons, a British company that specializes in investment immigration programs, attempts to record which areas of the country offers the highest investment interest, taking into account the offered returns.

The average annual offered return nationwide is 5.7%, as the average selling price is 129,780 euros and the average rental price is 619 euros.

Halkidiki emerges as the “champion” of returns with an impressive 21.3%. Specifically, the average price reaches 142,128 euros, while the average rental price is 2,520 euros. Among the popular tourist areas, the Cyclades housing market stands out, where the average annual return reaches 8%. The average sale price reaches 227,052 euros and the average rental price is 1,518 euros. Respectively, in Athens, the average return does not exceed 5.1%, with selling prices amounting to 164,674 euros and the average monthly rental cost to 702 euros.

In its analysis, Astons points out that “the Greek housing market is diverse, not only in terms of the lifestyle offered, but also in terms of the individual quality characteristics of real estate and the available investment opportunities. According to Astons CEO Arthur Sarkisian, for those who are interested in investing in the long term through the “golden visa” residency program, the choice of location will depend on personal factors.

However, those who are interested in securing some return from the property they will choose, should consider the offered performance of each area. “Thus, a more developed tourist area, with a high number of visitors from abroad, is preferable as an option” said Mr. Sarkisian. He adds that “personal preference is often mixed with the investment benefit, with the result that the final return of a property is affected. For example, “If you want to invest in a home and also benefit financially through the return, using the house yourself as your holiday home during a period of high tourist demand will have a serious impact on the level of revenue that will result from the specific property “, concludes Mr. Sarkisian.

According to its recent monetary policy report, the Bank of Greece stated that significant realignments in the real estate market are imminent, as new infrastructure projects, such as the metro (line 4) and the investment in Elliniko, are going to drastically change the given situations. As it is typically emphasized, “the change of mentality and needs will probably lead to the spatial and qualitative shift of demand, while the launched development projects and large-scale infrastructure are expected to further strengthen the tendency of shift and emergence of new markets of interest”.

Among them, as the BoG has pointed out in its previous analyzes, are the southern suburbs and in general the coastal front of Attica, Attica Riviera, which has begun to form gradually as the emblematic investment in the former Hellinikon airport begins. This development is expected to trigger strong demand for housing, both inside and outside the former airport.

Respectively, the connection of the most populated part of the center of Athens with the metro (eg Kypseli, Exarchia, Galatsi, Gyzi, etc.) is expected to offer impetus to the specific area. On the other hand, the shift to teleworking translates into the need to buy or rent larger homes, with good telecommunications facilities / connections. These trends are expected to dominate the real estate market in the coming years and will certainly shape the flow of demand from domestic and foreign investors.