real-estate-investment
Real estate investment - Greek properties
In recent years Athens has been attracting more and more investors from all over the world. According to the recent survey conducted by experts, Greece ranks as one of the best investment destinations and is considered one of the emerging and fast-growing real-estate markets globally. The survey involved investors from all over the world: Americans, Chinese, Russians, and Arabs.Athens is among the three cities that foreign investors prefer to invest in, mainly in real estate in the historical center of the city, in the southern suburbs, and Piraeus. It is worth pointing out that the Athens Riviera is chosen as a multipurpose destination both by Greeks and foreigners. According to the analysts of the survey, the Chinese and the Russians were the first to have acquired real-estate properties, aiming at achieving the “Golden Visa”, and decisively contributed to the rapid expansion of the market in 2017 – 2018 in the southern suburbs of Athens, resulting in the enormous increase in prices in Glyfada, Alimos, Palio Faliro, because of the overwhelming demand. This is how Athens managed to achieve a 4.7% growth in the new construction activity across the country.According to international and domestic experts, in recent years Piraeus has changed its image and has become a lucrative investment destination, both for foreign and Greek real estate investors.The port of Piraeus is definitely the main destination for foreign investment flows. Recently, the largest project in the region (logistics, hotels, etc.) has started by a Chinese company, the total budget of which amounts to 750-850 million euros. At the same time, in the center of the city, around the port of Piraeus, a large domestic joint venture (Grivalia – Demand- Teleperformance – European Bank for Reconstruction and Development (EBRD)) has made an investment of 250-270 million dollars in the renovation of the Papastratos tobacco company’s former properties. More precisely, old factories will be transformed into modern office spaces that will be available at attractive prices. Foreign investors have already started buying old real estate properties throughout Piraeus with the aim to resell them if property sale prices rise.