Real Estate Greece - Israelis have very strong presence
Real Estate Greece - Israelis have very strong presence
Overview
# Introduction to Real Estate Greece
The real estate market in Greece has been experiencing a significant surge in investment from Israeli individuals and companies. Over the past few months, numerous property management firms owned by Israelis have been registered in the General Commercial Registry, further solidifying their presence in Real Estate Greece. According to Greek Exclusive Properties agency, Israelis have acquired a dominant position among property buyers, investing in a wide range of properties across the country.
# Overview of Israeli Investment
Israeli investors have been keen on acquiring properties in central Athens, luxury residences in high-value seaside suburbs such as Voula and Vouliagmeni, and hotels in both central Athens and the Aegean islands. Moreover, they offer fully serviced apartments in Athens and beyond, catering to the growing demand for such accommodations. This diverse investment strategy underscores the confidence that Israeli investors have in the Greek real estate market, particularly in Real Estate Greece.
# Golden Visa Applications on the Rise
In tandem with the increasing investment activity, applications for Golden Visas from property investors who meet the legal criteria are skyrocketing. Historically, Chinese investors accounted for approximately 90% of Golden Visas awarded. However, with the backlog of around 15,000 pending applications expected to be processed soon, this landscape is anticipated to change dramatically. The Chinese share is projected to decrease to about 50%, with Israeli investors significantly increasing their share, potentially surpassing the Turks, who currently hold the second position. This shift reflects the growing interest of Israeli investors in Real Estate Greece, beyond just individual properties.
# Comprehensive Investment Strategy
The investment activity of Israelis in Greece is not limited to individual properties. They have been purchasing entire buildings and transforming them into fully serviced apartments, which are then sold to other investors or apartment owners, predominantly Israeli. A notable example is the former Keranis cigarette-making factory in Piraeus, which was acquired by Israeli-owned Golden Horizon Athens Investment IKE. The building is undergoing transformation by Canada’s Mercan Group into a mixed-use development, primarily residential, known as Keranis Residences. Upon completion, it will feature 408 luxury residences, exemplifying the scale and ambition of Israeli investments in Real Estate Greece.
# Economic Impact and Future Projections
The annual investment by Israeli individuals in Greek real estate is estimated to exceed €500 million. This figure is anticipated to double to €1 billion in the near future, underscoring the significant economic impact of Israeli investment in the country. Besides residential properties, Israelis are also acquiring office spaces where they relocate their businesses, as noted by Grigoris Konstantellos, the mayor of the Vari-Voula-Vouliagmeni municipality. This trend not only boosts the real estate sector but also contributes to the local economy and job market, reinforcing the appeal of Real Estate Greece to international investors.
# Conclusion
The presence of Israeli investors in the Greek real estate market is a phenomenon that has gained considerable momentum. Their diverse investment portfolio, ranging from luxury residences to commercial properties, signifies a deep interest in the potential of Real Estate Greece. As the market continues to evolve and attract more international investors, the role of Israeli investments is expected to remain pivotal, contributing to the growth and development of the sector. With its unique blend of history, culture, and economic opportunity, Real Estate Greece is poised to remain an attractive destination for investors from around the world, including those from Israel.
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