While Greece’s real estate market may be affected by changing conditions and legislative modifications, one investor group remains consistently active: Israeli investors. They are strengthening their presence, expanding their options, and actively seeking solutions to stay “in the game,” taking advantage of the opportunity to acquire property and, by extension, obtain residency permits through the Golden Visa program. This increased activity isn’t just about investment returns. Geopolitical instability in the Middle East, particularly the ongoing Gaza crisis, has prompted many Israelis to reconsider their permanent residence options. For many, buying property in Greece isn’t simply a money investment opportunity, but a potential alternative residence – either as a backup solution or as a European base through the Golden Visa. “The Golden Visa serves as a strategic tool for freedom of movement for Israelis. The EU is the only real escape route for anyone who wants an alternative residence prospect,” says Alexandros Risvas, head of the investment immigration law firm Risvas & Associates.
Israeli buyers now focus primarily on two directions
The recent change in minimum investment amounts -increased to €800,000 for Attica, Thessaloniki and popular islands- didn’t seem to discourage interest. Instead, it led to a strategic shift. Israeli buyers now focus primarily on two directions. The first involves converting commercial spaces to residences. New legislation allows Golden Visa acquisition for properties that have changed use, with a minimum investment threshold of €250,000, even if located in Attica. “It’s a ‘loophole’ that gives them great flexibility,” explains Risvas, who handles such cases. The second option involves purchases in regional areas of mainland Greece, where the threshold remains at €400,000. Characteristic examples include Loutraki, Stylida, and other areas within driving distance of Athens, like Porto Heli. “They mainly look at areas around Attica – car access is an important factor. They’re not interested in islands requiring ferry travel, except perhaps Lefkada due to its road connection, but even then not massively,” notes Anna Mokakou, a certified real estate agent.
Athens remains at the top of interest
Athens remains the main hub of interest. Especially the city center attracts Israelis seeking cheaper properties with potential returns – tourist or long-term. “Here they find properties with much lower prices than Jerusalem, where a 100 sq.m. property there can reach €1 million,” Mokakou notes.
Southern suburbs continue to be an attraction pole, although the increased investment threshold makes transactions through Golden Visa more difficult. There, mainly higher-profile buying interest is recorded, with investors who have already decided to invest significant capital – either in Elliniko or in areas like Glyfada and Voula.
Nevertheless, as industry professionals say, Israelis remain strong negotiators and seek opportunities. They don’t rush to buy hastily – they research, measure returns, analyze legal status, and are interested in properties with resale or utilization potential. The trend appears to continue. Already from early 2024, Israel ranks among the top sources of investment capital inflow in Greece’s residential sector. Meanwhile, discussions around new Golden Visa eligibility zones may further strengthen interest in the second half of the year.
Significant investments in tourism
Simultaneously, their tourism investments are significant. Specifically, Israeli chain Isrotel inaugurated a new five-star hotel with 215 rooms in Omonia, under the Hilton brand. The new accommodation is the company’s fourth unit in central Athens, with announced entry into Thessaloniki through acquisition of the historic “Vienna” hotel on Egnatia Street. Overall, their investment total in Greece already reaches €100 million.
Equally active is Israel Canada Hotels, which acquired the Brown Hotels chain in September 2024, gaining 18 units in Israel and Greece. These include “Brown Acropol” in Omonia, as well as seaside resorts in Evia, Corinth and Crete. In the Peloponnese, Gnosis Investments, with funding from Israeli funds, promotes the ambitious “Saladi Resort” project in Argolida, with total investment exceeding €266 million. The same company collaborates with Radisson on two more projects in central Athens: “Radisson RED Mitropoleos Square” and “Radisson Theatrou Square.”
Published in MoneyPro of Parapolitika
