Research by Astons, the international experts on real estate, residency and citizenship through investment, has revealed which areas of the Greek property market currently offer the best investment opportunities.
Astons analysed current real estate and rental values across the Greek market to find which areas are home to the highest yields for international property investors, whether they’re looking to invest in the nation’s migration program, or simply looking for a holiday home for life after the pandemic.
The northwest peninsula of Chalkidiki currently sits top of the Greek property investment table. One of the most developed areas of Greece, it offers a mixture of modern amenities, historic architecture, Greek culture and outstanding natural beauty.
Real estate values currently average €142,128 in the region and not only is it affordable, but the average rent also sits at €2,520 per month meaning an investment could bring yields as high as 21.3%.
The northern border town of Florina is home to the second-highest yields at 11.7%, while Karditsa in the heart of the country also currently offers an average yield as high as 10%.
Kozani (9.3%), Larissa (8.1%), Cyclades (8%), Magnesia (8%) and Aetolia and Acarnania (8%) also offer some of the strongest yields for those currently looking to invest within the Greek property market.
In contrast, the current average rental yield in Boeotia is just 3.8%, the lowest return of all areas of Greece.
Managing Director of Astons, Arthur Sarkisian, commented: “The Greek real estate market is an extremely diverse one not only from a lifestyle offering but also in terms of the real estate market and the investment opportunities available.
For those looking to invest on a long-term basis through migration investment, for example, the location of choice will be very much focussed on personal factors. However, those looking to invest commercially will need to consider the returns available and so a more developed region that benefits from high tourism footfall will be preferable.
Of course, it’s important to be realistic about why you want to invest. All too often, the lines between personal and professional benefits are blurred and this can be detrimental. For example, if you wish to invest in a property to see a return, using this home as a personal holiday home during the peak tourism season is going to severely impact the level of income it will generate.”