How to make a good property investment in Athens

Last updated on January 18, 2024

Yes, the analysis of Athens' property market is included in our pack

Athens, the historic capital of Greece, is not just a cultural treasure but also a city with promising real estate opportunities. Many of you consider investing in this ancient and dynamic metropolis.

How is the real estate market there? Are prices going up or going down? Do people make profits on their real estate investments? What about the rental demand?

We'll answer all these questions for you! When building and updating our property pack for Greece, our team has been researching and surveying this area. Actually, lots of customers are interested in investing there. So we thought it would be a good idea to add some information about it in our pack.

Investing in real estate in Athens

Is Athens an attractive destination for property investment?

Athens has long been an attractive destination for property investment for a variety of reasons.

Its rich history, vibrant culture, and strategic location as a gateway between Europe and Asia make it a unique place to own property. The city's appeal is bolstered by its beautiful Mediterranean climate, historical landmarks, and a lifestyle that combines modern amenities with traditional Greek charm.

The real estate market in Athens is indeed very dynamic.

For instance, after the financial crisis that hit Greece, property prices in Athens dropped significantly, making it an attractive market for investors looking for lower entry points.

However, in recent years, there has been a notable recovery. A data point that illustrates this dynamism is the increase in property prices in Athens, which, according to the Bank of Greece, saw an average annual growth of around 7.2% in 2019 for apartments, indicating a rebound in the market.

Historically, the real estate market in Athens, like many others, has experienced its ups and downs. The global financial crisis of 2008 and the subsequent Greek debt crisis had a profound impact on the property market, with prices plummeting and investment activity slowing down considerably.

However, since the Greek economy has started to stabilize, the real estate market has been on an upward trajectory, with increasing interest from foreign investors, particularly in the residential and tourism-related sectors.

Investments that tend to perform well in Athens are often those that cater to the city's strong tourism sector, such as short-term rental properties in central locations near key attractions. Properties in historic neighborhoods like Plaka or near the Acropolis are particularly sought after.

Additionally, the Greek government's Golden Visa program, which offers residency permits to non-EU investors purchasing property worth at least €250,000, has also spurred investment, particularly in the luxury property segment.

One very specific and positive aspect of properties in Athens is the blend of historical and modern architecture. Owning a property in Athens can mean having a view of ancient ruins from your balcony or being within walking distance of significant historical sites. This unique feature is not only aesthetically pleasing but also adds cultural value to the investment, making it quite distinctive.

When it comes to more traditional places in Athens, investing is generally considered safe and provides a stable environment for investment. The Greek legal system is well-established, and there are numerous professionals, such as lawyers and real estate agents, who are experienced in assisting foreign investors. The Greek economy has been recovering, and the government has been implementing reforms to encourage investment, which contributes to the stability of the investment environment.

While knowing the local language is always an advantage in any country, it is not absolutely necessary to know Greek when investing in Athens. The business community is quite accustomed to working with international investors, and many Greeks speak English, especially in the realms of business and tourism.

However, having a local advisor or partner who speaks Greek and understands the local market can be invaluable in navigating the investment process and ensuring that all legal and regulatory requirements are met.

What are the trends forecasts for the real estate market in Athens?

When discussing the housing market in Athens, you have to consider several factors that are influencing current trends.

Athens has been experiencing a resurgence in its real estate market, particularly after the economic crisis that hit Greece hard in the late 2000s. This recovery is partly due to increased interest from foreign investors, as well as a growing tourism industry that has spurred demand for short-term rental properties.

One of the key trends in Athens is the rise in property prices, especially in central areas and neighborhoods that are popular with tourists. This is driven by the demand for accommodation that can be used for services like Airbnb, as well as a general shortage of high-quality housing stock. As a result, there has been a significant amount of renovation and redevelopment in these areas, with older buildings being refurbished to meet the demand for modern living spaces.

Looking ahead, there are several factors that could influence the trajectory of the real estate market in Athens. The Greek government has implemented a Golden Visa program, which grants residency to non-EU investors who buy property worth at least 250,000 euros. This program has attracted a lot of interest, particularly from Chinese, Russian, and Middle Eastern investors, and is likely to continue to support property prices in the near term.

However, there are also potential headwinds that could impact the market. Economic stability is always a concern in Greece, and any signs of renewed financial stress could deter investment and depress property values.

Additionally, changes in the regulatory environment, such as restrictions on short-term rentals or alterations to the Golden Visa program, could also have a significant impact.

Another factor to consider is the potential for changes in taxation. Property taxes in Greece have been a point of contention and have undergone several changes in recent years. Any future increases in property taxes or changes in tax policy could affect the attractiveness of real estate investment in Athens.

Finally, it's worth noting that the global economic climate can have a big impact on the real estate market in Athens. As an international city with a significant amount of foreign investment, Athens is sensitive to changes in global investor sentiment, exchange rates, and international economic trends.

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What types of property can you buy in Athens? What are the prices and yields?

If you need a detailed and updated analysis of the prices, rents and yields, you can get our full guide about real estate investment in Greece.

When considering investing in property in Athens, you have a variety of options to choose from.

The market offers everything from apartments in the city center to houses in the suburbs, and even land plots where you can build your own property. Building a new property is certainly doable, but it requires navigating local zoning laws, construction regulations, and ensuring you have the right permits. It can be a complex process, but with the right team of architects, builders, and legal advisors, it can be a rewarding investment.

The average cost of residential properties in Athens varies widely depending on the location and the type of property.

For example, prices in the city center or in upscale neighborhoods like Kolonaki or Kifisia are generally higher than in less central areas. As of now, you might find that average prices for apartments in central Athens range from around €1,500 to €3,000 per square meter, but these figures can fluctuate based on market conditions and specific property features.

In Athens, as in many cities, there's a mix of renters and owners. The ratio can vary, but there's a significant rental market, particularly in areas popular with students, young professionals, and tourists. Many investors buy properties with the intention of letting them out. The rental yield potential again depends on the location and the type of property, but yields of around 4% to 7% are not uncommon for long-term rentals.

The rental demand in Athens is generally strong, especially in neighborhoods that are well-connected by public transport, close to universities, or have good local amenities. Short-term rentals for tourists have also become increasingly popular, particularly with the advent of platforms like Airbnb. This has led to a surge in demand for properties that can be rented out on a short-term basis, especially in areas close to major tourist attractions, historical sites, and in neighborhoods that offer an authentic Athenian experience.

Tourism has a significant impact on the property market, particularly in terms of short-term rental demand and pricing. Properties that are suitable for short-term rentals can command higher prices, both in terms of purchase price and rental rates, due to the potential for higher turnover and the ability to charge more per night compared to long-term rentals.

When it comes to reselling property, the ease of doing so will depend on market conditions at the time of sale, the property's location, condition, and the price point. Generally, properties in prime locations or those that have been well-maintained or recently renovated tend to sell more quickly.

Typical holding periods for property investments can range from a few years to several decades. Short-term investors might look to renovate and flip properties within a few years, while long-term investors might hold onto their properties, benefiting from rental income and potential capital appreciation over time. Capital gains prospects are harder to predict and can vary widely, but investors typically look for areas where there is potential for growth, such as neighborhoods slated for development or improvement.

Which areas in Athens offer the best investment opportunities?

When you're looking at Athens as a foreigner interested in buying property, you'll find that certain areas tend to attract international buyers for a variety of reasons.

Areas like Kolonaki, Plaka, and Kifisia have traditionally been popular among foreigners due to their upscale nature, historical significance, and vibrant lifestyle. These neighborhoods offer a blend of luxury living, cultural experiences, and are often in close proximity to tourist attractions, making them ideal for those who are looking for a second home or a vacation property.

Foreigners are drawn to Athens for its rich history, culture, and relatively affordable real estate compared to other European capitals. The city attracts a diverse group of foreigners, including retirees looking for a sunny place to settle, investors seeking profitable real estate opportunities, and individuals from non-EU countries looking to take advantage of Greece's Golden Visa program, which offers residency permits in exchange for real estate investments.

For those looking for budget-friendly yet promising areas for investment, neighborhoods like Metaxourgeio and Kerameikos are becoming increasingly popular. These areas have been undergoing a process of gentrification, with old buildings being renovated and new businesses opening up. They offer a more bohemian vibe and are still relatively affordable compared to the more established neighborhoods.

Another area that's trending up is the Athens Riviera, particularly the southern suburbs like Glyfada, Voula, and Vouliagmeni. These coastal areas are becoming hotspots for those looking for a blend of beachside living and urban convenience. They are also popular among expatriates and affluent Greeks, which means the demand for property is likely to remain strong.

When considering the pros and cons of each area, you have to think about your personal needs and investment goals. Upscale neighborhoods like Kolonaki offer stability and prestige but come with a higher price tag.

On the other hand, areas like Metaxourgeio offer more room for growth in terms of property value, but might carry more risk and require a longer-term perspective.

Looking ahead, areas that are currently seeing infrastructure development or are slated for urban renewal projects could be good candidates for property price increases and rental demand.

For example, the redevelopment of the old Ellinikon airport into a luxury residential, commercial, and parkland area is expected to boost property values in the surrounding neighborhoods.

As for regions to avoid, it's generally wise to steer clear of areas that are too far from the city center or key amenities, as these locations can be less attractive to renters and may not appreciate as quickly.

Additionally, areas with high crime rates or a lack of public transportation can be less desirable for living and investment purposes.

When considering an investment in Athens, you have to do thorough research or consult with local real estate experts to understand the nuances of each neighborhood. Keep in mind that the real estate market can be unpredictable, and while educated guesses can be made, there are no guarantees when it comes to property values and rental demand. Always consider your own financial situation and investment strategy before making a decision.

Here is a summary table to help you visualize better. If you need more detailed data and information, please check our property pack for Greece.

Area	Attractiveness	Characteristics	Investment Potential
Kolonaki, Plaka, Kifisia	High	Upscale, historical, vibrant lifestyle, luxury living, cultural experiences, close to tourist attractions	Stable and prestigious, higher price tag
Metaxourgeio, Kerameikos	Medium	Gentrification, bohemian vibe, affordable	Room for growth, more risk, longer-term perspective
Athens Riviera (Glyfada, Voula, Vouliagmeni)	High	Beachside living, urban convenience, popular among expatriates and affluent Greeks	Strong demand likely to remain
Areas with infrastructure development or urban renewal (e.g., Ellinikon)	Varies	Redevelopment projects	Potential for property value increase and rental demand
Areas far from city center or lacking amenities	Low	Less accessible, potentially higher crime rates, poor public transportation	Less attractive to renters, slower appreciation

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Who can invest in real estate in Athens?

Investing in property as a foreigner in Athens

If you're considering investing in housing property in Athens as a foreigner, you have to understand the legal framework that governs property ownership in Greece.

Generally, foreigners have the same rights as Greek citizens when it comes to owning property, including land. There are no significant restrictions based on nationality, meaning that both EU and non-EU citizens can purchase property in Greece.

However, there are some areas in Greece, particularly those close to national borders, where property ownership may be subject to special regulations or restrictions for reasons of national security. Athens, being far from such sensitive areas, is typically not subject to these restrictions.

You do not need to live in Greece to purchase or own property there. Owning property in Greece does not automatically grant you the right to reside in the country, but it can be a pathway to obtaining a residence permit, especially if you invest a significant amount. Greece offers a Golden Visa program that grants a five-year residency permit to non-EU citizens who make a real estate investment of at least 250,000 euros. This residency permit can be renewed as long as you maintain the investment and can eventually lead to citizenship under certain conditions.

When purchasing property in Greece, you will need a Tax Registry Number (AFM), which is similar to a Tax ID. This is necessary for all transactions and legal processes related to property ownership. You will also need to open a Greek bank account to transfer funds for the property purchase and to pay for ongoing expenses such as utilities and property taxes. While you can hold accounts in foreign currencies, transactions related to property typically need to be conducted in euros, which is the local currency.

Regarding the duration of ownership, there are no restrictions on how long a foreigner can own property in Greece. You can own the property indefinitely and can sell it or pass it on to your heirs without additional restrictions based on your nationality.

As for taxes, foreigners are subject to the same tax rates as Greek citizens when it comes to property. This includes property transfer taxes, annual property taxes, and capital gains taxes if you sell the property. It's important to factor in these costs when considering your investment.

In terms of documentation, besides the Tax Registry Number, you will need a valid passport and possibly other personal documents. A notary public will prepare the property contract, and a lawyer is typically involved to ensure that the property has a clear title and that all legal requirements are met. The purchase will also need to be registered with the local Land Registry or the Cadastre.

Finally, while you do not need specific authorization from a governmental institution to purchase property, the transaction must be conducted in accordance with Greek law, and all necessary legal documents must be filed appropriately. It's advisable to work with a local real estate agent, a lawyer, and a notary to navigate the process smoothly.

Residency in Athens

Yes, you can become a resident in Athens, or anywhere in Greece, by purchasing property through a program commonly known as the Golden Visa program.

This scheme allows non-EU citizens to obtain a renewable five-year residency permit by investing in real estate.

To qualify for the Greek Golden Visa program, you must invest a minimum of 250,000 euros in Greek real estate. This investment can be in one or multiple properties and can include residential or commercial properties, as well as land, provided that the total value meets the minimum requirement.

Once you've selected a property and ensured it meets the value threshold, you'll need to follow a series of steps. First, you should secure a non-resident tax number (AFM) and a Greek bank account, which are necessary for the property transaction. You'll then proceed with the property purchase, which involves signing a contract with the seller, transferring the funds, and registering the property in your name at the Greek Land Registry.

After acquiring the property, you can apply for the residency permit. This involves submitting an application to the Greek Alien and Immigration Department along with the required documents, such as proof of the property purchase, health insurance coverage, and a clean criminal record. Your immediate family members can also apply for residency permits through your investment.

The residency permit is initially valid for five years and can be renewed every five years as long as you maintain ownership of the property. It's important to note that this residency does not grant you the right to work in Greece, but you can live in the country and travel freely within the Schengen Area.

The residency permit itself is not permanent and does not directly lead to citizenship.

However, after seven years of continuous residency in Greece, you may be eligible to apply for citizenship, provided you meet other criteria such as language proficiency and integration into Greek society.

The Greek Golden Visa program has been quite popular since its inception, attracting thousands of investors seeking residency in the European Union. The exact number of people who have used the scheme varies from year to year, but it has been a significant contributor to the Greek economy, especially in the real estate sector.

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How to get started to invest in real estate in Athens?

What is the step-by-step process to buy property in Athens?

We'll give her a brief overview. However, there is a detailed and dedicated document to the buying process in our property pack for Greece.

When you decide to buy a property in Athens, the process begins with finding a house you like and making an offer.

Once your offer is accepted, you'll need to hire a lawyer who specializes in real estate transactions. Your lawyer will conduct a title search to ensure there are no legal issues with the property's ownership history or any outstanding debts.

Following the title search, you'll need to obtain a tax number, known as an AFM, if you don't already have one. This is a requirement for any financial transaction in Greece. You'll also need to open a Greek bank account, as the transaction will need to be conducted in euros through a bank transfer.

The next step is to sign a preliminary contract, which outlines the terms of the sale. This contract is usually accompanied by a deposit, typically 10% of the purchase price. The deposit is a commitment to the sale and is forfeited if you back out without a valid legal reason.

After the preliminary agreement, your lawyer and the seller's lawyer will prepare the final contract. Before signing the final contract, you must pay the property transfer tax, which is calculated based on the property's value. The tax payment receipt must be presented at the time of signing.

Signing the final contract takes place in front of a notary public. Both parties, or their legal representatives, must be present. The notary ensures that the transaction complies with Greek law and records the transaction in the public registry.

Once the final contract is signed and the full payment is made, the property is officially yours.

However, the process doesn't end there. The transfer of the title needs to be registered with the Land Registry or the Cadastre (depending on the area), which is the final step to secure your full ownership rights.

The most complicated and error-prone steps are usually the legal checks and the financial transactions. Ensuring that the property has a clear title and no hidden debts requires meticulous attention to detail. The financial transactions also need to be handled carefully, considering currency exchange rates and international money transfers if you're not a local.

One unusual aspect of buying property in Greece compared to some other countries is the requirement to have a tax number (AFM) and a Greek bank account, even for foreigners. This can be a bit of a bureaucratic hurdle but is essential for the transaction.

The entire process, from finding a house to having full ownership, can take several weeks to a few months. The duration largely depends on how quickly you can complete each step, such as obtaining your AFM, opening a bank account, and scheduling appointments with the notary and lawyers. The legal and financial steps tend to take the most time, especially if there are complications with the property's legal status or if additional documents are required.

While you don't absolutely need to know Greek to navigate the process, it's highly beneficial to have a lawyer and a real estate agent who are fluent in English and familiar with helping foreign buyers. They can guide you through the process and ensure that you understand all the legal terms and obligations.

Cultural norms or practices in Greece are unlikely to cause major issues in the property buying process, but you have to be aware of the Greek bureaucratic system, which can be slow and require multiple documents. Patience and a good understanding of the steps involved are key to navigating the process successfully. Working with professionals who understand the local system and can communicate effectively with you will help avoid any misunderstandings or delays.

Looking for property in Athens

Please note that there is a list of contacts (real estate agencies, lawyers, notaries, etc.) and websites in our property pack for Greece.

When you're looking to find a house in Athens, you have several avenues to explore.

Many people start their search online, using housing portals which are quite popular and convenient. These websites allow you to filter properties by location, price, size, and other criteria. They often provide photos and detailed descriptions of the properties, which can give you a good sense of what's available.

Real estate agents are also commonly used in Athens. They often have listings that may not be immediately available online or may have inside knowledge of properties about to hit the market. Working with a real estate agent can provide you with expert guidance through the complexities of the local housing market. They can handle negotiations, provide valuable advice on neighborhoods, and help you navigate the legal aspects of buying a property.

Social media and Facebook groups can be useful for more direct interactions with sellers or for getting recommendations for real estate agents. Sometimes, properties are listed directly by owners in these groups, which can be a good opportunity to avoid some of the fees associated with agents.

In terms of specific practices, it's not uncommon for word-of-mouth to play a significant role in the Athens real estate market. Networking with locals or expats who have gone through the process can provide leads on good properties and trustworthy agents.

While many real estate agents in Athens are reliable and professional, as with anywhere, there are some red flags to watch out for. Be cautious of agents who are pushy, don't provide clear answers to your questions, or seem to be withholding information. It's important to ensure that the agent is licensed and has a good reputation. You can often get a sense of their reliability by reading reviews or asking for references.

Buyers can access property listings directly, but an agent can provide a more curated selection based on your specific needs and preferences. They can also provide insight into the local market that you might not be able to glean from listings alone.

In Greece, there is a distinction between a buyer's agent and a seller's agent. A buyer's agent works on your behalf to find properties that meet your criteria and negotiate the best possible deal. A seller's agent, on the other hand, is focused on getting the best sale price and terms for the seller. It's important to understand this distinction so you know where the agent's loyalties lie.

Real estate agent commissions are not standardized and can vary. It's typical for the seller to pay the commission, but this is something that can sometimes be negotiated. When you're working with an agent, you have to discuss their fees upfront to avoid any surprises later on.

As for negotiation strategies, it's always a good idea to be well-informed about the current market conditions in Athens. Knowing the average price per square meter in the area where you're looking to buy can give you leverage in negotiations. Don't be afraid to make a lower offer than the asking price, especially if you have data to back up your offer.

However, always be respectful and realistic with your negotiations.

Remember, buying a house is a significant investment, and you have to take your time, do your research, and work with professionals you trust to ensure that you make the best decision for your needs.

Buying property in Athens

When you're looking to buy a house in Athens, it's quite common to negotiate the price.

The amount you can negotiate off the selling price can vary widely depending on the property's location, condition, and how long it's been on the market. Typically, buyers might start by offering 5-10% below the asking price, but this is very much dependent on the individual circumstances and the local real estate market at the time of your purchase.

Conducting due diligence is a critical step in the home-buying process. You'll want to ensure that the property you're interested in doesn't have any hidden legal, structural, or financial issues. This involves checking the property's legal status, ensuring there are no outstanding debts or liens against it, and that all property taxes have been paid. You should also have a professional conduct a thorough inspection of the property to identify any potential problems with the structure, plumbing, electrical systems, and so on.

For the title search and ensuring clear title ownership, you'll need to check the land registry, where all property transactions are recorded. This will confirm the seller's right to sell the property and reveal any encumbrances or liens. In Greece, this is known as the Ktimatologio (Cadastre).

While it's not mandatory to hire a lawyer or a notary, it is highly recommended. A lawyer can help you navigate the legal complexities of the property market, conduct the due diligence, and ensure that all necessary checks are completed. A notary, on the other hand, is essential for the actual transfer of property as they prepare the purchase contract and oversee the signing. The cost for these services can vary, but you should budget for 1-2% of the property's purchase price for legal fees, and a similar amount for notary fees.

Specific documents required for the purchase include the seller's proof of ownership, a certificate from the local municipality confirming there are no outstanding property taxes, and a certificate from the land registry confirming there are no encumbrances on the property. You'll also need to obtain a tax number (AFM) if you don't already have one, which is necessary for all property transactions in Greece.

Property ownership is officially transferred through a property sale contract, which is drafted by the notary and signed by both the buyer and the seller in the presence of the notary. The contract is then submitted to the land registry, where the transfer of ownership is recorded. This process ensures that the government has an official record of the transaction and that the new ownership is legally recognized.

Remember, each property transaction is unique, and you have to seek professional advice tailored to your specific situation. Working with a reputable real estate agent, a lawyer, and a notary will help ensure that the process goes smoothly and that your interests are protected throughout the purchase.

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Financing a property acquisition in Athens

If you're looking to finance your property investment in Athens as a foreign investor, there are several steps and considerations to keep in mind regarding the financial aspects of the transaction.

Firstly, regarding the financing, it's less common for foreign investors to obtain a mortgage from Greek banks due to the complexity of the process and the stringent requirements.

However, it's not impossible. If you do opt for a loan, you'll need to provide a substantial amount of documentation, and the bank will need to assess your creditworthiness. Interest rates for mortgages in Greece have been relatively high compared to other European countries, but they vary depending on the bank and the economic climate. You should expect to negotiate the terms, including the interest rate, directly with the bank.

When it comes to the payment structure for purchasing a property, typically, you would pay a deposit to secure the property once you've reached a preliminary agreement with the seller. This deposit is often around 10% of the purchase price. The full price of the house is usually paid upon the signing of the final purchase agreement, which is done in the presence of a notary.

Closing costs and fees associated with buying property in Athens can include legal fees, notary fees, and real estate agent fees. Legal fees for a lawyer can vary but expect to pay around 1% of the property value. Notary fees are also based on a percentage of the property value and can range from approximately 0.5% to 1%. Real estate agent fees typically amount to 2-4% of the purchase price and are usually shared between the buyer and the seller.

When buying a house in Athens, you will also be required to pay a property transfer tax, which is currently set at 3% of the assessed value of the property. This is a significant reduction from the previous rate of around 10%, making property investment in Greece more attractive to foreign investors.

On top of the transfer tax, there are annual property taxes that must be paid. The amount varies depending on the value and characteristics of the property. There's also a municipal tax included in the electricity bill, which is usually a small percentage of the property's value.

If you decide to sell the property, capital gains tax may apply to the profit made from the sale.

Additional fees might include costs for technical surveys, land registry fees, and potential costs for translating documents if you do not speak Greek. It's crucial to budget for these additional expenses to avoid any surprises during the purchasing process.

What are the risks and pitfalls when buying property in Athens?

When you're considering property investment in Athens, you have to be aware of the common risks that come with such a venture.

Like any property market, Athens has its own unique set of challenges alongside the more universal ones.

One of the first things to consider is the stability of the Greek economy. While it has been recovering from the financial crisis that hit a decade ago, the market can still be volatile. This means that property values can fluctuate, and economic downturns could affect your return on investment. It's also worth noting that the Greek property market can be less liquid than other European markets, which might make it harder to sell your property quickly if you need to.

Regarding property rights for foreigners, Greece generally offers a secure legal framework. Foreigners have the right to own property in Greece, and the Greek constitution provides protection for private property.

However, there are some bureaucratic hurdles that can be daunting.

For instance, the process of transferring property can be complex and time-consuming, requiring various documents and clearances from different government departments.

There are also pitfalls unique to Athens that you might not be aware of. One such issue is the potential for unclear property titles. Some properties in Greece have been passed down through generations without proper documentation, which can lead to disputes over ownership. Another issue is the "archeological law" which states that if ancient artifacts are found on your property during construction or renovation, the work may be stopped indefinitely to allow for archeological digs. This could lead to significant delays and additional costs.

Environmental risks are also a factor to consider. Greece is a seismically active country, and earthquakes are not uncommon. While modern buildings are constructed to withstand earthquakes, older properties may not be as resilient. Climate change implications, such as rising temperatures and extreme weather events, could also affect property values, particularly in coastal areas where rising sea levels might pose a threat.

There have been cases where foreign investments in the Athens real estate market have not gone as planned. Some investors have faced challenges due to the economic instability, leading to lower-than-expected returns. Others have encountered legal disputes over property ownership or have had their development plans halted due to the discovery of archeological sites.

As for insurance, you have to have adequate coverage for your property. This includes not only standard property insurance but also earthquake insurance, which is a separate policy in Greece. Liability insurance is also advisable to protect yourself in case someone is injured on your property.

To mitigate these risks, thorough due diligence is key. This means conducting a comprehensive check on the property's title, getting a professional property inspection, and understanding the local real estate laws and tax obligations. Working with reputable local lawyers and real estate agents who are familiar with the intricacies of the Greek property market can be invaluable.

In case of conflicts, foreign property buyers in Greece can rely on the legal system for protection. The Greek Civil Code provides the framework for property rights and transactions, and there are courts that specialize in property law. While the legal system is reliable, it can be slow, so you have to have everything in order from the outset to avoid legal entanglements.