Is buying a property in Toumba a good investment?

Last updated on December 29, 2023

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

If you've seen the local culture and university life of Toumba, you might contemplate making this Thessaloniki neighborhood your next property investment.

Is it a good idea though? What's the current state of the real estate market in that area? Are property values appreciating or depreciating? Are investors seeing returns on their real estate investments? How's the demand for rentals?

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. In fact, there is significant customer interest in investing there. Therefore, we believe it would be beneficial to include some information about it in our property pack.

Why do property buyers like investing in Toumba?

Toumba, a district in Thessaloniki, Greece has emerged as a magnet for property buyers, thanks to its unique blend of characteristics.

Diving into what makes Toumba stand out in the real estate market, especially when compared to other areas in Thessaloniki, is quite fascinating.

Firstly, the charm of Toumba lies in its historical and cultural richness. Unlike newer, more modern districts, Toumba offers a glimpse into the traditional Greek lifestyle, which is a huge draw for those seeking authenticity. This aspect sets it apart from other real estate markets that might focus more on contemporary designs and facilities.

In addition, the area boasts a strong sense of community and local culture, making it attractive for buyers who appreciate a more connected way of living.

Toumba began gaining popularity as a property hotspot around the early 2000s. This rise in popularity can be attributed to several factors.

For instance, the district offers a balance between urban convenience and the tranquility of a residential area. Its location is strategic - close enough to the city center for easy access, yet far enough to escape the hustle and bustle.

This unique positioning contributes to its enduring appeal, suggesting that the hype around Toumba is not just a fleeting trend but has a solid foundation based on real advantages.

The type of people attracted to Toumba is diverse, reflecting its versatile appeal. You'll find families drawn to the area for its safe and welcoming environment, perfect for raising children.

There are also professionals who appreciate the balance Toumba offers between work and lifestyle, with its proximity to major business hubs yet retaining a peaceful atmosphere.

Moreover, the cultural enthusiasts are captivated by its historical significance and the local community vibe, which is hard to find in more commercialized areas.

However, it's important to consider some potential drawbacks of Toumba. For instance, as it's an older area, some properties might require renovation, which could be a turn-off for buyers looking for move-in-ready homes.

Additionally, while its distance from the city center is an advantage for some, it might be seen as a disadvantage for those who prefer living in the heart of the city with immediate access to Thessaloniki's vibrant nightlife and amenities.

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Why is Toumba a nice place to live?

Toumba offers a unique living experience characterized by a blend of culture, community, and convenience.

Understanding what makes it a nice place to live involves looking at various aspects, from lifestyle and culture to amenities and accessibility.

The lifestyle in Toumba is an intriguing mix of traditional Greek charm and modern conveniences. It's a place where you can experience the authentic Greek way of life, with local tavernas serving delicious cuisine and streets echoing with the sounds of everyday life in Greece.

The culture here is rich and palpable, with festivals and community events that are a nod to the area's history and traditions. This vibrant cultural scene makes Toumba not just a place to live, but a place to experience life.

For expatriates, Toumba offers a welcoming community. While it might not have as large an expat population as some other areas, those who do choose to settle here find a warm and inclusive environment. The locals are known for their hospitality, making it easier for newcomers to integrate and feel at home.

When it comes to cost of living, Toumba strikes a balance. It's generally more affordable than some of the more central districts in Thessaloniki, but it still offers a high quality of life.

Housing here provides good value for money, especially when you consider the amenities and the cultural richness of the area.

Speaking of amenities, Toumba is well-equipped with facilities that cater to all needs. Schools like the Anatolia College and Pinewood International School are known for their quality education.

For healthcare, the Papageorgiou Hospital is a notable institution providing excellent medical services. Shopping enthusiasts will appreciate Mediterranean Cosmos, one of the largest shopping centers in the area. These facilities ensure that residents have access to essential services without needing to travel far.

The quality of infrastructure in Toumba is commendable. Roads are generally well-maintained, and utilities function reliably. Internet connectivity is robust, catering to the needs of both locals and those working remotely. This efficient infrastructure adds to the convenience of living in Toumba.

Accessibility is another of Toumba’s strengths. It's well-connected to other parts of Thessaloniki, making it easy to explore the city or commute for work.

The proximity to major transport hubs like the Thessaloniki International Airport is a bonus, especially for those who travel frequently.

Public transportation options in Toumba include buses and taxis, which are readily available. The bus service is efficient, with routes connecting Toumba to various parts of the city.

This network of public transportation makes it convenient for residents to get around without the need for a personal vehicle.

How much does it cost to buy real estate in Toumba?

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 it comes to buying property in Toumba, there's a diverse range of options to consider, each with its own price tag and appeal.

Understanding the costs involves looking at the types of properties available, the market trends, and future predictions.

In Toumba, you'll find a variety of residential properties, including apartments, houses, and in some cases, luxury villas. The most common and in-demand property type, particularly in this neighborhood, are apartments.

This demand is primarily due to Toumba's urban setting, where space is at a premium, and apartments offer a practical living solution.

They're especially popular among young professionals and small families who seek a balance between affordability and proximity to the city center.

Regarding property types, you'll notice a mix of new developments and resale properties. While there's a charm in the older, resale properties that resonate with the area's history.

Newer developments are attracting buyers who prefer modern amenities and design.This mix offers potential buyers a wide spectrum of choices, catering to different tastes and requirements.

The price range for properties in Toumba can vary significantly based on factors like property type, size, and location within the neighborhood.

On average, prices per square meter for apartments can range from around €1,000 to €2,000. This range indicates that there's something for various budgets, whether you're looking for a modest apartment or a more upscale option.

Over recent years, property values in Toumba have seen a gradual increase. This trend is influenced by the neighborhood's growing popularity and the overall real estate market dynamics in Thessaloniki.

As more people are drawn to the area for its cultural richness and lifestyle offerings, demand has been steadily rising, which in turn pushes up property values.

Looking ahead, there are some developments and city planning changes that might impact property values in Toumba. For instance, any upcoming infrastructure projects or enhancements in public amenities can make the area more attractive, potentially leading to an increase in property values.

It's always wise to keep an eye on city planning news and future development plans, as these can be indicators of where the market might head.

Predictions for the real estate market in Toumba in the coming years suggest a continued interest in the area, possibly leading to a steady increase in property values.

Factors like the ongoing demand for urban living spaces, the charm of living in a culturally rich area, and the potential for new developments contribute to this positive outlook.

Where is the best area to buy a property in Toumba?

When considering where to buy property in Toumba, it's important to understand that different parts of the neighborhood offer varied experiences in terms of atmosphere, property types, and prices.

Each area has its unique charm and potential, making it crucial to align your choice with your personal preferences and investment goals.

Toumba is known for its diverse character. Some parts of the neighborhood boast a more traditional Greek atmosphere, with narrow streets lined with small, quaint houses and local shops, offering a sense of community and warmth.

These areas are ideal for those who appreciate the charm of older properties and the allure of living in a culturally rich environment. Here, prices might be more affordable, but it's also worth considering the potential need for renovations.

On the other hand, there are areas in Toumba where you can find more modern apartment complexes. These tend to offer contemporary amenities and are suited for those seeking a more modern lifestyle. These properties might come at a higher price point but are often move-in ready and require less upkeep.

As for up-and-coming areas within Toumba, it's wise to keep an eye on regions where new developments are taking place or where there's a buzz of regeneration.

These areas can offer good investment opportunities, as property values are likely to increase as the neighborhood develops and becomes more desirable.

However, specific names of these areas are not provided here, so it's recommended to conduct some local research or consult real estate experts in Toumba for the most current information.

When it comes to choosing a specific area in Toumba, consider what aligns best with your lifestyle or investment strategy. If you prefer a vibrant, urban atmosphere, look towards the parts of Toumba closer to the city center. These areas offer easy access to amenities and are often in high demand, making them a potentially wise investment choice.

Conversely, there might be areas in Toumba that are less advisable for property purchase, especially if you're looking for investment growth or certain lifestyle features.

Areas that are farther from central amenities, public transport links, or those that lack development potential might not offer the same value appreciation or convenience.

Additionally, some parts of Toumba might not have the same level of infrastructure or might be in need of more development, which could affect the long-term satisfaction with your property.

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 in Toumba	Atmosphere	Property Types	Price Considerations
Traditional Greek Areas	Quaint, community-oriented, cultural	Older houses, small apartments	More affordable, potential renovation costs
Modern Apartment Complexes	Urban, contemporary	Modern apartments with amenities	Higher price point, move-in ready
Up-and-Coming Areas	Regenerating, developing	Varied, potential new developments	Potential for appreciation, investment opportunities
Areas Close to City Center	Vibrant, urban, convenient	Diverse, high demand	Potentially higher prices, good investment value
Less Developed Areas	Quieter, potentially less infrastructure	Varied, possibly older properties	Lower prices, slower value appreciation

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Is there a strong rental demand in Toumba?

The rental market in Toumba exhibits its unique characteristics, driven by various factors including demand type, target demographics, and property preferences.

In terms of rental demand, Toumba experiences a healthy mix of both short-term and long-term rental interest. Short-term rentals are often fueled by tourists and visitors drawn to Thessaloniki for its rich history and vibrant culture. These renters typically look for conveniently located properties that offer easy access to the city’s attractions.

On the other hand, long-term rentals are in demand primarily by locals, including young professionals, students, and small families, who are drawn to the area for its balance of urban life and community feel.

The profiles of potential tenants in Toumba are quite diverse. For short-term rentals, the tenants are often tourists or business travelers.

They generally prefer properties that are furnished and equipped with modern amenities, making their stay comfortable and convenient. Locations close to tourist attractions, restaurants, and public transport are highly sought after by this group.

For long-term rentals, the tenant profile includes university students, given Thessaloniki's status as an educational hub, and young professionals working in the city. These groups tend to look for apartments that are affordable yet comfortable, often preferring those with good connectivity to universities and business areas.

Families are also part of the long-term rental market, and they usually seek properties with more space, proximity to schools, and access to parks and recreational areas.

When it comes to specific areas within Toumba for rental properties, areas closer to educational institutions and business centers see higher demand. Properties near amenities like supermarkets, hospitals, and entertainment venues are also popular.

In terms of amenities that can help reduce vacancy, features like high-speed internet, modern appliances, and security measures are key attractors for both short-term and long-term renters. Properties that offer these amenities tend to be rented out more quickly and can command higher rental prices.

Regarding potential returns on investment, properties in Toumba can offer attractive yields, though exact numbers depend on several factors like location, property condition, and market dynamics.

Generally, well-located and well-maintained properties can see healthy returns, especially those aligned with the preferences of the target tenant demographics.

Currently, smaller apartments and renovated older properties are witnessing increasing demand, potentially offering better yields.

This trend is driven by the affordability of smaller units for young professionals and students, and the charm of renovated properties for those seeking a blend of traditional and modern living.

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Is it easy to buy a property as foreigner in Toumba?

Before we answer the question, please know that we have an article dedicated to the experience of buying real estate as a foreigner in Greece.

Buying property in Toumba, Thessaloniki as a foreigner is generally a straightforward process, but like any property investment, it comes with specific considerations and potential risks.

Firstly, in Greece, there are no overarching restrictions on foreigners buying property, which makes it relatively easy for non-Greek citizens to invest in real estate in places like Toumba.

However, it's essential to be aware of any specific local regulations or zoning laws that might affect property purchases in certain areas.

Additionally, non-EU citizens should be informed about the Greece Golden Visa program, which offers residency permits to non-EU citizens who make significant real estate investments in the country.

The purchasing process typically involves finding a property, negotiating the price, and then going through the legal process of transferring ownership. This process includes signing a preliminary agreement, paying a deposit, and then signing the final contract in front of a notary.

During this process, the buyer needs to obtain a Greek tax identification number and open a bank account in Greece for the transaction.

One primary risk associated with property investment in Toumba, as with any real estate investment, is the fluctuating property market. Prices can go up or down based on various factors, including economic conditions and changes in local real estate trends.

Furthermore, buyers should be cautious about the condition of the property, especially if buying older buildings that may require significant renovation.

Classic pitfalls or common mistakes often involve underestimating additional costs such as property transfer taxes, notary fees, legal fees, and real estate agent commissions.

In Greece, a unique aspect to be aware of is the complexity of property laws and potential issues with property titles, especially in older properties. It's not uncommon to encounter properties with unclear ownership history or legal disputes, which can complicate the purchasing process.

Given these complexities, it's highly advisable to work with a local real estate agent and a lawyer. A knowledgeable real estate agent can provide valuable insights into the local market, help find properties that meet your criteria, and negotiate the best possible deal.

A lawyer, on the other hand, is crucial for ensuring that all legal aspects of the purchase are handled correctly, particularly in navigating Greece's unique property laws and ensuring the property has a clear title.

Common exit strategies for property investors in Toumba include renting out the property for regular income or selling the property when its value appreciates.

Some investors also look into short-term rental options, especially if the property is in an area popular with tourists or business travelers.