Golden Visa: What’s up with Israelis – The demand for real estate in Greece

Market players talk about an existing demand, but not to the extent presented, commenting on the interest of Israelis in buying real estate in Greece, with the aim of obtaining a Golden Visa.

By no means, as they say, is this a “frenzy” although they acknowledge that there has been movement to find properties in various areas since the start of the war in Israel. Although the applications are twice as many this year as last year, in absolute numbers they are still few of the total number of applications (amounting to 168 out of a total of over 6,000).

The phrase that captures the reality, according to the president of the Association of Realtors of Attica, Lefteris Potamianos, is that “the interest in placements in the Greek real estate market by Israeli funds and investors continues despite the war” while he does not share the enthusiasm that is being spread about Golden Visa.

He even underlines that the number of Israelis who obtain a Golden Visa in Greece remains relatively small, pointing out that despite the increase recorded in recent years, it is not enough to make a difference (161). Those who make the difference, he clarifies, are the Chinese (more than 7,500).

However, he characterizes the fact that the flow of funds from Israel remains unchanged as positive, emphasizing that so far no planned contracts have been cancelled. However, he estimates that a clear picture of the strengthening or reduction of Israeli interest in investing in Greek real estate and in Greek tourism due to the war will be available at the beginning of next year.

Thessaloniki

The co-founder and CEO of Georgakos & Parthenon Real Estate and president of the Hellenic-Serbian Chamber, Konstantinos Georgakos, is on the same wavelength, saying that the image given in the media about Israelis does not match the reality he experiences as a professional sector in the area of Thessaloniki.

Today’s picture with the Israelis, he notes, is reminiscent of the 2000s and the reports about “invasion of Russian investors in the real estate of Halkidiki, which were incorrect and untrue, as was proven after the fact by official data.

At the moment, he says, “there is a numbness, a wait-and-see attitude from his Israeli customers,” stressing that he does not know exactly what effect the war will have on their buying behavior.

He also points out that according to official data, the investments of Israelis in the Greek real estate market, despite the significant increase in recent years, are moving at low levels (According to data from the Bank of Greece, last year real estate purchases by Israelis totaled 88 million euros) .

Airbnb

On the other hand, Israelis’ demand for rental housing is increasing. According to the president of the Panhellenic Association of Property Managers, Andreas Chios, there are several requests to rent Airbnb-style properties from Israeli families seeking a safe haven in the midst of war.

Greece, as he says, offers them the security they are looking for and at the same time they feel it fits their culture. He even points out that lease contracts have already been signed for apartments in the Southern Suburbs of Attica, while some Israelis have also expressed interest in buying a home and are asking the brokers to present them with proposals.