In waves, the influx of Israeli and Turkish property buyers into Greece continues. For various reasons, these nationalities are steadily increasing their investment activity in the Greek real estate market, taking advantage of every possible opportunity, whether within the Golden Visa framework or, even more so, outside it. They are buying properties throughout the country; however, according to relevant market research, they give priority to Attica—primarily the city center and the southern suburbs—and to the Thessaloniki area.

Chinese investors are seeing a slight decline—although they still dominate the map of foreign property buyers—while Iranians, Lebanese and American buyers are showing a notable increase. Russians, on the other hand, are decreasing both in absolute numbers and in percentage terms.

All this is happening despite the fact that new Golden Visa applications from foreign citizens have been on a downward trajectory for the past year, mainly due to increases in the minimum investment threshold.

Nevertheless, according to last year’s data from the Real Estate Committee of the Association of Greek Societes and Entrepreneurship (SAEE), foreign buyers’ investments in Greek real estate through the Golden Visa program are estimated at €8.5 billion from the program’s launch in 2013 through July 2023. Based on applications that have remained pending since then—many thousands of which have already been processed—the total amount is expected to exceed €12 billion.

The market map

Foreign property buyers are now moving independently of these changes. According to a recent special survey by REMAX Ελλάς, the country’s leading real estate brokerage network, regarding buyers’ selection criteria, only 8% of foreign buyers in 2025 included the acquisition of a Golden Visa as their primary motivation for purchasing a residence. This indicates that the Golden Visa is no longer the main driver of foreign demand.

At the same time, the company’s recent annual survey, based on transaction data carried out through its nationwide network of 88 offices and 1,200 consultants, accurately captures buyers’ countries of origin, age profile and other important characteristics of their investment strategies.

Based on this data, Israeli buyers dominate Attica, followed closely by Turks and Lebanese, with Chinese and Ukrainian investors rounding out the top five. Israelis also dominate the Thessaloniki real estate market, followed by Bulgarians, Germans, Turks and Albanians.

In the rest of Greece, the majority of foreign property buyers are Germans, followed by investors from Bulgaria, France, Israel and Turkey.

Ages, motives and preferences

In terms of age, 40% of buyers are between 41–50 years old, 27% between 51–60, 16% over 61, and 14% between 31–40. Only 3% are under 30.

Additionally, 57% of buyers leave open the possibility of permanently settling in Greece, 18% state they are positively inclined toward such a prospect, and 25% say they do not plan a permanent relocation. At the same time, 90% used their own funds to acquire Greek property, facilitating faster transaction completion. Only 10% resorted to borrowing.

The main purchase motive for foreign investors is use as a second or holiday home (52%). Thirty percent intend the property for investment use (rental or resale), and only 10% as a primary residence. Purchases mainly concern apartments (38%), single-family homes (27%) and maisonettes (20%). Only 9% buy plots of land, and very few purchase commercial properties (3%) or agricultural land (3%).

The vast majority of foreign buyers (78%) chose resale residential properties, 20% new builds and only 2% renovated properties. Their main choice is residential properties of 61–100 sq.m. (75%), whether for investment or owner-occupation. Ten percent opted for properties up to 60 sq.m., another 10% for 101–150 sq.m., and only 5% chose larger properties.

Most transactions by property value ranged between €100,001–200,000 (47%). These were followed by properties priced at €200,001–300,000 (27%), €50,001–100,000 (17%), while 3% of buyers chose properties up to €50,000, between €300,001–500,000 and between €500,001–1,000,000.

Israelis

The REMAX Ελλάς map is confirmed by the majority of market participants. Central Athens, especially Kolonaki, as well as the coastal arc—the Athenian Riviera—are preferred by buyers of high economic and social status. Many Israelis play a leading role.

Their primary motive is that they view each property purchase as an investment opportunity, buying to profit from returns. This was demonstrated clearly when they began investing in Greek real estate during the financial crisis and the bailout years, with major real estate companies and hotel chains taking positions in Greece, alongside smaller-scale purchases by individuals and families for personal use or commercial exploitation.

From the late previous decade, attractive sale prices and strong prospects in short-term rentals and tourism led to significant investments not only by individuals but also by institutional investors from Israel, such as major hotel groups and investment funds.

Undeniably, in recent years—especially after October 7, 2023 and the horrific Hamas attack—more and more Israelis view Greece as an ideal future primary home, or at least as a safe haven for a second residence in emergencies.

The climate of insecurity in everyday life in Israel has not subsided, despite ceasefire agreements. A report last year by the respected French newspaper La Croix stated that about 10,000 of the 80,000 Israelis who left their country over the past two and a half years chose Greece as their new destination. Beyond safety, attractive factors include the similar climate, a 25%–30% lower cost of living in Greece, visa facilitation, excellent bilateral relations, cultural similarities (Mediterranean food, strong family values), short flight distance, tax incentives and ease of movement within the EU.

Golden Visa data reflect only part of Israeli preference or relocation to Greece for property purchases. Still, Israelis holding Greek residence cards more than doubled in 2025—from 661 (including family members) in 2024 to 1,355 in 2025, an increase of 105%. Capital flows from Israel to Greece monitored by the Bank of Greece increased by 46.5% in 2024 to €129 million, a trend estimated to have continued in 2025. Moreover, only 18% of Israeli buyers cite visa benefits as their main motive.

Israeli buyers themselves confirm the REMAX map. According to Israeli firm Noland Design Studio, Athens accounts for about 68% of all Israeli property purchases in Greece, offering opportunities both in the center (Exarchia, Kypseli, Koukaki, Metaxourgeio, Kolonaki) and in Glyfada and Voula, which attract luxury developments.

Turks

Turkish buyers are also expressing growing confidence in the Greek real estate market. The main reason affluent Turks increasingly invest abroad is to shield their wealth from rampant inflation and broader instability in Turkey. This trend is confirmed by the British investment migration firm Astons, which notes that political and social turmoil in Turkey is the main driver of rising demand for Golden Visa programs abroad.

According to Turkey’s Central Bank, Turkish investments in overseas real estate reached $2.4 billion in the first eleven months of 2025, a 26% annual increase. Bank of Greece data show that in 2024, Turks invested €292 million in Greek property, up 174% from 2023 and 380% from 2022.

By December 2025, Turks represented 15.9% (3,291 individuals) of all foreign investors with permanent residence permits in Greece via the Golden Visa, ranking second after Chinese investors, with a year-on-year increase of 62.24%. Including family members, the figure rose to 11,448 people, up 142.5%.

Turkish buyers are typically highly educated, liberal-minded individuals with middle or upper incomes, mainly from Western Turkey and Istanbul. They prefer Attica—from Kolonaki to the southern suburbs—followed by Thessaloniki and major islands.

Americans

American buyer activity is also significant. Under the Golden Visa, 578 permanent residence permits have been issued, covering 1,611 family members, mainly for large, expensive coastal properties and luxury apartments or villas.

Equally important are purchases outside the Golden Visa, especially by American retirees, led by Greek-Americans, using the Financial Independence Permit (FIP). According to Get Golden Visa, 13,251 Americans receive U.S. retirement benefits at Greek addresses, while over 6,000 have already relocated permanently.

Motives include the lower cost of living, mild Mediterranean climate, relaxed lifestyle and favorable tax incentives.

Other countries

Iranians remain notable investors, driven by domestic instability and war concerns. By last December, Iranians were the fourth-largest group of foreign buyers, with 816 Golden Visas. Chinese investors remain first, followed by Lebanese, while Russians continue to decline.

Numbers and changes

By the end of 2025, Greece had 79,056 foreign investors with valid residence permits, up from 48,049 in 2024, mainly due to processing backlogs. New applications declined sharply after changes to the program.

Under the latest Golden Visa rules, the minimum investment is €800,000 for properties in Attica, Thessaloniki and islands with over 3,100 residents, with a minimum size of 120 sq.m. Elsewhere, the minimum is €400,000. Properties converted from other uses require only €250,000 but cannot be used for short-term rentals.