Foreign realtors flocking to Athens

Apartment transactions in parts of Athens, including the center, are expected to soar in the next few months – with prices set to jump too – as the Greek residential property market has become the focus of dozens of foreign real estate agents, as well as Chinese travel agencies.

Their aim is to sell the properties at attractive prices (for foreign markets), with the additional bonus of immediate yields if the assets are rented out on home-sharing platforms. This particular activity has attracted a huge number of foreign players, who view investing in the local market as very profitable.

In recent months arrivals of Chinese, Turkish, Syrian and Lebanese agents have increased significantly. They seek properties from Greek agencies and offer a guaranteed number of buyers as long as they obtain a sizable commission of between 40 and 80 percent of each property’s value, depending on the property and the asking price.

Demand is mostly focused on used properties, ranging from 50,000 to 150,000 euros, in areas popular on home-sharing sites. “We are seeing the phenomenon of excessive prices, with foreign agents deceiving their clients by asking for too much money for the properties in question,” says Lefteris Potamianos, head of the Athens real estate agents association.