Real Estate | June 2022

The preference of interested parties for medium-term leases has been on dynamic rise lately, especially in the major urban centers of Athens and Thessaloniki. This new pattern is characterized by short term leasing of the property for a period of three to nine months and is usually limited to areas of tourist interest.

Medium-term leasing has favored those properties that are not ideally located to be exploited through short-term leasing, in central urban areas such as Koukaki.  The interested parties also focus on the accessibility of the property to public transportation and shopping, high quality standards e.g., sea view, swimming pool, but also on the low cost of these properties compared to the established prices for properties in the centre of Athens. Besides, According to Kosmas Theodoridis, head of the Polis estate agents and vice-president of the Association of Real Estate Agents of Athens- Attica -, “medium-term leasing has even started generating demand as an investment product, as we often see buyers interested in investing in properties to be utilized that way.” 

The need for medium-term leases and, by extension, the reason of creation of this new trend in real estate, recommends both the preference of companies, which rent properties for their workforce in Greece and the new generation of remote telecommuters, the digital nomads. Specifically, foreign workers, employees, self-employed or freelancers, are entitled to apply for the Digital Nomad Visa, which donates them the right to reside in Greece while working remotely using Information and Communication Technologies in companies abroad.  An essential condition for obtaining the visa recommends their occupation by an employer or their own company established exclusively outside the Greek territory and committing not to provide their services in any way (either as employees or as self-employed and freelancers) to an employer based in Greece. At the same time, the interested party is obliged to prove that acquires sufficient resources to cover his living expenses during the one-year period of the visa and will stay in the country. The amount of sufficient resources is determined by law and is set at 3,500 Euros per month.

Digital nomads are now an integral part of the working reality in Greece and the main "patronage" of owners who possess properties to rent for less than a year. The high market and rental demand for real estate properties is evident in the increased interest of even institutional investors, who are directed towards the development of high quality residential properties within complex developments, such as the Piraeus Tower or the renovated Hilton.


Related Articles

According to a CNN - Greece article published in 28.05.2023, Greece ranks fifth (5th) among the top destinations for buying properties as investments, as indicated by Knight Frank's ranking of Real Estate Investment trends.
Real Estate | May 2023

As a regular attendee at the prestigious MIPIM conference in Cannes, I once again found myself in the midst of a dynamic gathering of key players in the international real estate industry.

Real Estate | April 2023

According to Henley & Partners’ ranking of the world’s most important residence by investment programs for 2023 which was published on the 28th of February, Greece ranks 3rd.

Real Estate | March 2023

Georgaki and Partners Law Firm, a leading legal and consulting company with expertise in property investments in Greece, will be attending the 32nd MIPIM 2023, an annual exhibition that has been taking place annually since 1990, on the 14-17 March that will inclu

Real Estate | February 2023

The Government Gazette(in Greek FEK) published the decision A.1043/2022, according to which the servi

Real Estate | January 2023

Instant Offices, one of the largest companies in the field of commercial real estate management and specifically the provision of offices and business premises for rent or purchase, based in London, ranks Thessaloniki among the three best cities in the world to be a digital citizen in 2022.

Real Estate | October 2022

More and more foreign investors are currently proceeding to significant investment activities of residential interest.

Real Estate | August 2022

One more survey confirms the profitable trend of Real Estate in Greece in the area of foreign investments.

Real Estate | June 2022

In a report, the Bank of Greece praises the positive development of the Greek real estate market and the maintenance of its high standards, despite the critical changes in the status quo of the international scene.

Real Estate | April 2022

According to research by «Engel & Vοlkers Greece», a real estate agency with established global presence, the Real Estate Market is constantly and dynamically growing since 2021.

Real Estate | February 2022

  The Ministries of Finance and Environment offer a new essential assistance to vendees and property owners.

Real Estate | February 2022

The real estate market in Chalkidiki is starting off on an inclining course, following a relatively “idle” period due to Covid-19 pandemic. The numbers for 2021 were increased in comparison to 2020, whereas the demand in various areas exceeded pro-Covid rates.

Real Estate | February 2022

According to a report issued by the National Bank of Greece on Monetary Policy, the bank institute asserts that the development of the real estate market in Greece will continue independently of any impediments which have emerged at the domestic market.

Real Estate | January 2022
How Can We Help You