The profile of investors in the South Suburbs and the role of Golden Visa

In anticipation of government decisions on the new ceilings to be set for its acquisition in the famous areas of Attica, a great deal of fuss is being made about the rise of foreign investors in which they launch house prices. In the Southern Suburbs it is almost certain that the Golden Visa threshold will increase to 800,000 euros from 500,000 euros today. This change is likely to change the balance but also the profile of investors who have so far so fanatically chosen the Athenian Riviera. Today, the presence of Chinese people in areas such as Alimos and Old Faliro is intense, followed by Israelis. Moreover, in recent years the phenomenon of expatriates from America and Australia has been observed to be interested in the famous properties of the Southern Suburbs. However, the Chinese have the largest presence, which especially in Alimos as market professionals argue, they have built a small “China Town”, as they have purchased a large number of properties resulting in prices being launched. However, the reason the Chinese investors chose Alimos was that it had more available homes near the sea and that in the past it kept significantly lower prices than Old Faliro, Glyfada, Voula and Vouliagmeni. Today, however, the way the Chinese move on the market has gradually changed, as they are no longer just buyers but have also turned into sellers, either because Golden Visa has expired or because they want to collect back significant profits. In particular, a property which was bought for 250,000 through the Golden Visa program, is now available for sale for over 300,000 euros. The presence of Israelis in the south is important, but in recent years they have spent in a barrage of markets not for self-ownership but mainly for investment reasons. Israelis also, as market players point out, tend to sound heavily and the cheapest Southern Suburbs, such as Argyroupoli, Heliopolis, and Kallithea, as they find opportunity to convert properties to either boutique hotels, or serving apartments. Today, however, from the barrage of “five stars” investments and intense investment interest, Southern Suburb prices move at three speeds. The oldest properties range between 1,500 euros/sq.m. up to 3,000 euros/sq.m. The cheapest new buildings start at 4,000 and reach 6,000 euros per sq.m., while the most premium existing in Vouliagmeni exceeds 8,500 euros per sq.m. Specifically, in the last nine months in Glyfada, an average residence with an area of 97 sq.m. and a construction year in 1989, cost a total of EUR 328,726 (3,391 per sq.m). The record of course is recorded by the areas of the municipality of Varis – Voula – Vouliagmenis, where the average house with an area of 115 sq.m. and year of construction in 1986 cost 355.220 euros. Particularly high prices record both Alimos and the municipality of Greek – Argyroupolis, possibly due to the great project of the Greek in progress and, as it is claimed, it may be associated with real estate costs and the areas adjacent to it. In Alimos, the average value of a property in 1990 with an area of 103 was €260,586 (2.521 per sq.m.), while in the neighborhoods of the municipality of Greek – Argyroupolis, the 1991 residence price with an area of 92 sq.m. stands at 202,030 (2,189 euro per sq.m.). Quite different are things in areas of the south such as Agios Dimitrios and Helioupolis. In the first, the average house with an area of 83 sq mi constructed in 1989 had a sales price of EUR 137,172 (1,655 per sq mi). In Helioupoli, the price was set at 117,247 euros for the total house built 1983, with an area of 76 sq.m.