Return on Investment (ROI) Insights

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Real Estate ROI Landscape

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Real estate investors—particularly in Athens, Thessaloniki, and coastal areas—have seen stable returns averaging 4–6% gross rental yield in 2023–2025, with capital appreciation varying by district:

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• Central Athens: 6–8% CAGR
  
• Thessaloniki: 4–6% CAGR
  
• Crete and Peloponnese: lower yield, higher lifestyle appeal
  
  

Investors targeting mid-range furnished apartments (70–120 sqm) in walkable areas with access to metro infrastructure tend to perform best.

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Short-term rental profitability has been curtailed in saturated zones due to local restrictions, but long-term lease demand remains strong, especially from international students, digital nomads, and regional relocators.

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Lock-Up Periods & Resale Dynamics

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The Golden Visa imposes no statutory lock-up period, but the residence permit is tied to the continued ownership of the qualifying asset. Upon sale of the property, the residence permit is revoked unless reinvested in another qualifying property.

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Resale dynamics are increasingly competitive due to investor clustering in certain districts. Engaging in pre-purchase due diligence, zoning research, and professional property management is critical.

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Fund Contributions and Regulatory Risks

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REIC (Real Estate Investment Company) investments offer passive exposure but are less liquid, subject to dividend policies and regulatory review. Fund structures require:

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• AMF (Hellenic Capital Market Commission) authorization
  
• Minimum two-year holding periods
  
• Third-party custodianship
  
  

Liquidity, FX volatility, and regional political risks must be assessed, particularly in pan-European fund vehicles with Greek exposure.

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