Turkish investors buy more homes in Greece despite earthquakes, market shifts
A closed pathway in the village of Fira as seismic activity intensifies on the island of Santorini, Greece, February 7, 2025. (Photo via la.lv)
Turkish citizens are purchasing over 1,000 properties in Greece each year.
The demand remains strong because of Greece’s Golden Visa program, which grants residency to foreign investors who buy real estate.
Changes to the program in 2025 have not slowed interest from Turkish buyers.
Greece’s Golden Visa program continues to attract Turkish real estate investors
The Golden Visa program began in 2014, but Turkish investors were not initially buying in large numbers.
Platina Development Founder Ela Aydogan Keskinege explained the motivation behind the investors.
When Schengen visas were easier to obtain in 2014 and 2015, demand was not very high.
However, after 2016, and especially after COVID, people wanted unrestricted travel across Europe, and interest in Greece’s Golden Visa skyrocketed.
Over the past four years, demand has continued to rise.
Even with changes to the program in 2025, the demand has not declined.
Turkish buyers face lower rental returns due to rising property prices, stricter Airbnb rules
Turkish investors are still buying property, but rental yields have dropped. Keskinege said, “In the early years, rental income returns were around 5% to 6%, but now they are at 3%.” She pointed to two main reasons.
First, property prices have gone up, but rental income has not increased at the same rate. Second, Greece has followed other European countries in regulating Airbnb.
Many properties left the short-term rental market and switched to long-term leases. Because of this shift and the increasing number of properties available, rental income has remained at the same level.
Choosing the right location is crucial for investors. Keskinege advised, “Buying in areas with strong growth potential is critical to success.”
Santorini’s earthquakes, volcanic activity don’t slow down foreign real estate interest
Recent earthquakes and volcanic activity on Santorini have raised concerns, but investors have not lost interest.
Keskinege stated, “The situation has not significantly affected Greece or Europe. It has been exaggerated in Türkiye.” Tourism reservations remain stable, and foreign buyers continue to invest in Greek real estate.
Foreign investors are still focusing on key locations. Keskinege said, “Investors from Europe and the United States are looking for properties with high rental income, while Turkish buyers prefer Athens, Piraeus, and the Cyclades islands.”
Despite shifts in the market, Turkish investors remain active in Greece’s real estate sector. With residency benefits and investment opportunities still available, demand is expected to continue.
