Chinese Buyers Transformed Athens’ Real Estate Market — Often Without Knowing What They Were Buying

China has significantly changed Athens in recent years — both directly, with a growing number of Chinese restaurants popping up in the city center, and indirectly, through thousands of Chinese investors flooding the Greek real estate market via the Golden Visa program.

According to a report by the South China Morning Post (SCMP), by June 2025 nearly 8,000 Chinese citizens had newly joined the Golden Visa scheme, making up 47.8% of all applicants. This makes Chinese investors the largest foreign group applying for the program, according to Greece’s Ministry of Migration and Asylum. Additionally, among the 5,679 people who renewed their Golden Visa, 67% were also Chinese.

Post-pandemic boom in Chinese real estate investment

When the program launched in 2013, it mainly attracted investors from nearby countries like Turkey and Russia. However, after China’s stringent pandemic controls, many wealthy and middle-class Chinese sought refuge and investment opportunities abroad.

Compared to other European programs, Greece stood out for its lower property prices and high living standards. Until August 2023, the minimum investment required for a Golden Visa in Athens was just €250,000 — half the €500,000threshold in Portugal — while offering a stronger local economy and better quality of life than countries like Malta.

Purchasing with limited knowledge — a new trend in Athens

At the peak of this investment frenzy, many Chinese buyers made quick property purchases with minimal information. Katerina Pitsou, co-owner of OPSIS Real Estate, told SCMP:

“I don’t know if they understood what they were buying. I think they were just buying to invest and get the visa.”

“Often they would arrive in minibuses with a local guide or translator, making hasty decisions without enough knowledge about the building or neighborhood.”

She contrasted this with how a French buyer might carefully check what they buy even in a supermarket, unlike the rushed Chinese property buyers of that period.

Economic boost and social concerns

This trend has positively impacted Greece’s economy. Eleni Lazoura, founder of Airbnb management company Bnbkeys, highlighted:

“Chinese investors boosted renovations and construction at a time when locals couldn’t contribute as much.”

However, rising property prices have sparked concerns among Athenians. At the end of 2024, the government raised the minimum investment threshold for Golden Visa to €800,000 in Athens and popular tourist islands, and €400,000elsewhere in Greece.

Statistics reflecting the trend

• In June 2025, out of 14,931 pending Golden Visa applications, about 80% were in the broader Attica region.
• Between Q1 2023 and Q1 2025, Athens’ apartment price index rose 16.1%, from 95 points to 110.3, according to the Bank of Greece.
• The exact impact of Chinese buyers on price increases remains unclear, but the correlation with the surge in Golden Visa applications is evident.

The influence of Chinese investments on Athens is now visible on many levels, but the future will reveal whether the Greek capital can balance economic growth with social cohesion.

Source: pagenews.gr