Commercial Property Investment in Greece: A Guide for Overseas Investors

Greece's commercial property market has undergone a remarkable recovery since the depths of the debt crisis (2010–2015). Foreign direct investment in Greek commercial real estate has accelerated, supported by a stable political environment, EU membership, improving fundamentals in the logistics and hospitality sectors, and the emergence of Athens as a regional technology and business hub. The Golden Visa programme has drawn attention to Greek property more broadly, and international investors who look beyond the residential market will find commercial real estate opportunities with competitive yields and genuine growth drivers.

Market Recovery and Current Context

Greece's GDP contracted by approximately 26% over the 2010–2015 austerity period; commercial property values fell even more sharply. The recovery that began in 2017 has been consistent, with the economy growing 2–4% annually through most of 2019–2024 (interrupted by COVID in 2020 but with a sharp subsequent recovery). Tourism — a primary driver of commercial property income — has been particularly strong; Greece received a record 33+ million international tourists in 2023.

Commercial property yields in Greece remain above EU-core averages, reflecting the higher risk premium investors assign to the market (EU periphery, seismic risk, historical institutional memory of the crisis). This yield premium provides income performance for investors comfortable with the risk profile.

Legal Framework

Greece imposes no restrictions on overseas investors purchasing commercial property. EU citizens face no limitations; non-EU nationals may purchase commercial property subject to standard procedures. A Greek Tax Identification Number (AFM) is required for all property transactions. Non-residents must appoint a Greek tax representative.

For non-EU investors, commercial property investment in Greece does not in itself qualify for the Golden Visa, which requires residential property meeting the applicable threshold (or other qualifying investments). However, mixed-use properties with a residential component may qualify depending on how the purchase is structured; legal advice is required.

Commercial Property Sectors

Office

Athens' prime office market is concentrated in the CBD corridor along Kifissias Avenue (from Marousi to the north) and in the traditional Syntagma–Kolokotroni area of central Athens. The southern suburbs (Glyfada, Voula) and Piraeus also host significant office stock.

Key demand drivers in the Athens office market include:

• Relocation of international corporate regional headquarters taking advantage of Greek tax incentives for non-domiciled residents (the "non-dom" regime introduced in 2020)
• Technology sector growth, including the establishment of significant tech company offices (Microsoft, Google, Pfizer have all expanded Greek operations)
• Financial services and shipping — Greece has a disproportionately large merchant shipping sector that anchors significant professional services employment

Prime office rents in Athens CBD are approximately €14–22 per sqm per month (as of 2026); Kifissias Avenue commands €18–26. Vacancy in grade A stock is below 7%; older grade C offices face structural challenges.

Logistics and Industrial

Greek logistics is one of the most promising commercial sectors for overseas investors. Piraeus Port — the largest port in the Mediterranean by container throughput — has been transformed following the Cosco (China Ocean Shipping Company) concession. Cosco has invested billions in port infrastructure, and Piraeus now serves as the primary gateway for Asian goods entering Europe via the Suez Canal.

The logistics hinterland of Athens — in Elefsina, Oinofyta, Aspropyrgos, and Mandra — represents the primary industrial and logistics zone. Modern logistics space is in short supply; yields on prime logistics assets are approximately 5.5–7.0%, above Western European equivalents.

Thessaloniki — Greece's second city, close to the Bulgarian and North Macedonian borders and served by the Port of Thessaloniki — offers an additional logistics hub for investors seeking Northern Greek exposure and Balkan supply chain positioning.

Hospitality

Tourism drives an extraordinary proportion of Greek GDP (approximately 25–28% including direct and indirect effects) and the hospitality sector is consequently one of the most active commercial investment categories. International hotel brands (Marriott, Hilton, Four Seasons, Ikos, Sani Resort) have significantly expanded their Greek footprint; a pipeline of new hotel openings across Athens, Crete, Santorini, Mykonos, and Rhodes continues to build.

Hotel investment in Greece is available at various scales:

• Individual hotel units in aparthotel schemes (limited availability but some developers offer these)
• Hotel companies — investing equity in a hotel operating company
• Sale-and-leaseback arrangements (existing hotel sold to an investor and leased back to the operator)
• Development projects — purchasing land or a listed building for hotel conversion

The Greek state has facilitated hotel development through strategic investment law incentives, including fast-tracked planning approval for qualifying tourism investments.

Retail

Athens' prime retail is concentrated in Ermou Street (consistently ranked among the highest-rent retail streets in Southern Europe), Kolonaki, and the Glyfada coastal suburb. The McArthurGlen Designer Outlet at Spata (near the airport) and major retail parks serve the mass market.

The Greek retail sector is relatively under-supplied with modern format retail relative to Northern European comparators — partly a consequence of the crisis decade when new retail development stalled. Recovery in domestic consumption since 2016 has been steady, though consumer purchasing power remains constrained by historical standards.

The strength of Ermou Street and the Glyfada coastal retail corridor mirrors the tourism recovery discussed above rather than domestic spending power alone: footfall in Athens' prime shopping streets is now substantially driven by the record international visitor numbers the city receives each year, which is one reason prime Athens retail has recovered faster and more consistently than secondary retail parks that serve primarily local shoppers still working through the constrained purchasing power described above.

Greek REITs (ΑΕΕΑΠ)

Greece has a REIT-equivalent vehicle — the Αμοιβαία Εταιρεία Επενδύσεων σε Ακίνητη Περιουσία (ΑΕΕΑΠ) under Law 2778/1999 and subsequent amendments. These are listed on the Athens Stock Exchange and invest in commercial property in Greece, providing regulated, liquid exposure. Briq Properties, Trastor REIC, and Intercontinental International are among the listed Greek ΑΕΕΑΠ.

For overseas investors, Greek ΑΕΕΑΠ offer EU-regulated liquidity, diversification, and transparency. Dividend withholding tax of 5% applies; DTA provisions vary by investor domicile.

For an investor who wants exposure to the recovery described above without navigating direct acquisition — the AFM registration, the tax representative requirement, and the negotiation of an office, logistics, or hospitality asset directly — listed ΑΕΕΑΠ shares settle through a standard brokerage account like any other Athens Stock Exchange holding. This materially lowers the transaction cost and time commitment relative to a direct purchase of an Athens office building or a Piraeus-adjacent logistics unit, though it also means accepting equity-market volatility in the share price alongside the underlying property risk, within a smaller and less liquid market than the broader pan-European listed property sector. For investors who want to combine both approaches, using a Greek ΑΕΕΑΠ holding as a lower-commitment way to gain initial exposure to the market before committing to a direct acquisition is a reasonable sequencing, particularly for investors newer to Greek commercial property who want to build market familiarity before taking on the greater complexity of direct ownership.

Tax Considerations

Acquisition

Commercial property transfers in Greece attract Real Estate Transfer Tax (FMA) of 3% of the objective assessed value. For new commercial buildings sold by a developer (first transfer), VAT at 24% applies — though VAT on commercial real estate has been suspended for qualifying new builds for several years; verify current status with a Greek tax adviser.

Rental Income

Non-resident investors receiving Greek rental income are subject to Greek income tax on that income at 15% (up to €12,000), 35% (€12,001–35,000), and 45% above €35,000 per year. These rates and thresholds are reviewed periodically. Corporate structures may achieve different rates; seek advice.

Capital Gains

Capital gains from Greek property sales are subject to Greek tax. Non-resident individuals face a flat 15% rate on property gains; corporate investors face corporate income tax at 22%. Certain exemptions and reductions apply; professional advice is essential.

Diligence Checklist for a Greek Commercial Acquisition

The following should be resolved before exchange rather than after, and each is best handled by an adviser you have instructed yourself.

Title and planning. Confirm clean title, that the building is legally constructed and that any past planning irregularities have been properly regularised. Retrospective planning issues are among the most common causes of delay and renegotiation in Greek transactions.

Tenancy and covenant. Where the property is let, review the lease terms, the remaining term, indexation provisions and the financial standing of the tenant. Yield quoted on a lease is only as reliable as the tenant paying it.

Building condition and seismic assessment. Commission an independent structural survey. Seismic considerations affect insurance, capital expenditure and resale, and they are not adequately assessed from photographs or a vendor's report.

Tax and holding structure. Establish how the acquisition, the rental income and an eventual disposal will each be taxed, and how that interacts with your position at home. The right structure is determined before purchase; changing it afterwards is expensive or impossible.

Liquidity and exit. Commercial property is illiquid, and secondary markets outside prime Athens locations can be thin. Assume a long marketing period on exit and plan the holding accordingly. Income is not guaranteed and capital values can fall.

Important Caveats

Greek tax law, property regulations, and the investment incentive framework have changed multiple times in recent years. The information in this guide reflects the position as of 2026 and does not constitute legal, tax, or financial advice. Commercial property investments can fall in value as well as rise; income is not guaranteed. Seismic risk is a genuine factor for all Greek property investment. Always obtain current professional advice from a qualified Greek lawyer and tax adviser.

How Global Investments Can Help

Greece is one of our core markets and we have been active here throughout the country's recovery. Our network spans Athens commercial property advisers, Thessaloniki logistics specialists, island hospitality experts, and Greek tax and legal professionals. Whether you are seeking a single commercial acquisition or a broader Greek portfolio strategy, Global Investments can help you assess opportunities and invest effectively. Contact our team to get started.