Immediately after the first of the ongoing protests against Israel’s judicial overhaul, Asi Doron, an Israeli-born real estate agent based in Athens, started receiving dozens of calls and messages on social media.
“I’ve never been so busy, the past months have been crazy. The problems in Israel bring me jobs to do, which is good, even if I would prefer Israel to remain a democracy,” said Doron, who has been living in Athens for the past five years.
“They told me, ‘Help me to get the money out of Israel,’ or, ‘I need a plan B because I have a family and I see my country changing in front of my eyes to a dictatorship,’” Doron said.
The country’s Golden Visa program — a permanent residency permit offered to non-European residents who invest a minimum of 250,000 euros in Greece — and short, direct flights between Athens and Tel Aviv make the country very attractive for Israelis. The significantly more affordable real estate prices seal the deal, bringing droves of sabras looking for an alternate place to live.
“It’s one of the other reasons why people choose Greece,” Doron said. “With the same price in Israel, you can’t really buy anything, or it would be a very small place. Here you can buy a very good place for the same price.”
The demand has become so high that Doron now has difficulty finding enough accommodations for clients to rent or buy in Athens.
Amitai Weissman is one of the city’s newcomers. Israel’s political situation and the allure of living conditions in Greece pushed him to begin a new life in Athens a couple of months ago.
“Since the last election, I felt like it’s too much for me, with the coalition. We call them fascist parties. But it’s above all the protests that really broke me,” Weissman said. “I told myself I don’t want to stay there anymore.”
Weissman also cited as reasons for his move Israel’s high inflation and his ability to keep his job and work remotely due to Greece being in the same time zone.
“Life in Israel has become very expensive, it’s not safe anymore, it’s not going to be a democracy anymore… I think it will be a big mess in the future, so how much can we fight against all this ?” wondered Weissman.
Far from the scene of bombs and terror attacks that remain traumatizing for him, Weissman is now renting an apartment in the center of Athens with a view of the Acropolis. He is giving himself time to see how things go, but he is already thinking of buying an apartment.
“I’m so happy here so far. I feel safer and there is a big Israeli community,” he said.
A long-term trend?
Edith Markovits also helps Israelis invest in real estate in Athens. She has seen an increase in business since the coronavirus pandemic, but said that demand has risen even further with Israel’s tumultuous political situation this year.
“Israelis [often] have another citizenship from Europe because of history, so it makes the process easier,” she said, referring to laws allowing Jews from countries such as Austria, Spain and Portugal to reclaim citizenship if they can prove their ancestors were expelled.
She said she has many different types of clients, from families to young digital nomads, all buying for different reasons.
“We have people who buy only for investment and don’t even think to come here. Others buy a summer house, and then you have people who really want to escape and live in Greece,” she said.
For Markovits, the question now is whether this is a long-term trend.
“Will this just be an adventure, or are they going to stay here forever?” she said. “Will the demand stay high? It’s a big question mark.”
For David, who asked that his real name not be used, the answer is clear. After thinking for more than a year and a half about the possibility of leaving Tel Aviv for Athens, the recent demonstrations precipitated his decision.
“I fell in love with Athens eight years ago, but the most serious reason is the situation in Israel since the last election. It’s going in a very bad direction in all aspects — socially, economically, politically and security,” he said.
With his retirement planned to begin in a few months, David will leave his native country for Greece in September — first in a rental, then in a property that he plans to buy.
“I’m sure there are a lot of people who also want to do it but can’t. I have all my family, my son and my friends there [in Israel], but it’s not enough. I think I deserve better. And if I miss someone or something I can just go to the plane and be there in like two hours,” he said.
Rising real estate prices
Foreign investments and newcomers as well as mass tourism have led to a significant increase in prices in Athens — so much so that many Greeks can no longer find affordable accommodation in the city center.
“There is a completely different perspective in Greece if you are a permanent resident linked to the local market or if you are a foreigner. For local people, the income is stagnant while real estate prices are going up. So it’s more and more difficult to be able to find a place to live,” said Thomas Maloutas, professor of social geography at the Harokopio University of Athens.
To address the lack of affordable housing, some European countries have decided to toughen up regulations regarding the Golden Visa program or scrap it altogether. Greece is still offering residency for an investment of 250,000 euros, however the number is set to increase to 500,000 at the end of July.
“We are reaching a crucial situation because we start seeing some kind of gentrification, especially in the center of Athens. The government doesn’t offer any kind of protection. If this continues to be bigger, the pressure will become higher,” Maloutas said.
This situation disproportionately affects young Greeks, said Maloutas, who is not sure that changing the criteria for the Golden Visa or imposing additional regulations will drastically change anything for the better. Greece ranked last in the EU in 2021 when it came to the number of households overburdened by housing costs, with 32.4% of the population dedicating 40% or more of their income to housing, compared with an average of 10.4% in the EU overall.
For his part, Doron expects to see even greater demand in the coming weeks with fears of changes to the Golden Visa program and the ongoing political instability in Israel. He keeps repeating the same advice to people who come to him with questions.
“It will not stay forever, the prices have already gone up so much,” Doron said. “I think this is the time to do it if you really want to.”
Source : Timesofisrael
