The Athens enters the map of internationals investment funds, with strong tax incentives that attract billions of managers and create a new generation of luxury house buyers. Vouliagmeni, Voula, Glyfada and Greek are at the centre, with the median value of purchases by clients of the Non-Dom regime reaching 3m euros.
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A new generation Millionaires turns her look at Athens, seeking not only a luxurious residence by the sea but a new place to live, work and install her family. They are founders of large investment funds, portfolio managers and high-ranking executives of the international financial market, examining the transfer of their tax residence to Greece, using the new tax incentives.
This development creates a different dynamic for the domestic land market and especially for the Athenian Riviera. Unlike traditional foreign buyers who acquire a holiday home for a few weeks a year, new interested people are looking for permanent residence properties, high standards, with easy access to international schools, private hospitals and modern infrastructure.
Interest is no longer theoretical. According to reports by the Financial Times and Bloomberg in September, Chris Rokos, founder of Rokos Capital Management, moved his tax residence from the United Kingdom to Greece. At the same time, Millennium Management registered an office in Athens in July, while Veriton and Elan Capital are in discussions with the Ministry of Finance about the possibility of them to follow.
Behind this mobility is a wider attempt to turn Athens into a destination for international investment companies. For the purchase of real estate, however, the substantial change is elsewhere, as any new corporate presence can be accompanied by the movement of officials and families, creating additional demand for housing worth millions of euros.
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The tax «discount» which can exceed EUR 3.8 million per year
The strongest incentive to move these executives is taxation. With the provisions passed in June 2026, Greece offers a rate of only 5% on specific fees received by investment fund managers from the return on their investments.
This is the so-called carried interest, namely the participation of managers in the profits they create for investors. To understand the size of the amounts, an investment fund of EUR 1 billion that achieves an annual return of 10% generates profits of EUR 100 million. Where a 20% remuneration is provided and the contractual conditions are met, managers may share 20m euros.
The new tax regime provides a rate of 5% for eligible fees of this category, instead of usual 15%, for seven tax years. At the same time, executives carrying their tax residence in Greece can, if they meet the relevant conditions, use the 5C scheme, which exempts 50% of their income from paid work for seven years.
The economic difference can be impressive. In an indicative example presented by Greece Sotheby’s International Realty, a high-ranking investment company executive with an annual salary of 1m euros, investment profit payments of 10m euros and an income of 3m euros from personal investments could have an annual tax burden of around 4.9m euros in London.
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In Athens, based on the assumptions of the same hypothetical scenario, the charge is limited to around 1.1m euros. The difference is close to EUR 3.8 million per year or around EUR 26 million over a seven-year horizon.
These are indicative calculations and not amounts that automatically save each strain. They show, however, the economic size of the decisions to be taken by these professionals.
In order to activate the special scheme, the Greek company employing executives must, inter alia, carry out annual costs of at least EUR 3 million in Greece. In this way, the tax incentive is linked to the development of real business and not merely to the creation of a typical corporate presence.
Why Greece claims London millionaires
The mobility of international investment funds is also linked to changes in the tax environment of other countries.
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The United Kingdom abolished in April 2025 the previous Non-Dom scheme, which allowed certain tax residents to benefit from favourable treatment for income obtained abroad. This change has led wealthy professionals to review their place of tax residence.
Greece attempts to make use of this situation, offering a combined package of incentives. In addition to the reduced taxation of certain staff remuneration, it retains the Non-Dom scheme, with an annual flat-rate tax of EUR 100,000 on foreign income under the conditions laid down.
In Italy, the corresponding amount has increased to EUR 300,000 for new beneficiaries since 2026. Switzerland and Dubai are also destinations considered by international moving professionals, with different tax regimes and living characteristics.
However, interest in Greece is not limited to tax rates. The possibility of operating an investment office in Athens without automatically creating a tax facility in Greece for the entire fund is an additional element of the new framework.
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88% of the markets are headed to the Athenian Riviera
This is where the new opportunity for the Greek real estate market begins.
The data of Greece Sotheby’s International Realty reveal that buyers who have been subject to the Non-Dom regime are becoming increasingly present in the company’s portfolio.
While before 2024 this category did not have a substantial presence in its transactions, in 2025 it represented 29% of their volume. Of these buyers, 53% have a British passport, which highlights the importance of the British market.
Even more revealing is where they choose to invest their money. According to the company's data, 88% of purchases from Non-Dom customers are made in the Athenian Riviera, with a median property value of 2.95m euros. The percentages relate to the transactions of the company concerned rather than the total real estate market.
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Areas of interest
Vouliagmeni, Voula, Glyfada and Greek are the main areas in which the interest of the wealthy buyers turns.
Vouliagmeni offers an established environment of luxurious residence, Voula has an important activity in the development of new residential complexes, while Glyfada combines accommodation with commercial and recreational activities.
A special position is acquired by Greece, where the great urban regeneration creates new housing options, while developing commercial spaces, leisure facilities, schools and other infrastructure.
Interest, however, is not limited solely to the southern suburbs. Psychiko and Filothei are alternatives for families who prefer a greener environment and want to be close to already established international schools.
The big one «thorn» which can brake arrivals
Despite the dynamics that are emerging, Athens is faced with an important challenge, the limited supply of housing that meets the requirements of the professionals.
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The Financial Times points out that the availability of luxury houses, modern office spaces and positions in international schools is one of the key issues to judge the success of the effort to attract large investment companies.
Dimitris Andriopoulos of Dimand, who, speaking in Bloomberg, highlighted as a more important challenge the finding of residences of the standards sought by these executives, combined with proximity to private schools.
For a family leaving London, the choice of residence does not depend solely on luxury or sea view. Access to an appropriate school for children, travel times, proximity to the airport and available health services can even determine the final decision on moving.
Σε αυτό το πλαίσιο αποκτά ιδιαίτερη σημασία η ανάπτυξη νέων εκπαιδευτικών υποδομών. Η Inspired Education, η οποία απέκτησε το 2024 τα σχολεία Μωραΐτη και Κωστέα-Γείτονα, προχωρά στην ανάπτυξη νέας σχολικής μονάδας στο Ελληνικό, δυναμικότητας 1.300 μαθητών, ενισχύοντας τις επιλογές των οικογενειών που εξετάζουν την εγκατάστασή τους στην Αθηναϊκή Ριβιέρα.
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Η νέα αγορά κατοικίας που δημιουργούν τα διεθνή κεφάλαια
Η προσέλκυση των hedge funds μπορεί να αποτελέσει μια νέα πηγή ζήτησης για την αγορά πολυτελών ακινήτων, με χαρακτηριστικά διαφορετικά από εκείνα της παραδοσιακής εξοχικής κατοικίας.
Οι συγκεκριμένοι αγοραστές δεν αναζητούν απαραίτητα ένα ακίνητο που θα χρησιμοποιούν μόνο το καλοκαίρι. Εξετάζουν τη μόνιμη εγκατάσταση στην Ελλάδα, γεγονός που δημιουργεί ανάγκες για μεγάλες, λειτουργικές κατοικίες, κατάλληλες για οικογένειες, με σύγχρονες εγκαταστάσεις και πρόσβαση σε υπηρεσίες.
Για τους κατασκευαστές και τους επενδυτές ακινήτων, η εξέλιξη αυτή δημιουργεί προοπτικές για νέες οικιστικές αναπτύξεις υψηλών προδιαγραφών. Παράλληλα, όμως, η συγκέντρωση της ζήτησης σε λίγες περιοχές, όπου οι τιμές βρίσκονται ήδη σε υψηλά επίπεδα, ενδέχεται να εντείνει τον ανταγωνισμό για το περιορισμένο διαθέσιμο απόθεμα.
Το κατά πόσο η νέα αυτή κινητικότητα θα οδηγήσει σε περαιτέρω αυξήσεις τιμών θα εξαρτηθεί από τον αριθμό των στελεχών που τελικά θα εγκατασταθούν στη χώρα, αλλά και από την ταχύτητα με την οποία θα προστεθούν νέες κατοικίες στην αγορά.
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Το βέβαιο είναι ότι η προσπάθεια προσέλκυσης διεθνών επενδυτικών κεφαλαίων αποκτά πλέον και μια σαφή οικιστική διάσταση. Η Αθήνα δεν επιδιώκει μόνο να προσελκύσει τα χρήματα που διαχειρίζονται οι μεγάλοι επενδυτικοί όμιλοι, αλλά και τους ανθρώπους που βρίσκονται πίσω από αυτά.
Και για την Αθηναϊκή Ριβιέρα, αυτό σημαίνει ότι η επόμενη γενιά αγοραστών μπορεί να μη φτάνει στην Ελλάδα αναζητώντας απλώς ένα πολυτελές εξοχικό, αλλά ένα σπίτι στο οποίο θα χτίσει τη νέα της καθημερινότητα.
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