Hola a todos! After a few years in Spain, my life and work have settled down. Recently, I’ve been thinking about diversifying my assets instead of focusing solely on Spain. So, I took some time off to visit the neighboring countries of Portugal and Greece, mainly to check out the real estate in Lisbon and Athens. Today, I want to share my initial thoughts with you.
Portugal - Lisbon: A Stable Gem of Western Europe
Flying from Madrid to Lisbon is incredibly convenient, almost like a domestic business trip. Lisbon struck me as a city with a great blend of classic and modern, full of energy. The property market here feels more international than in Spain, and is especially popular among young tech professionals and digital nomads. When considering a purchase, it’s also important to think about the related [overseas asset declaration] requirements back in Spain.
Pros: The market is relatively mature and stable, with good rental yields, a high quality of life, and an international community.
Cons: Property prices in the city center are already quite high, making the investment threshold much steeper than a few years ago. The taxes and fees involved in the purchasing process also need to be carefully calculated.
Greece - Athens: A Mix of Potential and Challenges
Moving on to Athens, the vibe is completely different. You’re immediately struck by the weight of history, but you can also see new life emerging from the economic recovery. The property prices in Athens, especially compared to the central districts of Madrid or Barcelona, are much more accessible. For those on a limited budget looking to get European residency or simply seeking high returns on an investment, the appeal here is significant. Naturally, any foreign property purchase brings up the topic of Spain’s [Model 720], and with its lower entry price, Athens presents a compelling option to report on your Model 720 declaration.
Pros: Low entry price, a booming short-term rental market driven by tourism, and the Golden Visa program remains attractive.
Cons: Economic stability is still a question mark, and administrative efficiency can be a bit… you know what I mean. You’ll need to find a very reliable lawyer and agent.
Direct Comparison of Both Locations
To give you a clearer picture, I’ve made a simple table to compare them:
| Feature | Portugal | Greece |
|---|
| Investment Threshold | Relatively High | Relatively Low |
| Market Maturity | More mature, stable | Recovering, high potential |
| Cost of Living | Medium to High | Lower |
| Main Advantages | Tech hub, quality of life | Strong tourism, Golden Visa |
| Potential Risks | High prices, slowing growth | Economic volatility, policy uncertainty |
Both places have their own unique appeal. Portugal is more like a stable ‘blue-chip stock’, while Greece is like a ‘growth stock’ with higher risks and higher potential returns. I’m still undecided myself. After all, buying a house is a big decision and shouldn’t be rushed. Who knows, I might just end up buying another place in Spain after all.
Are there any other friends on the forum also looking at property in other European countries? Feel free to share your information and opinions
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