The Ancient Greek Commercial Hub
Discover Thessaloniki's Real Estate
An ancient city decorated with the Byzantine is every tourist’s dream destination. Being one of the most visited cities on the globe, Saloniki is a leading city when it comes to tourism, culture, and economy. Located close to the sea, it is a contemporary metropolis with evidence of its volatile history and multi-ethnic character; this gives it a special beauty that charms every investor.
Culture, History, and Business
The city was founded by Cassander of Macedon in 315 BC. It was a significant metropolis during the Roman period; Saloniki was the wealthiest and second-largest city of the Byzantine Empire. However, the city was conquered in 1430 by the Ottomans, but it remained a multi-ethnic city across the five centuries of Turkish reign. The streets of Saloniki are decorated with many magnificent Byzantine monuments, which include a UNESCO World Heritage Site and Paleochristian and Byzantine monuments of Thessaloniki. Also, there are several Sephardic Jewish, Roman, and Ottoman structures littered around the city. All these sites make the city a popular tourist destination. The city also houses the largest university in Greece: Aristotle University.
Saloniki is situated on the Thermaic Gulf, north-west of the Aegean Sea. As of 2019, the area had about 1,106,000 residents. The city is Greece’s second major industrial, political, economic, and commercial hub. It is famous for its events, festivals, and vibrant cultural lifestyle.
Real Estate Appeal
Saloniki’s real estate has salvaged its appeal for both domestic and foreign investors. In 2019, the city’s real estate market pivoted to the upward direction due to the growth of Greece’s economy after the recession. Also, the country’s position in the eurozone serves as a boost to prospective investors. Real estate investment is a major example; according to the Bank of Greece, the amount of direct foreign investments in the property market amounts to €500 million.
Another major boost for the real estate market is the potential rental returns from the flourishing short-term rental market. Since the city is a booming tourist destination, it creates a high demand for rental properties. Statistics show that records over 3 million tourist visits annually, and this is good news for rental property investors.
Saloniki holds a prominent position in Greece’s economy. This is one good reason why investing in real estate in the city is a wise investment choice. Would you love to find out other reasons why you should invest in Saloniki? Follow our subsequent articles to get more details as well as the hotspots to invest in.
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