In Greece, Israelis have access to affordable real estate, nightlife, and political asylum. Israelis are finding affordable properties, nightlife, and refuge in Greece.

At the shining door of a bar where house music plays, bearded men in black t-shirts and women in mini skirts enter. Bauhaus-style apartments and concrete balconies cast shadows on the street. Sitting with a glass in one hand and a joint in the other, Shira radiates calm. If you listen to her and a group of friends speaking Hebrew, you could easily mistake this for Tel Aviv. But in reality, they are in Athens, 750 miles away, across the Mediterranean Sea. "Do you think we could live like this in Israel today?" asks a 28-year-old designer to Middle East Eye. "Women aren't allowed to dress like this there. Israel is becoming extremist, but here in Greece, we are free."

Shira moved to the trendy Athens neighborhood of Kolonaki from Tel Aviv six months ago. And she is not alone. The Greek capital is becoming a magnet for Israelis looking to escape the cost of living crisis at home and, recently, political instability in Israel.

Israelis find freedom in Greece

Amid conversations in Hebrew in boutiques around the Acropolis, cafes in the coastal suburb of Glyfada, and nightclubs in Bouzoukia, more and more Israelis are appearing. Although it is difficult to obtain exact data on the number of Israelis arriving in Athens, there is evidence of a significant wave of migration across the Mediterranean. "It's a huge number," said Melissin Dimitris, executive director of Spitogatos, a leading Greek online real estate platform, MEE. In the past 12 months, the number of inquiries from Israel for homes on Spitogatos has increased by 55 percent, and Israelis have risen from 17th to 8th place on the user list, according to data provided by MEE. When Israel was engulfed in mass protests in March against Prime Minister Benjamin Netanyahu's plans to reform the judicial system, the number of inquiries hit all records, reaching 48,000 compared to 24,000 during the same period last year. "It was unusual," Melissin said, explaining that interest in Greek real estate typically arises after a busy summer tourist season. "At first, I thought it was a data error. Israeli demand is growing rapidly; it's just madness."

Greece is an attractive destination for Israelis.

Moti Kahana, an Israeli-American who previously specialized in relocating Jews from countries like Syria and Afghanistan to Israel, is now changing roles, helping migrants leave Israel due to what he calls a "slide into fascism." "The main destination for Israelis wanting to leave Israel right now is Greece," Kahana said. "Greece has a similar Mediterranean culture to Israel and is close in distance. You can live in Greece, work in Israel, and even visit your mom on the weekends," he told MEE. Israelis are drawn to Greece for several reasons. Both Mediterranean countries are facing a housing shortage. In Greece, where the minimum wage is 780 euros ($859) a month and the effects of a brutal financial crisis are still felt, about 48 percent of locals struggle or cannot pay rent. Similarly, wages in Israel have not kept pace with rising rental and housing prices. However, affordability is relative. Housing prices in Athens are the lowest in all of Europe. Housing in the Athens area averages 2,070 euros ($2,280) per square meter, while in Tel Aviv, it is 9,769 euros ($10,762). But the cities are only a two-hour flight apart. "So many people in Israel cannot afford to buy a home," said Dean Farake, an Israeli real estate investor.

Growth of the real estate market in Greece

Real estate prices significantly dropped during the decade of economic crisis in Greece after 2008. The industry was devastated, and both left- and right-wing governments doubled their efforts in the tourism sector, which brought in a record 20 billion euros ($22 billion) in revenue last year. Real estate development and gentrification, fueled by platforms like Airbnb, went hand in hand with this growth. After the crisis began, Israelis started investing in Greek real estate at a time when other foreigners were skeptical about the country's prospects. The hotel chain Brown Hotels took the lead, buying cheap assets in devastated areas of Athens, such as Omonia near the city center. They were followed by other groups, like Pame Hotels, which purchased properties in Psiri, a former working-class neighborhood that has turned into a popular nightlife spot. "People don't realize that major Israeli players were among the first to believe in Greece, and they hit the jackpot during the crisis," said Georgios*, a well-connected Greek businessman working with Israeli investment funds. "They were buying huge properties in the EU capital for 400-500 euros per square meter." The new boom is driven by ordinary Israelis and small investors. Real estate market insiders tell MEE that the average price for Israelis looking to buy property in Athens ranges from 90,000 to 200,000 euros ($99,000-$220,000) in gentrifying areas like Exarchia, Kipseli, and Omonia. "Most of my clients are not wealthy people. They are ordinary Israelis who can't afford to buy a home back home or are tired of the hustle in Israel. Athens is a great option," said Farake.

Israelis feel safe in Greece.

MEE recently visited Omonia, where the streets are bustling with motorcycles and the smell of diesel fuel chokes the air. This area, known for its cracked neoclassical mansions, has a reputation for danger, and Greeks usually avoid it, complaining about drug trafficking. But now, falafel and shawarma shops in Omonia are filled with Israelis. "It's the same dish I ate in Israel," said Liat Groner, an Israeli who opened Kin Kibbutz, an art space in the area, looking at the hummus, ful, and mutabal laid out on the table. "We are regular customers." MEE tried to ask Ahmed, a waiter from Aswan, Egypt, what he thinks about the new arrivals, but he was too busy working. The response was a raised chin and a click of the tongue, a regional slang expression meaning "no." "Israelis come to Greece because they feel safe," said Gabriel Charitos from Eliamep. Emmanuel Tsafiris is a Greek Jerusalemite who traces his family roots in the city back to the time of the Ottoman Empire when Greeks were scattered throughout the Levant. Today, he uses his knowledge of Hebrew and understanding of Israel to capitalize on the Israeli real estate boom. His company, Nadlan 1on1 Properties, has offices in both countries. "If you have $100,000 in Israel, you can't do anything with it. But in Athens, you can buy an apartment of 50-60 square meters," he said.

The development of Greek-Israeli relations

“The middle class in Israel is currently driving real estate purchases,” said Gabriel Haritos, an expert on Greek-Israeli relations from Jerusalem. “Although the Israeli middle class is becoming poorer, when you look at the Eastern Mediterranean neighbors of Greece - Turkey, Lebanon, and Egypt - they are the only ones who can still afford to invest,” Haritos added.

The new boom in real estate coincides with the strengthening of bilateral political ties. "This is the best period for Greek-Israeli relations in history," said Charitos, the author of an upcoming book on Greek-Cypriot relations. The UAE's decision to normalize relations with Israel under the Abraham Accords overshadows the developing relationship between Israel and Greece, but their new unity quietly influences the region. When Greece established official diplomatic relations with Israel in the 1990s...