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lex Pettas, a 54-year-old architect and landlord from California, purchased an apartment in Athens, Greece, in April 2024 to rent out on Airbnb. He has family ties to the country and wanted to explore alternative investment opportunities beyond his US properties. The Greek crisis had driven down prices, making it an attractive time to buy.

    Pettas opted for Airbnb over long-term rentals due to its flexibility and potential for higher returns. His apartment in a four-unit building near the Acropolis was purchased for 425,000 euros (approximately $456,322) and has generated around 1,300-3,300 euros per month on Airbnb since mid-July 2024.

    Pettas notes that buying property in Greece is different from the US, with more complications related to land registry and title issues. He used a power of attorney to facilitate the purchase process through his cousin. The Golden Visa program has also driven foreign investment in Greek properties, but Pettas' motivation was rooted in family connections and nostalgia.

    In contrast to the US, where leases are typically more thorough, Pettas finds that tenants in Greece often leave apartments in poor condition. He manages two of his mother's units in Greece and has experienced difficulties with tenants leaving behind trash and unfinished repairs.

    Despite these challenges, Pettas is considering expanding his portfolio to other European countries like Italy and Spain. He values the opportunity to diversify his investments and explore new destinations while mixing business with pleasure.