Golden Visa Investor to Developer in Greece | Mostafa El Shibini

In the first episode of Athens Riviera Real Estate Insider, Peter  Giannakis, MRICS — Managing Director of PMD Real Estate Network — sits down with Mostafa El Shibini to discuss his journey from international investor to active property developer in Greece.

Having first entered the market through the Golden Visa program, Mostafa shares how an initial investment decision evolved into a long-term strategic commitment to Greek real estate. This conversation follows his path from early entry into the market, through the realities of the Golden Visa process, and into the transition toward development activity.

The discussion explores key themes including:
 – What initially attracted international investors to Greece
 – How the Golden Visa program influenced investment decisions
 – The transition from passive investment to active development
 – The practical challenges of operating within the Greek system
 – Greece’s competitiveness compared to other international markets
 – The evolving outlook of the Athens Riviera over the next 5–10 years

Mostafa also shares insights into his own development activity in Glyfada, along with his perspective on current buyer profiles and the role foreign investors continue to play in the market.

A central part of the discussion focuses on the importance of professional guidance when entering a market like Greece, and what investors should consider before making decisions without the right advisory support.

This episode provides a clear, experience-based perspective for anyone considering investing, relocating, or developing property in Greece.

Athens Riviera Real Estate Insider is a podcast dedicated to delivering informed, real-world insights into the Greek property market, with a focus on international investors and the Athens Riviera.

Transcript

SPEAKER_01 0:05

Welcome to Inside Greek Real Estate. I'm Peter Janagis, Managing Director of PD Real Estate. Today we're joined by Mr. Mostafa El Shibini. Hello. Hi. I've actually known Mr. Shibini for many years now, more than 10 years, correct? Right. Great. More than 10 years. Yes. Yeah. Mr. Shibini initially came to Greece and I met him through real estate. He was investing and exploring the Golden Visa program. Mr. Shabini, first of all, thank you for joining us.

SPEAKER_00 0:33

Thank you, Peter, for uh meeting me again. And it's always nice speaking with you, Peter. It is indeed. Yeah. So tell us about your first initial visit to Greece. I came here as a tourist, actually. Okay. And then I fell in love with Athens. In particular, Glifada. I fell in love with Glifada. It's really an amazing place. And it's getting better.

SPEAKER_01 0:54

It is. Indeed, it is. Yes. Same story with me. Really? I came here from Australia.

SPEAKER_00 0:59

Yeah.

SPEAKER_01 1:00

First place I saw was Glyfada, and I clicked straight away. I'm like, this is where I'm going to stay.

SPEAKER_00 1:04

Yeah. I came here in 2016 first time to Glyfada. Things were difficult in Greece at the time. You were in this crisis thing. Yes. But I believed in Greece. I know you did. You had a vision.

SPEAKER_01 1:17

I had a vision of Greece, yes. Yes. I met you through your interest to purchase property in Greece. Right. Can I ask, were there any other countries you're thinking of?

SPEAKER_00 1:27

Actually, I was developing in the UK at the time. Okay. In 2016, we had developments in the UK with some friends of mine. And then I came to Greece, fell in love with Greece, and I said we're going to diversify from the UK to Athens. Okay.

SPEAKER_01 1:45

That's what happened. That's very interesting. Very interesting. Yeah. And would you like to tell us about your first investment in Greece? Is that okay?

SPEAKER_00 1:52

Yeah, sure, sure. The first plot of land I bought was in Glyfada on Orfeo Street. That was my very first plot of land that I bought. It was a learning curve. And actually, it's still a learning curve. After all these years, I'm still learning more about the market in Greece and the changes that happen all the time. Nothing stays the same, so you have to move with the market. You have to move with the market. Yeah.

SPEAKER_01 2:21

And adapt. Yep. Absolutely. All right. In regards to the Golden Visa program, how was your how was your experience?

SPEAKER_00 2:30

As a person or uh for my buyers. For yourself in the beginning. Um for myself it was quite easy. And things were quite simple at the time, much more simple than they are right now. Okay. Obviously, there's a lot of demand on the golden visa from different countries, especially with the situation and what's happening in the area. There's a big backlog of applications in the immigration, Ministry of Immigration, I guess. Okay. And this backlog actually needs to be looked upon by the Greek government.

SPEAKER_01 3:08

So this is based on your experience, like your personal experience was very smooth. Yeah, but my personal experience. The high demand. Yes. You're seeing, um, you're hearing that there is exactly delays, yes. Okay, okay. Uh, unfortunately, yes. Yes. All right. I know they're working on this now. They've found various solutions. They've like in the beginning, there were just very specific centers of applications, and they've spread that out. And they're working on it. So, but this is good feedback, actually.

SPEAKER_00 3:36

Yeah. In this case, uh this is my only uh concern about the golden visa. Otherwise, it's a very good program. I think it's helped actually Greece and the investors. So it's worked perfect for both ends, the customers that I have and the Greek country itself. Because remember, if I come and invest in Greece and buy property, I'm going to spend some time in Greece, I'm going to help other businesses grow and create jobs. So it works well for both ends. That's how I see it.

SPEAKER_01 4:15

Okay. And even though there have been some changes with the golden visa, initially it started at 250 where there was huge demand. Yeah. Then it went up to 500. 500. Now it's at 800. It's 800 now, but there are still um scenarios where people can invest with the 250. Right. What's your impression now with all these changes? Is there still demand or is uh is there a slowdown?

SPEAKER_00 4:38

Of course there is demand. And I believe that during the next year or so we're going to see more increased demand on the golden visa. Even if the war ends right now in the Middle East, people will be a bit skeptical about investing uh in uh in other countries. And uh Greece is a nice safe haven. I hope it stays this way, stays neutral, and that will help a lot. Okay. That's what I think.

SPEAKER_01 5:10

I'm actually hearing we have a lot of inquiries from these areas from the Middle East. So there's uh there's a increase. Yeah. So in general, you believe that there's still potential with the Golden Visa program?

SPEAKER_00 5:21

I still believe that there is a big potential.

SPEAKER_01 5:23

Okay.

SPEAKER_00 5:24

And when they actually change the 250 and the 800 to 800, it segmented the market. Okay. The more affluent sort of investors will go to the places like Glifada and Vula. Okay. And they are quite a population in the Middle East. You will have the uh middle class tier go to the areas where it's 250 downtown or Perez or something, which also uh is quite good.

SPEAKER_01 5:58

All right. That's um that's very interesting. Yeah. So the transition later from initially as a personal investment for you, the golden visa and everything, then you've upgraded your activities in the area, a lot of developments, successful ones. Knock on wood. Yes. You're doing very fine. So your experience, is there anything like with that as a developer that your experience as somebody that's investing in Greece, is there anything you'd like to share with us that you'd like to improve? Are you happy with the process? Is it easy? Because there are people hearing us right now that are thinking, should I go invest in Greece?

SPEAKER_00 6:34

Look, I'll tell you, it's not easy to be a developer in Greece. Okay. And some people take this quite lightly. A lot of Egyptian colleagues, if I may say, take it lightly, but the process is quite tedious. Okay. You have to know what you're doing with the permits, with the building codes. There's a lot of details without going into too many details, but there's a lot of details. Okay. People take it a little bit lightly, but it's not. The only thing I would ask for as an investor or a developer is that please keep the laws unchanged. Okay. For long-term periods. Okay. Because changing the laws, as you very well know, Peter. Building regulations. Building regulations, etc., may disrupt the developers. Their business planning and all that. Exactly. And their cash flows, etc. Okay. My real concern is that anything that needs to be stable needs a stable environment. Okay. Overall? Overall, my experience has been perfect. Okay. I've learned a lot, I have to admit. And as I said, I'm still learning. Okay. I love working in Greece. That's nice to hear. Yeah. That's nice to do it. I love it. Overall, it's been a good experience. I love working in Greece. I love the country. I love the people. And that's what keeps me going.

SPEAKER_01 8:01

Okay. Very interesting. There are various tax incentives in Greece. Have you considered yourself, has any of those tax incentives been, let's say, have motivated you to invest in Greece? Or do you know of any other people that have been motivated for these incentives? Any of your clients?

SPEAKER_00 8:18

Well, taxes in Greece are not that hurdling, if I may say. I mean, it's not a great hurdle because that is all built in in your costing. I think taxes in Greece are quite reasonable compared to other places. Okay. If I may say compared to the UK in particular, where I've done a lot of work. So I think the tax system is quite fine in Greece. Okay. And I don't think the taxes are that bad. I mean, of course I've used some of the incentives, which is the VAT exemptions, etc. But that is not the determining point. Okay.

SPEAKER_01 9:00

So do you believe that foreign investors are still interested in coming in Greece? Of course. Still find it attractive? Yes. Yes?

SPEAKER_00 9:09

Yeah. I really believe that Greece is quite attractive for foreign investors at the time being. Okay. So I think the Greek market is a great market. And I hope it continues this way. Okay. Because nobody knows the future. Nobody knows, exactly. Yeah. But the momentum is there. Yeah, I believe the momentum is there.

SPEAKER_01 9:29

Okay. What type of investors do you see coming into Greece lately?

SPEAKER_00 9:35

I've seen people from everywhere. I've seen people from Turkey. I've seen people from Egypt. I've seen people from the UK. Everywhere, people are trying to invest in Greece. Yeah. The Gulf, Israel, everywhere they're trying to invest in Greece.

SPEAKER_01 9:52

Okay. I see exactly the same. I see what you're saying. It used to be mainly up to 2016, let's say, that's when the crisis started slowing down, started leveling up. Right. The main interest was from the Middle East and from Egypt. And from Egypt. Now it's from all over the world, let's say. Even from America, Australia, Northern Europeans. Exactly. A lot of people. Still strong interest from the Middle East, of course. So that's what I'm seeing. Yeah, that's what I'm seeing too. Okay. Where do you see, in your opinion, the Athens Riviera, let's say in the next five years, how do you see the property market within the Athens Riviera?

SPEAKER_00 10:28

I see it developing, and every time I come to Glifada, I see something new. Okay. And that's very fulfilling for me because Glifada hasn't failed me. I see something new, I see new developments, I see improvements, and that is very encouraging. Okay. I believe the Athenian Riviera will continue to grow, it will continue to develop. And it is right now a worldwide destination. Okay. It's one of the world number five, maybe, within the first top five destinations in the world. Okay. Which is excellent.

SPEAKER_01 11:11

So you believe that somebody that's entering the market now, there's still potential that they will be making capital gains in their investment, let's say.

SPEAKER_00 11:20

Of course. I still see capital gains happening. There's something very important that I'd like to say that prices will keep going up all over the world. Okay. And they will never stop going up. And that's the way life is. So we always say that this is the cap for the price. Yeah. It's not true. There is no cap for price. It could go up anywhere. So it's still an attractive destination for the price. I believe it's still a very attractive destination. There's a lot of demand, and it will keep going for a while. Okay.

SPEAKER_01 11:53

Okay. Very interesting. Yeah. Very interesting. Would you like to tell us a little bit about one of your favorite projects?

SPEAKER_00 11:59

My favorite project. Of yours. Of mine? Of yours. Well, we have two or three very interesting projects right now going on in Glifada. Namely Papa Andreou, 21. Beautiful. Which I love, by the way. The Glifada Seaside, right on the Posadonos. That's an amazing thing. That's amazing. And I have to give thanks 314, Pavlos, who's done a great job. Also, my partners, KYMK. Okay. They're doing an excellent job on Papa Andreou, Eleferias, Omirou. I think they're really good architects. Greece has a lot of very good architects, I have to admit.

SPEAKER_01 12:40

And the locations that you select are prime. You've given a huge emphasis with location.

SPEAKER_00 12:46

Yes. My first emphasis is always location. That's the most important thing.

SPEAKER_01 12:51

Great, great. Yeah. Okay. How important do you believe it is for someone coming into the Greek market to invest to select correct professionals to advise them with the process?

SPEAKER_00 13:02

Well, it's very important that you have good lawyers. I'll do a little bit of advertising for my lawyer, if you don't mind. Absolutely, 100%. Georgia Galani is my number one lawyer in Greece, and she's really good, very professional lady. I agree. And you have to have a good accountant. Of course. I have a very good accountant. Her name is Diadora.

SPEAKER_01 13:27

Okay.

SPEAKER_00 13:28

I have uh very good assistants. Okay. Like Eleni, who uh handles our office here. And I have very good partnerships like with yourself, Peter, which I'm quite grateful. Thank you. And building this network of professionals, architects, lawyers, accountants, brokers, is very important for you to uh you have to choose the right people. I agree. It's very important. Well, it's also a learning curve. At the beginning, you may not choose the right people, and then you rectify.

SPEAKER_01 14:04

Okay. So what would you say if someone comes in and they don't really give an emphasis on that? Like finding the correct professionals is well, you're going to have a hard time. Yeah.

unknown 14:13

Okay.

SPEAKER_01 14:14

Too hard. All right. Okay. Thank you for that. Thank you. So we're coming to the end of our first episode. Oh, thank you very much. Is there anything you'd like to add, Mr. Shabini?

SPEAKER_00 14:24

Yes, I would like to add that Greece is the land of plenty. It has plenty to offer, not just real estate. It has very good food, great entertainment, great beaches. So it's a place that you could actually either retire or live. You know, it's it's not just a place where I'm investing in real estate. Okay. It's a lifestyle. That's what I would like to add. Greece is a lifestyle and it's really good. A good lifestyle.

SPEAKER_01 15:03

That is amazing.

SPEAKER_00 15:04

Because people just sometimes think of Greece as being an investment, but it's much more than that. It's a lifestyle.

SPEAKER_01 15:12

Great.

unknown 15:13

Thank you.

SPEAKER_01 15:13

Mr. Shabini, thank you so much for joining us today.

SPEAKER_00 15:16

And thank you for having me. And looking forward to having you again too.

SPEAKER_01 15:20

Thank you very much. Thank you, Peter. Thank you for joining us on Inside Greek Real Estate, fueled by PMD Real Estate. Today we're joined by Mr. Shabini, who shared real stories about his experience while investing in real estate in Greece. Stay tuned for future episodes in which our guests will share their stories about their experiences while either investing or moving to Greece. Our goal is to have you better equipped before making the decision to either invest or move to Greece. If there are any questions you'd like us to cover in future episodes with our guests, feel free to drop a message or send us an email. See you in the next episode.