Abandoned buildings and stores dot central Athens, but commercial real estate is beginning to rebound.European Pressphoto Agency

ATHENS—Since the European debt crisis erupted in 2009, foreign investors have mostly ignored Greek real estate even as they have jumped back into Spain, Italy and Ireland.

But now buyers are returning to Greece amid signs that Europe’s hardest-hit economy is starting to recover.

Toronto’s Fairfax Financial Holdings Ltd. FFH.T +5.10% , Colony Capital LLC of Los Angeles, Invel Real Estate Partners of the U.K. and Jermyn Street, an Arab-Turkish real-estate fund, are among those that have been buying commercial-property assets from distressed financial institutions, the Greek government and others.
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