Travel and technology have made the world smaller and brought everything closer. Among other things, this has allowed people to relocate more easily, work remotely, and seek promising investments overseas. In that context Greece continues to systematically attract foreign property buyers. Why?
Climate and wellness
Greece’s mild climate is emerging not only as a key factor among holidaymakers but also as a major consideration among people seeking quality of life upon retirement, digital nomads who value a lifestyle focused on outdoor living, and others who recognize the role that a more relaxed environment and regular sunshine play in maintaining physical and mental wellness.
Tourism
Tourists need accommodation, and self-catering holiday rentals are consistently gaining popularity. Compared to the same period in 2023, tourist arrivals in Jan-May 2024 rose by 20.6%. The most magnetic destinations were once again Athens and islands of Mykonos, Santorini and Greece.
Real estate not yet at its peak
Although the property sector has been trending upwards consistently since 2017, it is still below its peak which was recorded in Q3 2008, indicating a likelihood of continued growth.
Competitive prices
Compared to other European countries, property prices in Greece are still very competitive, even in the prime locations, and certainly in the more affordable areas.
Investment potential
Especially in such areas that are regarded as ‘hidden gems’ yet to be discovered, currently affordable up-and-coming locations hold the promise of an exceptionally high yield, even in the short to medium term.
Infrastructure development
Thanks to good and ever improving public transport and urban development projects, the value of properties that might not yet be ideally connected is set to increase as they become more easily accessible.
Sustainable housing projects
Recognizing investors’ interest in eco-friendly energy-efficient construction, the government is effectively promoting projects deemed as ‘green real estate’.
Favourable tax regime
Foreign investors can often benefit from a series of tax incentives related to property transfer taxes and benefits linked to renovation of older properties as well as certain development projects.
Golden Visa program
The government’s Golden Visa program continues to attract non-EU investors who recognize the advantages of permanent residency in a country that is strategically located between three continents while at the same time being a member of both the European Union and the Schengen Area.
The Velment Factor
Buying property in a foreign country can be tricky – unless you have a reliable advisor. This is particularly important in Greece, where the government periodically amends tax incentives depending on the country’s strategies to support the economy. Similarly, anyone interested in combining their property investment with the Golden Visa program should make sure to consult an expert with up-to-date information on the application criteria.
This is where Velment has you covered. With decades of experience serving international property buyers, Velment’s property experts are perfectly positioned to guide High Net Worth Individuals to the type of real estate that meets their individual needs, including the opportunity to gain alternative citizenship or residency in Greece. Velment’s A-Z service includes everything from sourcing land suitable for the home of your dreams to be built ‘a la carte’, to assistance with the property acquisition process and later on, if required, various property rental and management packages.
For further details and to discuss your individual needs, contact Velment at: info@velment.com to set up a preliminary no-obligation meeting.