Why Buy Property in Greece? 9 Reasons International Buyers Choose Greece

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?

1. Mild Climate and an Outdoor Lifestyle

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.

2. Strong Tourism Demand

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.

3. Property Prices Still Below Their 2008 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.

4. Competitive Property Prices by European Standards

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.

5. Growth Potential in Up-and-Coming Areas

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.

6. New Infrastructure and Transport Links

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.

7. Government Support for Green Buildings

Recognizing investors’ interest in eco-friendly energy-efficient construction, the government is effectively promoting projects deemed as ‘green real estate’.

8. Tax Incentives for Property Buyers

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.

9. Residency Through the Greece Golden Visa

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.