Demand for real estate in Greece remains on the rise
Just days before the reforms to the Golden Visa program implemented by the Greek government come into full effect, demand for real estate from foreign buyers continues to rise, even though prices have also increased.
The Greek Golden Visa program, with investments starting at €250.000, was one of the most affordable in Europe. Following reforms, the minimum investment in property was set at €800.000 for certain regions and €400.000 for the rest of the country. Furthermore, if the investment is for restoring a historic building or converting a commercial property into residential units, the minimum investment can be €250.
The government also established a transition period for those already processing their Golden Visa or planning to make their investment before August 30, 2024. These investors will be able to finalize their transactions under the same rules until December 31 of this year, and in some cases, the deadline could be extended until the end of April 2025.
As reported The Greek ReporterForeign investors, digital nomads, and Golden Visa applicants are among the top buyers of property in Greece, despite real estate prices having reached record highs and expected to continue rising.
Why does this phenomenon occur?
According to a report by the Bank of Greece, the main reason for rising housing prices is the increase in construction costs. The Golden Visa program and the annual increase in tourism also contribute to the growth of the construction sector and, consequently, to the rise in property prices.
Despite all these factors, property prices in Greece remain lower than in other European countries. This has attracted investors from the United States, Germany, Central Europe, and BritainAccording to actors in the local real estate sectorThe appeal lies in a combination of elements: affordable prices, high return potential, lifestyle advantages, and strategic benefits.
The tax landscape in Greece also plays a key role in attracting foreign investors. Until the end of 2024, there will be a 24% VAT deduction on new construction, and the property transfer tax will remain at 3%.
Reasons to choose the Golden Visa in Greece
The Greek Golden Visa offers several advantages, such as the freedom to travel throughout the 27 countries of the Schengen Area, opening doors to business expansion and networking in Europe. Furthermore, it allows for family reunification, extending residence permits to the investor's spouse, children under 21, and parents and their partner, without requiring additional investment for each family member.
Another key point is that you don't need to live in Greece to maintain your residence permit. However, after seven years of continuous residence, you can apply for citizenship, and with it, a passport.
And let's not forget that this year the Greek Golden Visa was ranked in the top 5 worldwide by Henley & Partners, who highlight "its high levels of security, excellent educational opportunities, strong healthcare options and a reliable rule of law."
If you want to invest in property as a way to obtain a Golden Visa, start your application now! Schedule a meeting with our team Let's start exploring the best options for your investor profile. We are experts in international mobility, and we'll guide you through the entire process.
