Real Estate in Greece:
opportunities for profitable investments
by Konstantinos Petridis,
Greece is one of the most popular destinations for real estate investments. Currently, it is possible to purchase both real estate on the seaside and in the city, as well as commercial real estate, such as stores, restaurants, hotels, etc. There are various affordable options, such as city and touristic resort apartments, as well as luxurious properties, including villas located on the islands.
The interest of foreign investors for real estate in Greece is escalating, which is primarily explained by the decrease in prices. Furthermore, the Greek authorities, have also played an important role, as they have taken a series of measures in order to attract investors from abroad. For example, the title transition tax for real estate purchase was decreased from 8-10% to 3% of the purchase price of the property. What is more, the “Golden Visa” program was developed, according to which foreign buyers, investing in real estate, the value of which is equal to or exceeds the amount of
€250 000, obtain the right to apply for a Greek residence permit.
Greek regions offer profitable opportunities to the real estate investors. At the moment, there is also a program implemented, called ESPA
(ΕΣΠΑ, National Strategic Development Program). This program affects the travel and tourism industry, aiming at the modernization of tourism facilities and attracting investments in the hotel business.
This program applies to hotel owners, as well as companies engaged in service management. Within the framework of this program, it is possible to receive a subsidy of up to 60% for the financial investments in the hotel, under the condition, that it will be renovated and will receive a higher star-rating. Moreover, state subsidies are also available for land owners wishing to build new hotels. In order to participate in the program, the investor will have to buy a plot of land and provide the hotel construction study, or buy a hotel and provide its renovation study.
As mentioned previously, receiving a residence permit in Greece, according to the “Golden Visa” program has been an important incentive.
A foreigner, purchasing residential or commercial real estate the value of which is equal to or exceeds the amount of €250 000 (one or more properties), may apply for a residence permit according to a simplified scheme. The residence permit is issued for a period of 5 years, after which it can be renewed for another 5. There is no requirement for a minimum stay in the country according to this residence permit type, however, its holders do not have the right to work. It is worth mentioning that this 5-year period will be taken into account when applying for a Greek citizenship. After seven years of living in Greece with a residence permit, it is possible to apply for the Greek citizenship.
The family of the investor is entitled to apply for a residence permit, this includes the spouse, children up to 18 years old and the parents of both spouses. Parents are included in the list of beneficiaries of a residence permit as a result of 2015 legislation changes.
Advantages of a Greek residence permit:
- Unlimited stay in Greece throughout the year;
- Possibility to travel within Europe;
- Getting Greek vehicle registration number for vehicles, yachts, etc.;
- European education in the best higher education institutions in Greece.
Greece continues to maintain and strengthen its position as one of the most attractive investment destinations in the real estate sphere. Grekodom Development employees will assist you with any questions regarding property purchase, by giving detailed consultations, as well as arranging inspection tours of the properties for sale.