GREECE – A PROMISING REAL ESTATE MARKET FOR SETTLEMENT
Greece – Update on Greece’s latest real estate market – Potential opportunities for settlement investors
When it comes to Greece, it is the spectacular Olympus mount or the great civilization that would definitely capture our mind. However, for settlement investors, this island country is such a heaven where its citizens are able to enjoy potential real estate opportunities as well as substantial benefits that its passport provides. Let’s get to know about the reasons behind.
Greek lies at the juncture of Asia, Europe and Africa which gives this country an enormous advantage to develop its economy, culture, tourism and services. Specifically, Greece’s tourism is the world’s top20 and Europe’s top5. In terms of medicine, its medical system has a ranking of 14 internationally. There are approximately 200 public and international schools in total located nationwide together with a multi-language culture which attract people from all around the world to come and reside in.
In addition, since 2004, Greek has officially become a member of the European Union. Following such important event, this country has also joined other organizations such as Schengen area and Eurozone.
Greek’s passport is one of the highest ranking travel passports in the world which allows its owner visa exemption to 180 countries and territories. Thank to this huge benefit, Greece has currently been of great interest for foreign investors.
Update on Greece’s real estate market
The Covid-19 pandemic has caused a large number of difficulties for Greece’s real estate market. However, this, in turn, serves as a once-in-a-century opportunity for investors of financial potential to make an explosion in their real estate business still manage to retain their active assets for future use. Greece is currently a potential market of real estate which could make investors “steer” their cash flow at this time.
The stability of Greece’s real estate market has become transparent gradually after a significant increase in investment is registered within the past few years. In addition, pricing has almost returned to its ever point pre-crisis and construction activities have increased in every industry by the end of 2020. Demands regarding real estate activites, thus, have brought a considerable amount of profit for primary investment products. (Greek Reporter).
The situation of real estate prices in Greece
House rental rate in Greece has grown by over 0,5% within the first quarter of the year as the market shows signs of recovery post-pandemic, according to data collected by Sputogatos.gr. Apartment rental costs in the center of Athens, Acropolis and Koukaki have reduced by 6,1% per year equal to 8,86 euro per m2. However, that is not the case for Piraeus suburb area which has experienced a growth of 10,8% equal to 6,67 euro per m2.
Greek’s real estate price is rather low in comparison with other European countries. The local government implements tax reduction and accelerates privatization projects making Greece a promising market to invest in.
In recent years, Greece’s economy has proceeded in a positive pattern with noticeable recovery signs. Basing on the current situation, Greece’s real estate market will soon get back to its pricing post 2008. Which is twofold in comparison with the current one. With the introduction of the Golden Visa program, Greece’s real estate fever promises to be much hotter than it ever has been for the upcoming time.
GOLDEN VISA – SETTLEMENT BY INVESTMENT PROGRAM IN GREECE
Golden Visa has been by far the “momentum” for the real estate fever taking place in Greece in the past few years. This “phenomenon” appeared in 2013 and rose dramatically to take the reign in the battle of best settlement by investment programs in 2018. Greece’s Golden Visa defeated the America’s EB5 to be the world’s top1 in terms of green cards issued in 2018.
You can get down-to-detailed information about Golden Visa HERE
Golden Visa has not failed to prove as one of the world’s best Visa programs as it continues to attract a great number of family investors worldwide. The government applies a policy which allows investors to make a real estate investment with an amount just from 250.000 EURO together with simple conditions of participation. In the first quarter of 2020, there were totally 22.103 green cards issued in Greek.
For further information about Greece settlement experience, click HERE
Why Greece Golden Visa?
Benefits that investors receive after successfully obtaining Greek citizenship:
- Quick application process: from 3 to 6 months
- Receive permanent residence permit for the whole family, including three generations. Applicant’s parents, applicant, and applicant’s children (under 21 years old)
- Long term residence in Greece
- EU entry within 3 months
- Freedom in movement and residence in 90 days within Schengen Area and EU’s countries.
- Visa exemption to over 169 countries
- Opportunities to become Greek legal citizen as well as EU citizen
- No language proficiency test, no business as a career required
- Fee exemption for medical purposes and accommodating tuition program
Conditions of participation:
- Applicant must not be a citizen of EU and must be above 18 years old ;
- Applicant must invest in real estate for a minimum amount of 250,000 EUR;
- Investment must be continued during the time permanent residence card is required;
- Greek permanent residence card extension is required every 5 years in condition. That the cardholder has real estate in his or her possession;
- Applicant must have a clean criminal record and must buy health insurance.
For most common questions about Greek settlement, click HERE
Greece’s real estate market is showing its potential improvement post-pandemic. Therefore, this is by far the “golden time” for settlement investors to make an investment for the future of their whole family.
Portico & Bridge is a leading corporate in Europe providing immigration and settlement services. We have over 35 years of experience and a group of over 50 reliable experts worldwide.
For further information about Greece’s settlement programs and other investment programs, please contact Portico & Bridge
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