The Benefits of Investing in Greek Real Estate in 2024

Greece has been through many ups and downs in its economic history, but it seems that it is finally on the path to recovery and growth. The Greek real estate market, which suffered a severe decline during the crisis years, is now showing strong signs of revival and attractiveness for both domestic and foreign investors. In this article, we will explore some of the benefits of investing in Greek property in 2024, and why it might be a good option for you.

Low Prices and High Returns

One of the main advantages of buying property in Greece is that the prices are still very low compared to other European countries, especially in the coastal areas and the islands. According to the?Bank of Greece, the average price per sq. m. in Athens was €2,876 per sq. m. in August 2023, while in Paris it was €10,200, in Berlin it was €5,100, and in Rome it was €4,900. This means that you can get more value for your money in Greece, and enjoy a higher quality of life.

Moreover, the Greek real estate market is expected to keep growing in the coming years, thanks to the recovering economy, the increasing tourism, and the government incentives. The?Bank of Greece?reported that the house prices in urban areas rose by 14.14% year-on-year in Q2 2023, the highest annual increase since Q4 2006. The growth was mainly driven by the major cities, such as Athens and Thessaloniki, where the prices increased by 14.05% and 16.37%, respectively. According to the?European Commission the GDP growth of Greece was 5.9% in 2022 and is estimated at 2.4% in 2023, while inflation was? 9.65% in 2022 to 4.3% in 2023 (easing down to 3.03% in December). These factors suggest that the Greek real estate market will remain resilient and profitable in the near future.

Additionally, the Greek government has introduced several measures to attract foreign investors and boost the real estate sector.?One of them is the suspension of the VAT on property purchases for the next three years, which can save you up to 24% of the property value.?Another one is the reduction of the property transfer tax from 3.09% to 0.5%. These measures can significantly lower the cost of buying property in Greece, and increase your return on investment.

Golden Visa Program

Another benefit of investing in Greek property is that you can take advantage of the?Golden Visa Program, which offers residency to non-EU investors who purchase or rent property worth over €500,000. The program, which was launched in 2013, has attracted more than 10,000 investors from countries such as China, Russia, Turkey, and the UK, who have invested more than €2.5 billion in the Greek real estate market. The Golden Visa Program allows you to enjoy the benefits of living in Greece, such as the warm climate, the rich culture, the delicious cuisine, and the access to the Schengen area. The program is valid for five years and is renewable, as long as you maintain the property investment.

The Golden Visa Program is one of the most affordable and flexible residency by investment programs in Europe. Unlike other countries, Greece does not require you to live in the country for a minimum period of time, or to learn the language, or to pass any tests. You can also include your spouse, your children under 21, your parents, and your spouse’s parents in your application. You can also travel freely within the Schengen area, which includes 26 countries, without a visa. Furthermore, you can apply for Greek citizenship after seven years of residency, if you meet the eligibility criteria.

Tourism Potential

A third benefit of investing in Greek property is that you can tap into the tourism potential of the country, which is one of the most popular destinations in the world. According to the?Greek National Tourism Organization, Greece received just under 30 million international visitors in 2022, a 25% increase from 2021, and generated €18 billion in tourism revenues, a 27% increase from 2021. The tourism sector accounts for about 20% of the GDP and 25% of the employment in Greece, and is expected to show further grow after the final numbers of 2023 are in. According to data from the Bank of Greece, inbound travel traffic from January to October 2023 experienced a significant increase of 17% compared to the same period in the previous year. This surge brought the total number of visitors in that 10-month period to about 31 million. By buying property in Greece, you can rent it out to tourists and earn a steady income, or use it as your own holiday home and enjoy the beauty and diversity of the country.

Greece has something to offer for every type of traveler, from the ancient monuments and museums, to the stunning beaches and islands, to the vibrant nightlife and festivals. Some of the most popular destinations in Greece include Athens, the capital and the cradle of democracy, Santorini, the island with the breathtaking views and the romantic sunsets, Crete, the largest and most diverse island, and Mykonos, the cosmopolitan and party island. Whether you are looking for a cultural, a relaxing, or a fun vacation, you can find it in Greece.

Conclusion

In conclusion, investing in Greek property in 2024 can offer you many benefits, such as low prices and high returns, residency rights, and tourism potential. Greece ?has a long, rich history, a diverse and beautiful landscape, a warm and hospitable culture and is showing positive signs of development and attractiveness. If you are looking for a profitable and enjoyable investment opportunity, you might want to consider this opportunity in 2024.