Greece 2020: investment overview
After a decade of decline and stagnation, the Greek real estate market has finally revived and today shows excellent performance. Let's look at the investment attractiveness of Greece for 2020.
Let's start with the figures mentioned above. Today it is certain that Greece is finally out of the crisis. Thus, in 2019, the cost of real estate on average in the country increased by 7.5%, while housing in Athens rose by more than 10%. And the annual increase in rental rates in some regions has approached 30%.
In addition, Greece has recently attracted more and more large international companies. Sudden interest started about seven months ago and today giants like Pfizer, Tesla, Volkswagen, Cisco, SAP, Amazon and eBay are already signing their contracts. In addition, the authorities have set a course for the international student market and aim to become a center of higher education in Southeast Europe. Both of these factors should definitely have a positive impact on the country's economy.
Interesting fact: the owners of Greek real estate are usually ordinary families. It is related to the fact that previously the government program operated in the country, which allowed people to buy small plots of land from the government and then sell it to developers. Thus, instead of one small plot of land it was possible to get several apartments in a new building.
Golden visas
What does no review of the Greek economy or real estate do not do without? Without a residence permit program for investment. And this is not surprising, because the Greek investment program - one of the most attractive in Europe.
Judge for yourself: the minimum amount of investment is € 250 thousand, you don't need a permanent or even periodic residence in the country, you get a profitable property on the Mediterranean coast, the ability to move freely across all Schengen countries, served in the best European clinics and use the EU banking system.
Where to invest
Athens is the most interesting place for investors. The Greek capital is a special place similar to other parts of the country, which has never had problems with the flow of tourists. In recent years, there has been a real boom in both the short-term and long-term rental segment. Today, renting an apartment for a long period is problematic even for locals. Demand far exceeds supply and property owners are taking advantage of it.
If we talk about the districts of Athens, more often choose the seaside locations, especially the south-eastern part of the city - such districts as Palio-Falero, Alimos, Iliupoli. The area of Glyfada, located between beaches, shopping centers and developed infrastructure, is of the greatest interest. In the area of Elliniko is the territory of the old airport, which was bought by foreign investors to build an elite residential complex with casino, hotels, an international marina and a huge park.
Specifically, within €300-400 thousand in Athens you can buy an apartment with 4-6 rooms, an area of 80-130 sq. m. in a renovated house built in the 70-80s overlooking the Acropolis.
As for the other cities, you can afford for a similar amount:
- Apartments in Thessaloniki with 4-5 rooms, 220-250 sqm in a house built in the 90s with fresh renovations;
- a two-floor house in Thessaloniki with 5-6 rooms, an area of 250-300 sq. m. built in the 2000s;
- a villa in Chania with 3-5 rooms, of 130-150 sq. m. and a 500-600 sq. m. plot built in the 2000s.
Useful advice: In Greece it is most profitable to invest in secondary properties, as the purchase tax is only 3%. While for the "primary" you have to pay 24% tax.
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