It’s without question, buying property in Greece is becoming an attractive investment option for more and more buyers, not only as a vacation rental but also as a place to establish a second home. A curated list of seven lifestyle, community, and financial benefits weave together to create an alluring tapestry of Grecian life, which puts a pin on the map for many savvy investors.
The final concern for many is choosing the right location, property, and contacts. Experts like Constance Perrin and Sada Vogiatzi, from Athens-based Property Hunters, specialize in finding properties and providing real estate consulting for foreign and domestic buyers. We talked to the experts about the benefits of putting down roots in Greece and the opportunities the country offers to foreign buyers.
7 Reasons
1. The Rising Market – A Wealth of Options
A sharp increase in prices in recent years has caught the eye of many, coupled with the continuous rise of the thriving Real Estate market since 2018.
Over the last four years, properties have recovered approximately half the loss in value caused by the financial crisis. In the most desirable locales, these prices have jumped even more dramatically.
The financial crisis from 2010 to 2018 also resulted in a very low level of construction activity, which, combined with increased demand, has caused a shortage of newly available properties.
Yet again, Greece is enjoying renown amongst both international and domestic investors, which is steadily resulting in increased interest towards potential investments – in the primary residence market most notably.
The Greek Property market’s stability can be attributed to the Greek economy, the demand for real estate, and the leadership of the Greek Government. As a result of this, many with an eye to the market note the likelihood of dropped restrictions in the foreseeable future.
The final contributor to this flourishing market is the sheer range of property types with value appreciation, which only bolsters the market and raises interest.
2. A Wide Range of both Destinations and Lifestyles
The best of the Grecian real estate market is comprised of remote Mediterranean island escapes, attractive Athenian neighborhoods, and popular expat communities.
The Cyclades are the most popular destination for foreign investors besides Athens, while the Dodecanese, Chalkidiki, and Peloponnese shouldn’t be overlooked either.
With a heady combination of natural beauty, rich culture, pleasant climate, and investment opportunities, the Greek islands are highly in demand. Most islands benefit from excellent health care, and infrastructure, increasing their appeal to foreign investors. Foreign investment was additionally boosted by the Greek government’s favorable tax policies and residence permit incentives.
The list of most popular areas in Athens include the Centre, southern suburbs, Eastern Attica, and the Athenian Riviera.
The upmarket area of Kolonaki in central Athens, is known for its high-end boutiques, restaurants, and cafes.
The historic neighborhood of Plaka is a serious contender as well. Straight out of a postcard, Plaka is known for historic architecture, charming cafes, and picturesque streets, as well as being an ideal distance from the Acropolis. Many visitors and expats, find the cosmopolitan vibe and style irresistible.
Another trendy area in central Athens is the Metz, which is prized by musicians, artists, and young professionals. Loved by foreigners, Metz provides a strong bohemian atmosphere, picture-perfect streets, and convenient proximity to the city center.
The neighborhoods of Glyfada and Vouliagmeni are renowned for their beautiful beaches, nightlife, and high-end shopping opportunities. The Mediterranean lifestyle and relaxed atmosphere are irresistible for many Americans and Europeans, boosting a diverse community.
For those seeking to establish a home with family, the northern suburbs of Athens, such as Kifisia or Penteli, offer an excellent option. These areas provide villas with gardens and swimming pools, as well as convenient access to numerous international schools.
3. A Welcoming Environment, both Financially and Socially
The openness and friendliness of the Greek people are of an exceptional standard. Greek Businesspeople have a long and historic reputation for being open to friendly investors, their experience allowing them to view foreign investment as an opportunity and not an infringement.
The Grecian hospitality extends beyond the world-famed kindness of the local people, in fact, many find the financial welcome just as warm. The high return on investments is a pleasant boon to many, especially with many economic sectors still offering high growth potential.
The economic reforms facilitated by the European Union during the Grecian crisis were linked to many structural reforms. Although painful, these reforms gave the administration and business sectors a necessary push in the right direction. Modern-day Greece enjoys much shorter bureaucratic processes for investments and entrepreneurship.
Being at the Junction of Europe, Greece has long remained the intersection for Asia, Europe, the Mediterranean, and Africa. This prime position gifts the country the position of an international business hub, allowing for huge market potential.
The country’s stability, emerging markets, and European Business standards can be credited to being an EU member state for over forty years, and a part of the Eurozone for over twenty.
4. Tax Advantages
For both the retiree and the digital nomad, Greece provides a generous tax advantage. For Digital Nomads, the Greek government is composing a specialized tax break and visa, yet the details of which are yet to be revealed. As rumor has it, self-employed expats will enjoy a 50% tax break from their income tax as long as they move to and live in Greece.
Alongside this, there is potential for a seven-year tax break for those first moving to the country. With the worst of the pandemic now behind us, the scheme is anticipated to spotlight Athens as an ideal locale – with nomads being drawn to the metropolitan vibes, beaches, and low cost of living.
Meanwhile, the Greek government’s 2020 tax regulation continues to benefit individuals earning pension income from beyond the country’s borders.
Essentially, the regulation allows non-Greek pensioners who become tax residents and move their physical residence to Greece can benefit from a 7% flat tax on their income from abroad so long as they live for half the year in Greece.
There are a few conditions; those enjoying this regulation must not have been a tax resident of Greece in the five years prior, and their country of origin must have a Double Taxation Agreement with Greece.
5. The Golden Visa: A Crown of Laurels for Foreign Investors
Greece enjoys one of the most idolized permanent residency permit programs for investors in Europe, known as the Golden Visa.
It offers a 5-year residency in Greece, subject to renewal, alongside the freedom of unlimited European Travel within the Schengen Zone. Unlike other European Governments, Greece doesn’t require Golden Visa holders to adhere to minimum stay or minimum visit quotas to maintain their status.
6. Expat Communities
There are three main groups of Expats who’ve chosen to call Greece their home. With a range of nationalities interested in buying or renting property, as well as strong demand from tourists and foreign investors, it is important to note that there are only the top three.
German expat communities are found mostly in Areas such as Athens and the Peloponnese.
The hubs of French expats are numerous and scattered about the country, this is largely in part due to the long history of French investment in Greece properties.
Finally, groups of American expats can be found in the Mykonos, Athens, and Santorini areas. All are drawn in by the beautiful beaches, rich history, and rental income potential of vacation properties.
7. Country Infrastructure
Further bolstered by the recent government reform is the country’s infrastructure, namely, the country’s transport, education, and health system. In the last two decades, the Greek transportation infrastructure has experienced rapid modernization.
With universal healthcare coverage, Greece has an attractive healthcare system for many. With additional funding being added in 2016, even uninsured groups of residents can be provided for by the National Health System.
With nearly ten international schools offering A Levels or International Baccalaureate (IB), Greece ticks the education checklist of many, and if not English but Italian, French, or German is a preferred language, there is a school for each available as well.
In 2023, Greece has fifteen international airports, modern trade logistics with large harbors in both Thessaloniki and Piraeus, and a state-of-the-art road network connecting all corners of the country.
Real Estate Consulting: The Path to Your Dream Home
It’s no secret that real estate consulting is the ideal route for those who can afford it.
Property Hunters are the client’s singular point of contact and pride themselves on being able to be of continued assistance until the completion of the sale. For many, having the hassle of multiple contacts and commitments taken off their plate is the difference between a relaxing, straightforward sale and the opposite.
Initially, each consultant at Property Hunters will get to know the client, to better understand their needs, what they’re seeking, and for what purpose.
After this stage, they will use genuine market data and facts to explain the advantages and disadvantages of each area of interest, ensuring the decisions made are to the client’s advantage.
Next, consultants will propose properties that meet the client’s needs and will draw in material from all sources, including private agencies and contacts if need be, before arranging viewings on the client’s behalf.
With the client’s best interest front and center, the consultant will negotiate down to a realistic offer, whilst presenting all hidden costs involved. This includes taxes, lawyers, notary engineers, and more, preventing any unwanted surprises, and all the while speaking Greek so the client doesn’t have to.
Have any other questions? Ask Constance Perrin or Sada Vogiatzi at Property Hunters directly.
