Discover a New Destination: Greece
In our continuous effort to discover new trendy areas and projects for our clients, The Loft Bureau International Realty entered into an agreement with one of the major real estate developers in Greece.
Buying a second home or a pied-a-terre in Greece is trending because of numerous lucrative benefits offered by the the country. We have put together a curated list of the four main lifestyle, community, and financial benefits that drive an investment decision pro Greece and put a pin on the map for many savvy investors.
The Rising Market – A Wealth of Options
We all remember the financial crisis in Greece from 2010 until 2018. During this period the real estate market was down, and the number of newly constructed homes reached a very low level. Since then, the market has changed drastically. The low availability of quality homes, especially in preferred locations, couldn’t meet the increasing domestic and foreign demand. Therefore, at the end of the financial crisis property prices started to rise again and within the recent past previous losses were almost eradicated, at least in the prime sector. 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.
Greece is offering a welcoming environment in many ways
Greek people are commonly known for their warm, open, and friendly character. They usually welcome others and see a foreign investor as an opportunity and not an infringement.
Located on the Mediterranean, Greece has always been and will remain the intersection for Asia, Europe, the Mediterranean, and Africa. This prime geographic position helps the country to position itself as an international business hub, allowing for huge market potential.
The economic recovery from the financial crisis is a result from the continuous efforts by the Greek Government with support from the EU and the Greek people to reform and restructure the political and economic organization of the country. 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.
Another undeniable fact is that the Grecian hospitality is hard to beat. This does not only include the gastronomy and hotels but also 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 Golden Visa is offering a vast number of benefits to foreign investors
When we compare the various investor visa programs offered by European countries , the Golden Visa from Greece is probably the most idolized permanent residency program of them all. Investors, after they obtain the Golden Visa, will benefit from 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.
A rich landscape and many different lifestyles
The Grecian landscape has much to offer to those who are looking to either establish a permanent home in Greece or an home away-home. From remote Mediterranean island escapes, attractive Athenian neighborhoods, to popular expat communities, the Grecian real estate market has much to offer.
At the moment, besides Athens, the Cyclades are the most popular destination for foreign investors , whilst the Dodecanese, Chalkidiki, and Peloponnese are experiencing an increase in demand, too.
The list of most popular areas in Athens include the Centre, southern suburbs, Eastern Attica, and the Athenian Riviera. If one is looking around Athens, you should be prepared for premium prices. Kolonaki is one of the most sought after neighbourhoods, full of high end boutiques and stately mansions – not a suburb exactly, but definitely quieter than the business districts or Plaka as they are referred to in Greece.
5 mil USD will get you a charming neoclassical town house, over four floors with an attic; 380,000 USD could purchase a modern two-bedroom, two-bathroom flat with a shared private garden – not a common feature in the area. Anaktora is another popular area for foreign investors.
Prices are lower in the northern suburbs, beautifully situated on the lower slopes of the hills outside the city. Kifisia, Penteli, Ekali and Psychiko are suburbs with much less traffic and more greenery than the city centre; a large house with a garden in Ekali might sell for 1.7 mil USD, while a 5-bedroom maisonette in Kifisia could cost about 520,000 USD. There’s a good rental market both in the suburbs and in central Athens, so properties here would make good investments, though the yields are not high.
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.
Crete is Greece’s largest island; unlike most of the smaller islands, it’s a year-round location with its own economy and excellent infrastructure including two international airports. The choice for foreign buyers here is between modern resorts and traditional farm or village houses.
Our newest partner is the largest real estate developer in Greece. We at The Loft Bureau International Realty are convinced that together we will be able to provide our clients with a vast variety of real estate to meet even the savviest client’s requirement.
📧 Reach out to us and we will answer your questions.
