Greece: Foreigners Drive Property Demand

Greece: Foreigners Drive Property Demand

Foreigners are increasingly buying real estate in Greece, with demand rising by 5% in 2024 compared to the previous year. According to Greek media outlet Spitogatos, the most popular areas for foreign buyers are Halkidiki, the Cyclades, Athens, and the suburbs of Thessaloniki.

Investors are typically buying private homes, apartments, and land. The largest number of transactions were made by citizens of Germany, the USA, the UK, Serbia, North Macedonia, and Bulgaria.

Buying Greek real estate is one of the grounds for obtaining a residence permit. The status is issued for 5 years. To move to Greece, you need to buy residential or commercial properties for a total of €250,000.

The Greek government has confirmed plans to increase the investment threshold for obtaining a “golden visa”. However, Greece has not yet published any official documents. Greece previously increased the minimum investment amount in real estate in August 2023. At that time, the cost of objects increased from €250,000 to €500,000 in 36 regions of the country.

Here are other ways to get a residence permit in Greece for investment:

  • Rent a hotel or tourist residence for 10 years;
  • Buy a land plot;
  • Own a timeshare property for 10 years;
  • Buy securities or open a deposit for an amount of €400,000.

The Greek Golden Visa is popular with investors. Over the 10 years of the program, foreigners have invested €5.5 billion in the Greek economy. With a Greek residence permit, you can travel visa-free to the Schengen states, and after seven years you can apply for citizenship of an EU country.

Here are some of the advantages of buying real estate in Greece:

  • The opportunity to obtain a residence permit and, in the future, citizenship;
  • Stable rental income;
  • Favorable climate;
  • Developed infrastructure;
  • High quality of life.

With its beautiful scenery, rich history, and favorable investment climate, Greece is a great place to buy real estate.

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