At present, Greece’s capital, together with other bigger cities as Kefalonia, Lefkada, and the Cyclades, rank among the most expensive places of the country’s property market, based on the international experts’ estimation on real estate firm Astons, SchengenVisaInfo.com reports.
Internationals can secure residency for at least €252,328 investment within just two months. After that, they would be able to travel without being required to obtain a visa across 26 EU Schengen Area states.
Greece’s property prices increased about 2.7 per cent last year, from €127,596 to €131,040 for an average property. Taking into account these figures, persons who decide to invest in Greece’s real estate market could benefit from their decision.
Persons planning to make a commercial real estate investment in Kilkis should consider that property prices have marked a 20 per cent increase during the last year.
While in the following zones marked double-digit annual growth rates:
- Karditsa (17.4 per cent)
- Preveza (13.6 per cent)
- Drama (13 per cent)
- Kozani (12.2 per cent)
In the Cyclades, the average property price is €222,348, at present, making the territory one of the most favourite zones, as the house prices have risen by 5.9 per cent in the last year.
An increase of 8.7 per cent annually has also been noted in Lefkada, with real estate averaging €164,976; it ranks as the second most expensive pocket of Greece’s market.
Even though the prices in Kefalonia declined about 1.4 per cent on an annual basis, the zone is home to the fourth-highest average house price (€162,036). Athens (€157,416) and the Argosaronikos Islands make the top five most expensive locations for Greece’s real estate market (€147,168).
“It’s clear to see why Greece has become an area of intent for UK investors across a variety of sectors. Not only is the pace of life and the climate more favourable, but even the most prestigious pockets of the Greek real estate market are incredibly good value when compared to London,” Managing Director of Astons, Arthur Sarkisian, pointed out.
Sarkisian stressed that not only because of lower investment costs, but Greece has a stable uplift in real estate values almost across the board.
Other Locations Considered Favourable for Investment
Greece offers the greatest interest programs from an investment perspective, based on a survey conducted by Astons.
According to the survey, besides Greece, foreigners were also very interested in investing in the following locations.
- Antigua and Barbuda: 11 per cent
- Spain: 11per cent
- Ireland: 8 per cent
- Italy: 6 per cent
- Jersey: 6 per cent
- Malta: 6 per cent
- Monaco: 6 per cent
- Portugal: 6 per cent
- Saint Lucia: 6 per cent
- Switzerland: 6 per cent
- Dominica: 3 per cent
- Montenegro: 3 per cent
- Saint Kitts & Nevis: 3 per cent
- Vanuatu: 3 per cent
Greece’s Real Estate Market in the Spotlight Again
The tourism sector in Greece has also developed through the real estate market by internationals’ investments.
Between 2008 and 2017, the prices in housing decreased by about 42 per cent. Based on some estimations, a total of 280,000 Greeks denied property inheritances between 2017 and 2018, unable to pay the taxes attached to the home.
The Bank of Greece’s (BoG) Deputy Governor, Theodoros Mitrakos, previously stressed that “the apartment prices increased at an accelerating pace in individual quarters, recording an average annual rate of 1.8 per cent.”
Mitrakos stressed that the rising trend continued in 2019, in which year the provisional data indicated that nominal apartment prices were raised by 7.2 per cent compared to 2018 figures.
“The real estate sector’s upturn was also reflected in the number and volume of building permits, with growth rates of 59.3 per cent and 43.2 per cent registered in Athens and Thessaloniki, respectively, in the first ten months of 2019, against the same interim in 2018,” Mitrakos pointed out.
Greece Golden Visa Program Continues to Attract International Investors
One of the most famous international investors’ programs is the Golden Visa Program which attracts a large number of foreigner investors. However, last year, due to the Coronavirus pandemic situation, Greece’s Ministry of Migration Policy reported that the country issued only 368 visas since the beginning of the pandemic.
However, the citizenship by investment program is criticised not only in Greece but also in all other countries that permit such programs to be conducted.
The Golden Visa Program has been continuously criticised for being an open door for criminal activities and money laundering in the European Union.
