Greece has been an enticing destination for tourists around the world with its beautiful islands, crystal-clear waters, and rich ancient history. However, as the economy has stabilized, tourists are not the only ones attracted to Greece. The past year has seen an unprecedented surge in the Greek property market, with international investors looking to capitalize on the country’s affordable property prices, relative to other European destinations. So, let’s explore the booming property market in Greece.
In 2019, Greece’s economy grew at a faster rate than any other EU country, with an impressive rise of 2.3%. While the country’s economy has been on a steady upward trajectory ever since, the pandemic induced recession has made the pace slower and led to lower property prices. However, Greece’s property market is now back on track again as the pandemic’s pressure subsides, and the demand for properties is higher than ever.
One of the most compelling reasons people are investing in Greek property is its affordability. Greek properties are priced lower than other popular European holiday destinations but offer the same Mediterranean climate and lifestyles. Property prices in Athens, the mainland, and the islands have all experienced massive price rises in recent years, giving investors a great chance to add their portfolio value.
Greece’s infrastructure improvement has also boosted its property market. In recent years, the country has adjusted its governance to attract international investors, making foreigners feel more secure about investing in Greece. The digital infrastructure has also developed; investors can now obtain more information on properties online, making it easier for them to make wise choices.
The golden visa program has made it easier for people outside the EU to settle and invest in Greece. The scheme enables people to obtain EU residency rights by investing €250,000 in Greek real estate. This program not only opens the country to international investment, but it also offers benefits to its economy in terms of job creation and stimulating demand for local construction.
Finally, Greece’s tourist industry has a significant impact on the country’s real estate market. Greece is known worldwide for its beautiful countryside, sandy beaches, and ancient culture, providing holiday homes and rental investment opportunities for investors. Properties located in Greece’s premium tourist regions can be rented out to vacationers. This means that even when you’re not in Greece, your property can still be earning money and contributing to your bottom line.
In conclusion, Greece’s property market is booming with no signs of slowing down. The country’s resilience and economic growth, coupled with an improvement in infrastructure, investment in the tourist industry, and its golden visa program, are all reasons international investors should consider investing in Greek real estate. The time to invest in Greece’s real estate market is now; the opportunities and returns are massive, and the market is on a steady upward trajectory.