Greece’s property market has become increasingly popular among foreign investors over the last few years due to a number of factors. From its picturesque locations to low prices and favourable tax laws, there are numerous reasons why investing in property in Greece can be a sound financial decision.
Firstly, Greece boasts some of the most stunning locations in Europe – think white sandy beaches, crystal-clear waters and idyllic islands. Properties located in high-demand areas are perfect for rental purposes, particularly during peak tourist seasons. Tourists from all over the world visit Greece for its rich culture, year-round sunshine and amazing sea views, making it a potentially profitable investment.
Secondly, property prices in Greece remain low, especially compared to other European countries, meaning investors get more for their money and can achieve potentially higher returns. Greece’s financial crisis has led to a significant drop in property prices in recent years, with some locations experiencing a decrease of up to 50%.
Another reason why Greece’s property market is attractive to foreign investors is the favourable tax laws. Non-EU citizens who invest in property worth €250,000 or more, are granted a 5-year resident permit, which can later be renewed indefinitely, providing they maintain the required investment value. This offer is a huge incentive for foreign investors, as it offers a way to gain residency in Greece and unrestricted travel within the Schengen area.
Finally, Greece has a well-established real estate market, with professionals who are experienced in the buying and selling of property to foreign investors. Greece is known for its transparency and efficient land register system, and all property transactions are conducted in front of a competent notary, ensuring security and protection of investors.
However, although Greece’s property market is a haven for foreign investors, as with all investments, it is essential to approach it with caution. It is advisable to carefully research properties and locations, and to seek professional advice from experienced lawyers, accountants and property consultants.
In conclusion, Greece’s property market is a lucrative investment for foreign investors, offering stunning locations, low prices, favourable tax laws and a well-established real estate market. With caution, investing in the Greek property market could be a sound financial decision and a lifetime opportunity to own a home or invest in a profitable rental property.