Why you should invest in Greece
Beautiful landscapes and the economic benefits stemming from both a burgeoning tourism sector and strong public sector backing have made this country a strong investment hub for years to come.
The real estate market of Greece entered 2022 with a strong and positive outlook. Rising prices in the property market at the end of 2021 signalled a sturdy year for this gem of the Mediterranean. Confidence in the country’s property market has been sustained throughout the year, and now in Q4 of 2022, there are great reasons for profitability in Greece’s real estate market.
As a member of the European Union, Greece benefits from the European Commission’s plans to support its recovery and resilience plan. A guaranteed €30.5 billion has been earmarked for the period of 2021-2026 as Greece embarks on the Recovery and Resilience Facility (RRF). These involve grants and loans, which are part of the NextGenerationEU, that will focus on investment and reform measures to ensure that Greece’s economy will continue to improve.
POSITIVE OUTLOOK IN THE TOURISM SECTOR FOLLOWING INCREASED TRAVEL TRENDS AFTER COVID-19
Its turquoise waters, spectacular views, amazing cuisine, and rich culture have drawn tourists from all over the world to this Mediterranean paradise. Greece is one of the most sought-after travel destinations in Europe. With the lessening of restrictions following the Covid-19 pandemic, the country is now on its way to reclaiming its position as Europe’s topmost travel spots.
For investors looking to enjoy the spectacular sights of its islands, owning a property here can ensure travellers of their own piece of this paradise. For those who are on the hunt for a perfect home while exploring their business interests in the country, great choices await prospective homeowners in the central part of the country or along the Mediterranean. Athens ranks as the topmost choice among foreign investors. A much-improved transport network makes for easy movement from the outskirts to the city’s business district. Being a hotspot for tourists, renting out one’s home here will bring great returns as more travellers are getting back into the vacation groove after the pandemic.
GOVERNMENT INITIATIVES TO STRENGTHEN THE PROPERTY SECTOR
The real estate market of Greece has been enjoying a significant increase in Q3 of 2022. This is due mainly to the expanding economy and an increase in foreign interest. Real GDP rose in Q1 2022 by 2.3%, owing largely to private consumption and investment. Benefitting from the Recovery and Resilience Plan, government projects have increased by 3.1% in 2022.
According to Ernst & Young Investment Report 2022, Greece has attracted more foreign direct investment this year. Furthermore, EY’s survey for Greece has also shown that the country’s perceived attractiveness has improved at 62%. This signifies that public perception of Greece as a viable location for business has improved and will continue to improve in the next two to three years.
EMERGING REGULATIONS THAT SUPPORT SAFETY IN PROPERTY INVESTMENT
With the right investment, foreigners can easily avail of the golden visa programme of Greece, which entails a property investment of €250,000 for a renewable five-year resident’s permit, which is a considerably lower investment for the resident visa compared to other countries.
Foreigners can own any real estate property – apartments, homes and commercial properties, these are available for investors. All foreigners must pay taxes on their properties. Taxes also have to be paid on income from the rental of properties.
Such strict requirements ensure that rewards are promising. Investors who rent out their properties in Greece enjoy up to 4% in profit for homes and even more than 9% for hotels. Overall, owning a home in Greece is undeniably a treat for anyone who seeks to enjoy the idyllic life of this Mediterranean paradise.
It is best to hire the proper experts when investing in Greece to ease the country's property ownership transition. Property Legacy can help you make sure that you can optimise these benefits in a simple and straightforward manner
