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4 reasons to buy an apartment in Greece

48% of respondents consider the prospects for investment in the Greek real estate market in the next five years to be good or excellent – a survey by NAI Hellas consulting company 52 experts from the international investment market in 2017 showed. Compared to 2016, the number of those who are willing to consider investing in this market has doubled. Real estate in Greece is again becoming attractive for foreign investors for several reasons.

Residence permit when buying property
Among the European programs for obtaining a residence permit for investments is Greek – the most profitable: Greece issues “golden visas” to buyers of one or more real estate objects worth 250 thousand euros. Taking into account the fees and costs of a visa, a Greek residence permit is cheaper than the others: for example, in Latvia, to obtain a residence permit, when buying property, you also need to invest 250 thousand euros, but the investor pays a fee of 5% of the property value, and Thus, the minimum value of investments rises to 262.5 thousand euros. In other countries, “golden visas” are more expensive: in Cyprus it is required to invest from 300 thousand euros, in Portugal – from 350 thousand, in Spain – from 500 thousand.

During the term of the program “golden visas” in Greece, more than 900 Russians received – the most popular is the Greek program only in China, which accounts for more than 2.5 thousand issued by the residence permit
During the term of the program “golden visas” in Greece, over 900 Russians received – the most popular is the Greek program only in China, which accounts for more than 2.5 thousand issued by the residence permit Farsai C. / Unsplash
Under the terms of the program, the Greek residence permit can be renewed every five years if the property remains in the property of the investor. Together with the main applicant, his entire family receives a residence permit: a spouse, parents of both, and children under the age of 21. An investor can live in Greece all year round or not come at all. The Greek “golden visa” allows you to travel without visas to all countries of the Schengen zone.

The popularity of the Greek program is growing: according to the company Enterprise Greece, in 2017, 33% more “golden visas” were issued than a year earlier. As of May 2018, 2,639 Greek residence permits were issued to foreign investors from the beginning of the program.

Tourist boom
Greece is one of the most visited countries in the world. According to the World Tourism Organization (UNWTO) for 2016, it is one of the destinations where the number of those who came to rest in Greece exceeds the number of local residents: there are on average two tourists per Greek. According to the Bank of Greece, the number of foreign tourists in the country increased from 16.9 million in 2012 to 30.2 million in 2017. According to the World Tourism and Travel Council (WTTC), the number of international arrivals in Greece will increase to 42 by 2028 , 5 million

According to the WTTC, the contribution of tourism to the economy of Greece in 2017 amounted to 20% of Greek GDP
According to the WTTC, the contribution of tourism to the economy of Greece in 2017 was 20% of Greek GDP nick-karvounis / Unsplash
According to estimates by research company Euromonitor International, today Athens is the second city in Europe in terms of growth in the number of tourists: the number of arrivals from abroad in 2017 was 5 million, 10% more than in 2016. According to forecasts of this organization, the number of foreign tourists in Athens by 2025 it will grow by 30% to 6.5 million – more than, for example, in Paris (23%) or Barcelona (17%).

The tourist boom in Athens is good news for real estate investors. Apartments in the city center are in high demand among tourists: according to the AirDNA service, which processes data published on Airbnb, if in April 2017, 16 thousand guests booked accommodation in Athens through Airbnb, then in April 2018 – already 21.6 thousand. , 34% more. The average rental price in the summer months is 50 euros per night; average occupancy is 70%.

Monthly proceeds from the delivery of real estate for short term rent in Athens
End of crisis
The global financial crisis that began in 2008 and the deficit of the state budget of Greece resulted in an economic collapse throughout the country. However, since 2010, the Greek government has taken many measures to reduce public debt and restore the country’s economy. They began to produce results: after an eight-year recession in 2017, Greek GDP grew four quarters in a row, and, according to forecasts of the European Commission, Greece’s economy will continue to grow by 2.5% per annum in 2018 and 2019.

According to the CEO of Deutsche Bank John Krayan, in Greece “the light at the end of the tunnel is finally visible.” He gives a positive outlook for 2018, “but the road to full recovery will be long and difficult”
According to the CEO of Deutsche Bank John Krayan, in Greece “the light at the end of the tunnel is finally visible.” He gives a positive outlook for 2018, “but the road to full recovery will be long and difficult”

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