Buying Property in Greece

Greece Becomes a Favorite for Property Purchases Among Britons and Germans

The ongoing coronavirus pandemic, with no clear end in sight, is prompting affluent individuals to seek, quite literally, a place in the sun where they can both enjoy a good rest and weather uncertain times.

The global pandemic has raised a critical question: "Where in Europe can one find a relatively safe place to live?" In this context, owning a home in a country with a relatively low infection rate becomes an obvious choice.

Greece is an excellent option! Observers from the German publishing house Deutsche Welle (DW) have noted an exceptionally high surge of interest in purchasing real estate in this Mediterranean country.

Welcome to Greece!

Among European resort countries, Greece has successfully managed to overcome the peak of the pandemic thanks to well-implemented quarantine measures. For a significant period, the country has seen no increase in new cases, and the number of recoveries has doubled compared to the number of active cases.

Thus, after the resumption of air travel with the United Kingdom in late June, over a million search queries appeared on airline websites, with bookings made through the end of summer.

Reasons for the Surge in Interest in Greek Real Estate

DW journalists highlight that while the virus rages in many developed countries, including the U.S., Greece remains a relative haven. This country boasts a great climate and beautiful nature, is located close to other developed EU countries, and real estate here is still significantly cheaper than in neighboring countries.

Wealthy seekers of a safe retreat are eager to take advantage of this opportunity, showing interest in local real estate and planning to purchase Greek homes and villas for personal use. The surge in demand has been particularly driven by British investors, who, over a few summer weeks, increased demand for housing in Greece by 200%. The lifting of the ban on flights from the UK to Athens on June 15 also contributed to the frenzy.

Interesting Fact! Coincidentally, during these same days, the British film "The Trip to Greece" was released, perfectly fitting into the emerging trend and adding its share of dynamism.

German investors are also not lagging behind their northwestern neighbors. In recent months, their investments in Greek property have grown by 50%, with Germans preferring to buy properties in popular Greek resorts: Peloponnese, Crete, and Corfu.

Important! British investors, considering the UK's exit from the EU, are now actively buying real estate in "warm Europe": Spain, Portugal, Italy. They aim to secure EU resident status in time. However, Greece leads in terms of demand, with property prices playing a significant role.

Real Purchases Yet to Come, but Greeks Remain Hopeful

Greek realtors note that most of the inquiries for housing have not yet turned into actual deals. Still, they, along with the government as a whole, hope that such demand will help at least partially offset the damage the country has suffered due to the pandemic and the collapse of the tourism industry. As is well known, tourism revenues account for about 20% of Greece's GDP.

Owning an Apartment is More Reliable

But there is a big difference between a short stay in a hotel and the ability to come at any time, having purchased or rented a property in Greece. Wealthy Europeans from less epidemiologically favorable countries understand this well. As a result, according to analytical data from one of the largest UK real estate portals, the demand for Greek property among Britons increased by 200% in just a few weeks in July!

Prices of Residential Real Estate in EU Countries €/m2

Germans are also not far behind, doubling their recent property purchases in Crete, Corfu, Peloponnese, Amorgos, and other tourist-attractive regions of Greece. Swiss, French, and Austrian buyers are also actively interested in Greek villas.

Greece attracts investors from developed European countries with more than acceptable costs and promised discounts.

By the way, British applicants have another reason to invest in other European countries: since the UK will officially leave the European Union at the end of the year, its citizens who own property somewhere in Greece will be able to remain EU residents.

Immigration Options

Recently, Greece has skillfully combined its rich culture with a recovered post-crisis economy. Migrants from third countries favor Athens for many reasons. In 2013, another very compelling reason appeared on the horizon: the "Golden Visa," or investment residency—an excellent way to replenish the state treasury and attract wealthy migrants.

Among all European countries, Greece's program is the most loyal and financially beneficial. The holder of a "Golden Visa" has the right to permanent residence in Greece and free movement within Schengen states.

Next, we will explore the most reliable and proven ways to immigrate to Greece, clearly outline the rules, and support this with a legal framework.

Method 1: Investment in Real Estate

This method suits wealthy individuals who wish to kill two birds with one stone. By purchasing real estate in Greece, you not only secure a permanent place of residence but also multiply your assets. The Greek real estate market is steadily growing in value, as evidenced by our infographic at the end of the article.

This means that over time, you and your family will not only obtain a Greek passport but also be able to sell significantly appreciated property.

Discussion of Details

The minimum investment amount is 250,000 euros.

There is no limit on the number of properties. This means your investment can be divided into properties for personal use and those that will bring solid dividends.

The investor has the option to enter into a 10-year leasing agreement, with subsequent installment payments for the property. In this case, Greek banks will ask you to provide proof of your financial standing.

Property can be acquired either directly (purchase and transfer to your ownership) or through a share in a business that owns real estate. You also have the right to split your investment equally with a family partner.

You also have the right to repatriate up to 10 relatives to your new homeland. Each of them will receive a type "D" visa.

After obtaining a Greek passport after seven years, you have the right to sell all acquired property. However, you can rent it out immediately after purchase.

There is also no location restriction. Property can be acquired both on the mainland and on the islands.

Method 2: Investment in Development

This option suits those who do not want additional paperwork. By paying a check for 250,000 euros, you invest them in the sector of the economy most significant to you.

The rules for such investments are straightforward. A minimum amount of 250,000 euros, and a guarantee that the investment will go into a project aimed at improving the country's culture and economy.

Before investing, the Greek government will assess the project's chances of success. The number of jobs and innovations created, the involvement of national production and raw materials, as well as the final financial return—each of these points will be considered when deciding on the investment.

After confirmation, you receive a "Golden Visa" for five years, with the possibility of residence and movement within the European Union and Greece. After seven years, you have the right to obtain Greek citizenship.

Method 3: Investment in Venture Capital

This option is suitable for those who see potential in Greece's market relations. The minimum investment amount is higher than in the previous methods, but with risk comes the greatest reward.

The minimum investment amount is 400,000 euros.

You have the right to invest your funds in companies registered and paying taxes in Greece. The exceptions to the rules are large holdings and real estate companies.

By investing money in securities and shares, you have the right to actively trade on the stock exchange. Regardless of the conditions, your portfolio must maintain a total value of 400,000 euros or more.

You also have the option to invest in Greek government institutions and bonds. In this case, the duration of your "Golden Visa" will be reduced to three years.

Overall Conditions for Obtaining a "Golden Visa"

• Holding the property in full or joint legal ownership throughout the residency period (five years).
• Maintaining contracts, securities, and assets at the initial amount throughout the residency period (five years).
• No criminal record in Greece or the home country.
• Comprehensive medical insurance coverage for the investor and their family members (if applicable) for the entire residency period (five years).
• The program participant does not have the right to work, except for investments and securities trading to maintain the value of their portfolio.

Real Estate Market and Infographic

Based on the latest available data, Greece maintains a stable and growing economy. Despite the crisis of 5-10 years ago, the government has deftly and enterprisingly brought the country out of recession. Experts believe that even the COVID-19 epidemic will have little impact on the economy and the sociological advantages of Athens.

In the graphs below from expert sources, you can see that the Greek real estate market is confidently appreciating. With a successful investment now, you will receive substantial dividends, as well as citizenship in this warm Mediterranean country.

Conclusion

Greece is an ideal candidate for a successful entrepreneur from a third country to start a new, discovery-filled life. The cradle of civilization, excellent cuisine, booming tourism, and a growing economy. Once you visit Greece, you’ll want to stay forever. And there's nothing wrong with that.