If Europe is on your list of places to explore, but you are worried you can’t afford it, a visit...Read more
Capital City: Athens
Capital City: Athens
International Dialing Code: +30
President: Katerina Sakellaropoulou
Greece, the cradle of Western civilization, had a rough couple of decades. After a national debt of about 341.1 billion euros, an unsustainable spending spree that needed to be cut, a crashing economy, and billions in bailouts… the worst seems to be over.
In August 2018, the country finished its eight-year bailout program. It looks like the crisis that engulfed Greece for so long has come to an end, and it’s slowly but surely heading to better places. The economy has kickstarted once again, the country’s debt decreasing every year, and its budget surplus has been increasing year after year since 2015.
It’s becoming increasingly evident that with the recovering economy, now is the right time to enter Greece’s real estate market.
Greece is bordered to the east by the Aegean Sea, to the south by the Mediterranean Sea, and to the west by the Ionian Sea. Only to the north and northeast does Greece have land borders. From west to east, Albania, the Republic of North Macedonia, Bulgaria, and Turkey.
As locals have modestly let us know, Greece is the best place to be and to invest in right now. That might sound biased, but they’re not far off. In Greece you’ll find some of the friendliest people, with a culture based on the highest respect for their families, and especially, their elders. This is clearly shown in their disciplined reaction to their government’s measures toward the global crisis.
In this Mediterranean country you’ll find great weather and mostly sunny skies year-round, and the cost of living is significantly less than in many of its European counterparts.
The big plus here is that Greece hosts the most affordable Golden Visa in Europe. To qualify for a residence permit, you must purchase one or several properties that would total at least 250,000 euros. The country’s rival markets of Spain and Portugal have thresholds set at 500,000 euros. It even rivals Latvia, which visa might also cost 250,000 euros, but investors can only purchase one property.
The Greece Golden Visa is the most advantageous one in Europe; you don’t even have to visit the country after making your purchase. You’re only needed in-country when renewing it.
You might not be able to become employed in Greece with this visa, but if you’re interested, you can start your own business. Many opt for businesses like restaurants and small shops.
Athens is still the country’s tourist capital. The number of international tourists visiting Athens has been steadily increasing since 2013. This has a lot to do with still being a more accessible option compared to other tourist hubs like Paris, Rome, Barcelona, Amsterdam, London, and Dublin.
Greece’s capital city already generates 19.9% of the country’s GDP, which is more than any other EU capital. Since the first quarter of 2017, its GDP has been steadily increasing. In 2019, it grew by 2%… its highest growth since 2007.
Greece’s property market is on the rise. Once completely in shambles and after nine years of falling prices, the housing market in this country is growing with its improving economic conditions.
With a new government that has proven to be operating well, with great reaction to crisis, Greece places itself as a top location and proves to be one of the best options to diversify your portfolio.
As the COVID-19 pandemic continues to keep people from moving about as freely as they could before, real estate buyers are making adjustments. Our developers and real estate contacts are reporting that investors are buying sight unseen… or at least unseen in person. Even second home and retirement home buyers are buying without boots on the ground. Global Property Advisor Director Lief Simon says, “I’m personally waiting to go visit some places in person to see what COVID-19 opportunities may...Read more