Greece Real Estate Market in 2024 - Why to Invest in Greek Properties

Greek Real Estate Market Attracts Investors in 2024 

Thus far, 2024 has been marked by global uncertainties, including conflicts in the Middle East and Europe, and an upcoming challenging election season in the USA. During these unpredictable times, the Greek real estate market remains resilient and alluring, offering a promising outlook for investors in 2024.

Greece, most notably with Athens and the island of Crete, surfaces as a leading player in the property investment arena. Specialist reports claim that Greece's Real Estate Market will have growth in 2024, due to the recent logistic investments in several regions of the country. The recent economic forecast by the European Union for Greece also projects GDP growth of 2,3% in 2024, creating a favorable backdrop for real estate expansion.

The Bank of Greece has also established comprehensive indices, offering a detailed residential and commercial property price analysis. These indices, characterized by their official implementation and contemporary methodology, deliver a punctual and consistent analysis of how lively the market is. This methodical approach empowers investors to make well-informed decisions.

One distinctive factor contributing to the market's appeal is the shift towards investments with higher added value. The focus on sectors like agri-food, transport, logistics, and software services indicates a strategic move towards diversification and sustainable growth. As the quality mix of investment projects improves, the Greek real estate market positions itself as not just a destination for capital, but a hub for innovation and value creation.

A recently released EY's Attractiveness Survey Greece study reaffirms Greece's continuing appeal for investors. The survey underscores the escalating competition for investments on both the European and international fronts, emphasizing the imperative to enhance efforts for bolstering the country's overall image. Based on insights from a survey of 250 companies, the research solidifies the nation's attractiveness for foreign investors.

Why are Foreign Nations Citizens Investing in the Greek Real Estate?

The Greece Golden Visa also plays a role in the growth of Greece's Real Estate market. Standing out as an appealing Residency by Investment initiative, the Golden Visa Program in Greece accepts Real Estate purchases as a qualifying option, attracting third-country nationals to embrace the charm of European residency. Renowned for its cost-effective entry point to the European Union, the Greece Golden Visa sets an initial threshold of €250,000 through real estate investment. This affordability, coupled with the stability of Greece's political landscape and robust economy, primarily attracts foreign citizens, offering an optimal location for a strategic relocation.

Despite being the best in the world in terms of healthcare, the United States also has one of the world’s most expensive systems. It is common for Americans to face bills demanding thousands of dollars as payment even for the simplest of medical procedures. Even those carrying health insurance still pay exorbitant amounts despite having good plans, not to mention co-pays and unknown, additional fees which further tally up the final bill.

This becomes a non-issue in Greece, as the country boasts a universal healthcare system, accessible to all residents, including for Golden Visa applicants. Private institutions exist and are aplenty as well, and their services are far more affordable than those practiced in the United States.

According to the authorities, Thessaloniki is one of the regions witnessing a surge in applications for the Golden Visa. In 2023, Israelis took the lead in number of applications, indicating a noteworthy diaspora tendency towards the country. The geographic proximity between both countries plays a pivotal role in Israelis contemplating a move to Greece, offering convenient options for travel via flight connections or ferry routes. The two nations maintain a robust transportation network, exemplified by numerous daily flights connecting Athens and Thessaloniki Airports to Tel Aviv-Yafo Airport. This seamless air route typically covers the distance in less than two hours, ensuring swift and efficient travel between the countries.

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Greek Residency not only unlocks the gates to the European Union but also bestows the privilege of visa-free travel to over 170 countries, including the 29 European Countries part of the Schengen Area. This strategic advantage enhances the program's appeal, making it an attractive choice for those seeking global mobility, such as Indian citizens. The requirements for obtaining the Greece Golden Visa encompass a wide range, with Greek authorities maintaining a consistent standard for investors, irrespective of nationality. Indian investors, like their counterparts from other countries, are subject to similar stipulations in this regard. Key prerequisites include presenting a spotless criminal record, acquiring a health certificate from a Greek hospital affirming the absence of communicable diseases, and providing documentation confirming the opening of a bank account in Greece, among other essential paperwork.

Athens & Greece are among the Best Markets for Property Investment

In 2024, Athens is emerging as one of the best areas in the world for property investment, offering a captivating market for investors seeking lucrative opportunities. The Greek real estate has positioned itself as a beacon of potential, drawing attention from both domestic and international investors. The Greek Capital's rich historical heritage and vibrant culture attract every day thousands of tourists, being one of the most touristy cities in the world. Its strategic geographical location also adds layers of attractiveness for investments, and in the middle of all this, the residential and tourist property market growth projection became a hidden gem for investors.

However, Athens has shed its previous image as a neglected and underdeveloped transit point for Greek island visitors, with its appeal limited to the Acropolis, the city has undergone a transformative journey, transcending its overlooked status to become a thriving hub for artists. Renowned for its raw charm and cost-effectiveness, the city has gained global attention due to the significant real estate developments and residential or touristic complexes being constructed in areas on the Great Athens, such as Piraeus and Peristeri.

For instance, Piraeus houses Greece's chief port, the 5th largest passenger port in Europe and the 24th in the world. This global dimension positions Piraeus as a highly sought real estate area, appearing as one of the best places for investments in Europe. Serving as classical Athens' ancient port, Piraeus has maintained its significance over the years, now thriving as an international hub. With excellent public transportation links, including tram, metro, and ferry lines to other Greek islands, Piraeus offers access to various attractions, public parks, museums, and the University of Piraeus.

Next to Pireaus, you can find a brand-new district, The Ellinikon, a €8 billion Real Estate project, considered to be Europe's greatest urban regeneration project, emerging on the grounds of the former Athens airport. This development marks the inception of the city's latest neighbourhood, promising significant changes and growth.

Crete as the Best Greek Island for a Real Estate Investment in 2024

One noteworthy hotspot within Greece's real estate market is the island of Crete. Receiving a massive investment in tourism and infrastructure, Crete is slowly becoming Greece’s the "next big thing" in 2024. Positioning itself as the most sought-after Greek island for property investment, the island's unique blend of natural beauty, cultural heritage, and a burgeoning tourism industry make it an amazing prospect. Investors keen on the tourism sector find Crete particularly appealing, given its consistent growth.

Rental rates can surpass 15 euros per square meter within the island’s premier districts. More precisely, the city boasting the highest rental costs is Chania, a captivating blend of Venetian, Turkish, and Greek influences, evident in its architecture, cuisine, and atmosphere. This enchanting Old Town, with its narrow streets, attracts thousands of tourists for its historic Venetian Harbor, and the unique maritime museum. Chania's charm lies in its ability to seamlessly weave together the old and the new. Specifically in the historic quarter at Chania's port, rental prices soar beyond 15 euros per square meter. Nea Chora in Chania secures the second position, with rental costs exceeding 10 euros per square meter in Halepa, and the Court of Chania.

In terms of real estate rates, Chania is succeeded by Heraklion, the capital of Crete. Heraklion stands as a bustling metropolis, harmonizing modernity infrastructure with historical wealth. Walking through the city’s ancient streets and discovering landmarks such as the iconic Heraklion Fortress or the Archaeological Museum is a must for all visitors. The city pulses with energy, offering a dynamic urban lifestyle, making it one of the best hubs for real estate investment in Greece.

Rethymno comes just after Heraklion and Chania when talking about profitable properties. With a more relaxed and romantic ambience, characterized by its well-preserved medieval old town. The Venetian Harbor, Fortezza Castle, and the scenic Rimondi Fountain showcase the city's historical allure. Rethymno's appeal lies in its quaint atmosphere, making it an ideal destination for those seeking a slower pace without sacrificing cultural heritage. Rental rates in Heraklion and Rethymno exhibit rents 10% to 15% more economic than those in Chania.

Greek Real Estate Market on the Rise - Rebounding from Past Recession

The Greek real estate market, on the whole, is experiencing a notable resurgence, bouncing back from the shadows of past economic downturns. A pivotal driver of this resurgence is the increase in rental prices, signaling a potent investment opportunity. As rental prices climb due to the increase of tourism and international investment in the industry, investors are presented with promising returns on their real estate portfolios. This upward trajectory in rental prices is a clear indicator of the renewed demand for properties, both residential and commercial, fuelling optimism in the market.

For those considering a strategic entry into the Greek real estate market, the Greece Golden Visa Program provides an avenue laden with advantages. This program offers investors the opportunity to secure residency by making qualifying real estate investments starting from €250k in the majority of the country's land. For Athens, Thessaloniki, and the islands of Mykonos and Santorini, the minimum investment is set at €500,000. The Greece Golden Visa’s appeal lies in its potential for capital appreciation, coupled with the added benefit of obtaining residency status in Greece.

The resilience of the Greek real estate market, plus proactive government initiatives, paints a promising picture for 2024. As the market rebounds from past challenges, Greece beckons investors with the promise of robust returns and long-term growth.

Investing in Properties through the Greece Golden Visa Program

In 2023, the Greece Golden Visa program saw a notable shift, doubling the minimum property investment to €500,000 in 36 municipalities, encompassing key locations such as Athens, Thessaloniki, and the sought-after islands of Santorini and Mykonos. However, sustained interest from wealthy investors has prompted government deliberations on further raising the minimum requirement. The initial surge was evident in Athens' central areas, where the Real Estate Investment route for the Golden Visa saw significant demand. Yet, suburban parts of Athens and Thessaloniki still offer the €250,000 investment option.

For those eyeing enhanced European Union mobility, who are discontent with their home country's situation, or aspiring to reap tax benefits, the Greece Residency by Investment Program emerges as a compelling solution. Greece presents a diverse range of properties, from traditional residences to modern houses, apartments, villas, and rural estates. A seamless investment journey requires legal assistance and guidance from real estate advisors, ensuring a bespoke property selection in an ideal location. Given the intricacies of financing options and tax implications, professional advice becomes imperative. Investment Visa provides expert guidance for prospective participants in the Greece Golden Visa Program.

As per reports from Greek media on February 22nd, the Greece Golden Visa is going to face changes in 2024, introducing three distinct price zones, although official confirmation from the Greek Government is pending. The proposed zones – Zone A, B, and C – each carry unique pricing and requirements. Zone A, anticipated to be set at €800,000, is likely to encompass strategic Golden Visa locations such as northern Attica, Athens, central Thessaloniki, and the islands of Mykonos and Santorini. There's even contemplation of extending Zone A to include Crete, the Cyclades, and the Dodecanese islands.

Zone B, featuring a suggested price range of €400,000–€500,000 (up from the current €250,000), may witness an uptick in minimum investment requirements, driven by increased international interest post the 2023 alterations to the Greece Golden Visa. This zone could cover areas like the Athens port region of Piraeus, the western suburbs of Athens, and the northern and eastern suburbs, including Gerakas, Ekali, and Markopoulo.

Conversely, Zone C will uphold the existing €250,000 price tag but might attract less affluent international buyers seeking properties in areas with less real estate appeal. The reduced investment comes with its challenges, primarily concerning difficulties in renting and reselling the property after completing the Golden Visa investment. Although these changes remain speculative, they highlight the dynamic evolution of the Greece Golden Visa Program.

How to Invest in Greek Real Estate with Investment Visa

Investing in Greek real estate with an Investment Visa is straightforward. Our expert team at Investment Visa will help you by providing the best options for a Golden Visa investment, or simply investing in a high return Real Estate property. With over 30 years of experience in Real Estate in Europe, our professionals specialize in assisting investors in obtaining Golden Visas from various countries worldwide, and placing investments in the best Properties, always thinking about the profitable return and the exit strategy. Fill out our query forms and let us guide you through the process of securing your Greece Golden Visa.

If Greece Residency by Investment does not align with your goals, feel free to contact us for information on alternative Residency by Investment and Citizenship by Investment programs in other European countries and the Caribbean. Our commitment at Investment Visa is to provide the highest quality of service, driven by a business-focused approach. We prioritize the needs of our investors, aiming to create a better financial future for our clients and their families. Count on us to navigate your investment journey with expertise and dedication.