Portugal vs. Spain vs. Greece: Where to Buy Property?

The only question that remains is where to relocate and where to acquire a new house. There is an answer that is never wrong: Southern Europe. It has always been among the most-coveted and sought-after regions in the world both for settling down in a new country or just for going out on vacation, and with good reason. With a varied, tasty cuisine, high levels of security and standards of living, as well as a year-round comfortable climate, Southern Europe has become the new home for countless expats. Out of all the countries in this area, Portugal, Spain and Greece have always stood out. Each of these individually unique but remarkably similar countries will undoubtedly satisfy and immerse you in a whole, new world of incomparable relaxation.

But which country to choose? There are always key factors to consider when deciding which country to relocate to, and Portugal, Spain, and Greece are no different. Continue reading on to uncover more about them and discover the best country for you to buy property and start a new life.

Portugal: The Trendiest Country for Residency

In recent years, Portugal has truly become a force to be reckoned with, increasingly gaining more and more international relevancy. Year after year, Portugal garners more tourism accolades, with cities like Lisbon and Porto, and entire regions like the Algarve standing out in fields such as the best destinations for city and beach tourism. But it is not just tourism, as Portugal steps up, and is increasingly chosen as the host to receive international events.

All this, plus tax benefits and a wide variety of incentives the government puts out to attract foreign investment truly make Portugal a hotspot, and the country to be in right now. The Real Estate market is booming, with several new and refurbished properties available on the market.

Despite having had the option to directly purchase Real Estate as a path to qualify for the Golden Visa program discontinued, Portugal remains an excellent choice to invest, especially through Real Estate properties. Residency in Portugal is still possible to be obtained through property investment, including the now-leading Portugal D2 Visa. Also known as the Business or Entrepreneurship Visa, this program is aimed at the creation of new businesses or branching out existing businesses in Portugal.

Furthermore, Portugal is an extremely safe country. When choosing an abroad destination, whether to buy or invest in property, establish a Second Residency, or go on a vacation, one of the key aspects to consider is safety. The Global Peace Index, which is a yearly comprehensive study conducted by the Institute for Economics and Peace, evaluates each individual country’s level of global peacefulness. To achieve this, they consider multiple aspects, and the two most important are the level of societal safety and security and the extent of ongoing domestic and international conflict. In 2023, Portugal ranked #7. In comparison, Spain placed #32 and Greece positioned at #60. This is not to say Spain and Greece are unsafe by any means, as they are still highly safe countries, and it just serves to highlight that Portugal is truly a peaceful country, and you will undoubtedly feel the safest when roaming its streets.

Spain: The Best Country for Vacations

Spain is the second-most visited country in all of Europe, and there is no shortage of reasons behind this. With a laidback approach to life being among the leading, daily life in Spain starts and ends later, and this echoes across all aspects of life. Millions of visitors worldwide come to Spain to experience this for themselves, embrace newfound levels of relaxation, learn not to take life so seriously, have unparalleled amounts of fun, and of course, taste the savory Spanish cuisine, known for tapas and paellas, truly making Spain a once in a lifetime experience.

But it does not have to be. Whether in Madrid, Barcelona, or the famous Balearic Islands, the Spain Golden Visa is the premier way to obtain Residency, especially through the acquisition of Real Estate, making the dream of a vacation in Spain your everyday life.

Plus, Spain is the sunniest country in Europe. Feeling the sunlight warming up our skin is among the best feelings in the world, and you will not have any lack of vitamin D if you move to Spain. Sunshine brightens our lives in every sense of the world, and when the dreary winter arrives, Spain still basks in the sun, despite the shorter days.

Among the top sunniest cities in Europe, both Lisbon, the capital of Portugal, and Athens, the capital of Greece, make the list. Athens comes out on top, with an average of 335 hours of sunlight in any month, though Lisbon does not lag behind either, with an average of 320 hours of sunlight. However, in the same list, accounting for the top 30 sunniest cities in Europe, Spain dominates entirely, with 12 cities on the list. The title of sunniest city in the continent belongs to Alicante in Spain, with an average of 349 hours of sunshine per month.

But it is not just the sun. Due to a clear size advantage, with its territory much larger than both Portugal and Greece, Spain is the most climatically diverse country in all of Europe, which means it is ideal not only for summer escapades but also for cozy, winter holidays in luxurious ski resorts or relaxing chalets in the mountainous Pyrenees.

Greece: The Best Residency by Investment Program

Greece has the bragging rights when it comes to history. Serving as the cradle of democracy and modern Western philosophy, it is impossible not to feel as though you have traveled to the past when visiting Greece. Not to mention, Greece is the country that inspired the Mediterranean lifestyle. The ideas and notions of a more relaxed take on life, strongly focused on family and friends, and a more fresh, varied diet, heavily centered around olive oil, are very much alive in Greece and are a cornerstone of Greek culture.

Right now, moving to Greece and living this for yourself has never been easier. The Greece Golden Visa is the best Residency by Investment program in Europe and presents the opportunity to gain Residency status through the purchase of Property starting at €250,000.

While the European Union houses some of the world’s most powerful economies, the countries in Southern Europe tend to be more modest. Portugal, Spain, and Greece are no exception, with an obvious lower cost of living. Greece, especially even more so, across all levels, including property prices, transportation, food and services, entertainment and landmarks, among others. This is fundamental for every expat seeking to establish a second Residency abroad.

Combining this with a lower rate of inflation in the European Union, and the fact that, in 2023, the EURO entered a depreciation trend against the U.S. dollar, makes Southern Europe an even more enticing proposal for expats.

The Real Estate market is a fair indicator of each country’s economic status, as the availability of higher-priced properties tends to reflect a higher power of purchase from the population. In this sense, both Portugal and Spain while still affordable, are more expensive than Greece.  Following this, many other essentials for everyday life come across as more affordable in Greece, especially in the rural areas of the country.

Portugal vs. Spain vs. Greece: Which One to Choose?

Portugal, Spain, and Greece are all fantastic choices for buying property and settling in a second residency abroad. Despite each being as unique as the other, the countries are similar in many ways. Besides being in Southern Europe, they share plenty of the same cultural traits, have close types of cuisine, and are, overall, considered secure, stable countries with sunny climates and an affordable cost of living. More importantly, they are all member states of the European Union, part of the Schengen Zone, and share the EURO as the same currency.

Even if each country has its own complexities, with its own legal system and framework, the benefits tend to be the same, which means there is no significant downside in choosing one country over the other. Portugal, Spain, and Greece all grant their Residents visa-free travel, access to a higher standard of living, education and healthcare, and achieving the status is possible through an investment in Real Estate.

The deciding factor relies solely on you. If you have any questions, doubts or concerns, reach out to Investment Visa. We have a team entirely dedicated to advisory services, and their expertise has guided hundreds of investors worldwide to Residency and Citizenship across the entire world. Choosing Investment Visa is the first step in securing a brighter future for you and your family!