Are you searching for a heavenly paradise? Look no further - Greece is the answer to your prayers. The Mediterranean country radiates with beautiful sunshine and boasts of its long-standing cultural and historical gems that make it an ideal destination for tourists, travelers and expats alike. Come explore the mesmerizing beauty of Greece!
Are you ready to fulfill your dreams of living in a vibrant city such as Athens or Thessaloniki, or perhaps an idyllic Greek isle? If so, then it's time to begin researching the purchase of real estate in Greece.
In Greece, owning a property is the norm - with over 75% of citizens having their own homes due to a rich culture centered on family and generational ownership. However, there are still plenty of properties readily available for purchase so you can easily capture your very own slice of Greek heaven.
Ready to buy property in Greece? Look no more! This guide will provide you with the essential information that you need to make an informed purchase decision. Finally, owning Hellenic real estate is just a few clicks away!
Wondering what the real estate market looks like in Greece?
The Greek economy has had a tumultuous recent history, plummeting in 2009 and still feeling the effects today. The current coronavirus pandemic has exacerbated this turmoil, making it possible for shrewd buyers to acquire property at an attractive price - but of course there are risks involved too.
Following momentous growth in 2019, house prices across Greece remain on an upward trajectory - albeit slowly. Specifically, city areas of the country experienced a slight 3.38% rise in price during 2020 (5.38%, if adjusted for inflation)!
As our economy slowly recovers from the pandemic, there is hope that the real estate market will experience a surge of activity.
Are international buyers allowed to purchase real estate in Greece?
While EU residents face almost no restrictions when acquiring property in Greece, non-EU citizens have to prove their connection with the country and demonstrate intent for use. This application is submitted to the Ministry of National Defense via documents and other proof of usage intentions. Although challenging, it's achievable if you meet all requirements!
Buying property in Greece after Brexit
Following the UK's official departure from the EU, acquiring Greek property has become a bit more troublesome for British citizens. Despite that, they have been granted permission to purchase and own real estate as well as rent it out according to their will. It is noteworthy though that there might be some regulations with several administrative processes involved along the way. Fortunately, non-EU residents including Brits are now eligible for Greece’s Golden Visa program which we shall delve into shortly.
Are there any residence opportunities if I purchase property in Greece?
Investing in real estate in Greece offers a unique opportunity to reap the benefits of their Golden Visa scheme. By meeting certain criteria, such as purchasing property worth €250,000 or more and having health insurance coverage with no criminal record, foreigners can acquire a five-year residency permit! Plus you get to enjoy all that life has to offer living abroad – why not take advantage?
Obtaining a Golden Visa not only allows you and your family to live and work in Greece, but also gives you the freedom to rent out the purchased property if desired. Thus, granting holders with both long-term residence status and greater financial flexibility.
By settling down in Greece, you may apply for citizenship after a span of seven years living there. Conversely, if that isn't the option for you, just renew your residency permit instead!