Greece has not yet managed to fully handle the crisis consequences. Although the real estate prices keep dropping, analysts forecast change in the real estate market tendency, with the square meter price having decreased only by 1% in comparison with 2016. This is a record slowdown in a 10-year period. Over the past 8 years, the property was on average getting 6.5% cheaper every year.
From January to March 2017, apartments fell in value by 1.9%, and from October to December — only by 0.3%. In Athens the housing cost decreased only by 0.1.% within this period in comparison with the same term in 2016. Generally, the price drop does not appear as devastating as before: prices in the capital from April to December remained unchanged, while in the other regions of Greece the price per square meter even increased.
Tranio analysts allege that the country’s real estate will start getting more expensive from the beginning of 2018. Now is the best time to purchase property on the Balkan Peninsula before the prices grew even higher.
The volume of foreign investment into the Greek real estate is also growing. In the first half of the year, the volume of real estate sales totaled €135,000,000. Experts explain the popularity of Greece among foreigners by good return on the invested capital.
There are 3 reasonable options of investing into Greece and getting income in euros:
- Purchase of apartments and villas for rent. Since Greece is a world famous resort with developed tourist infrastructure, it enjoys a good flow of tourists. Landlords receive income in the amount of 7% per annum.
- Loan secured by real estate, with an interest rate of 8% per year.
- Investment into a business project as a partner. The investor’s annual income corresponds to 15%.
However, the major driver for one purchasing property is the opportunity to receive European residence.
Golden Visa Greece program: Conditions, costs, statistics
One of the fastest and least expensive options of getting European residence is Golden Visa program offered by Greece. The country residence allows one to remain in the territory of Greece the unlimited number of days
Greece’s residence by investment program was launched in 2013. According to the data by Greek Travel Pages, starting from the program launch to October 2017, over 2,000 applicants became country residents.
Golden Visa holder gets a wide range of advantages:
- The right to travel visa-free to all the 26 Schengen countries. The ID card holder does not have to fulfill the standard requirements to receive visas.
- Residence for the whole family. The law provides for the opportunity of submitting a collective application. The investor can get residence together with a spouse, children under 23, parents and grandparents.
- Fast processing. The status is issued within 2-3 months.
- Access to European educational institutions, progressive healthcare standards and reliable banking system.
- No need to permanently live in the country.
- The resident status is issued for a 5-year term, with the opportunity to extend it for another 5 years, this procedure can be repeated an unlimited number of times.
It is worth pointing out, however, that Golden Visa Greece program also imposes a number of limitations. The received status does not give the investor an opportunity to be employed. One should also be owning real estate in order to have one’s resident status renewed. Anyway, the investor may sell a purchased villa or an apartment after buying a new object of the equal market value.
In order to participate in the immigration program, the applicant must purchase one or several real estate objects for the minimum amount of €250,000. Moreover, the candidate should be ready for additional expenses, including the duty for residence issuance (€500 for each adult candidate listed in the application), health insurance (at least €300) and the expenses connected with the real estate agreement execution (approximately 10% of the object price).
The investor has the right to receive income by renting out the property.
Adult citizens of non-European countries ready to fully comply with the investment requirements are allowed to submit applications. The main reasons for rejection are a conviction record, tarnished reputation and/or credit history.
Can Greece’s resident status holder receive the country citizenship in the future? Yes, but only in accordance with the general procedure. First, one should change temporary residence for a permanent status, which becomes possible only after a 5-year period starting from the moment of temporary residence application approval, and under the condition that the candidate spent at least 183 days per year in the country. A countdown towards the moment of citizenship application issuance starts only after the permanent status is approved — another 5 years. Thus, one receives the opportunity to become the citizen of Greece, and the EU respectively, only in 10 years.
The residence of Greece is a tempting option allowing one to settle in the EU. At this stage, Greek real estate market offers favorable conditions for those interested in getting residence, with housing prices being low now, but with experts forecasting an increase in 2018. It is not just an affordable, but also a beneficial solution in terms of investment with the further perspective of getting income.
Interested in more detailed information about Greece Golden Visa? Contact us!
- We offer free consultations, understanding how important it is for the client to make the only correct decision.
- We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
- We work only with official programs of the European Union and the Caribbean countries, which were approved in terms of legislation.
- Before signing the contract, we inform our clients about all additional fees and expenses.
- We conduct a screening to assess the investor’s chances of obtaining a status.
- We oversee the process at each stage and work exclusively towards the result.
- We are in touch 24/7.