Real estate agents in Greece say that the main factors behind this massive spike in interest in Greek real estate aside from the improved financial stability in the market, is the expectation of considerable returns from short-term rentals and the success of Greece’s Golden Visa program.
Real Estate Investment In Greece
The inflow of foreign capital for the acquisition and development of real estate in Greece showed an annual increase of 130 percent in the first quarter of the year, according to data published recently by the Bank of Greece.
This is a clear indication that this year foreign investors will be at the forefront once more of boosting demand for property in Greece. If the existing pace of property purchases continues throughout 2019, the year will end with total inflow of funds coming to 3 billion euros breaking previous records.
In 2018, the amount of money placed in the local property market rose 172 percent from 2017, to reach about 1.3 billion euros. In 2017, an estimated 300 million euros came into Greece for the acquisition of properties.
What is the Gold Visa Program
The Golden Visa Program requires a real estate investment of €250,000. The investment can be made in land, off-plan, new or resale properties as long as the minimum value is met. Investors have the right to sell the property before the expiration of 5 years to another foreign citizen, who can also apply for permanent residency, however, the original investor must forfeit his permit to do so.
Easy Process To Obtain The Greece Golden Visa
1) Issue Entry Visa and Visit Greece To Find The Right Property
2)Purchase Property And Signing The Sales Agreement (and any power of attorney documents if needed)
3) Filing Documents For A Greece Golden Visa through an attorney
