According to the latest insights from Excelion, Greece is emerging as a highly attractive market for real estate investments. Motti Gruzman emphasizes the strategic advantages of investing in Greek property, with Vladislav Nemirovsky from MGR Capital highlighting the significant benefits for investors identified in their recent market analysis.

Greece has experienced a fluctuating economic history, yet it is now on a path to recovery and growth, with the real estate market showing strong signs of revival. This resurgence has drawn the attention of both domestic and foreign investors, making Greece an attractive destination for real estate investments in 2024. In this article, we will explore the benefits of investing in Greek property, the reasons behind its rising appeal, and why it could be a promising opportunity for your portfolio.

Low prices and high returns

One of the primary advantages of investing in Greek real estate is the relatively low property prices compared to other European countries. Following the economic downturn that Greece faced in the past, property prices have significantly declined, making it an ideal time to invest. For instance, as of August 2023, the average price per square meter in Athens was approximately €2 876, while cities like Paris, Berlin, and Rome saw prices substantially higher, reaching €10 200, €5 100, and €4 900, respectively.This affordability allows investors to acquire high-value properties at lower costs, with the potential for impressive returns as the market continues to recover. The Greek real estate market is expected to grow, driven by factors such as a recovering economy, rising tourism, and government incentives aimed at boosting investment.

Strong tourism industry

Greece is world-renowned for its stunning islands, rich history, and breathtaking landscapes, making it a top destination for millions of tourists each year. Popular areas such as Athens, Santorini, Mykonos, and Crete see a high influx of visitors, creating strong demand for rental properties. Investing in vacation rentals or hotel properties in these areas allows investors to capitalize on Greece's thriving tourism sector, providing a stable source of revenue. The continuous influx of tourists ensures a high occupancy rate for rental properties.

Golden Visa program

The Greek Golden Visa program is another compelling reason to invest in the country’s real estate market. Launched in 2013, this program offers residency permits to non-EU citizens and their families who invest at least €500 000 in Greek real estate. Over the years, it has attracted more than 10 000 investors from countries like China, Russia, Turkey, and the UK, significantly boosting foreign investment in the real estate sector.The Golden Visa program not only provides residency but also the freedom to travel within the Schengen area, making it highly appealing for international investors. The visa is valid for five years and is renewable as long as the property investment is maintained, offering long-term benefits for investors and their families.

Potential for capital appreciation

As Greece's economy stabilizes, the real estate market shows substantial potential for capital appreciation. Property values are expected to rise steadily as the country rebounds from its financial crisis, which means early investors could gain significant returns over time. The upward trend in property prices, particularly in urban areas like Athens and Thessaloniki, where prices have increased by 14.05% and 16.37% respectively in recent years, indicates a promising future for property investments in Greece.

Favorable government policies

The Greek government has introduced several measures to attract foreign investors and stimulate the real estate market. These include the suspension of VAT on property purchases for three years, potentially saving buyers up to 24% of the property's value, and a reduction in the property transfer tax from 3.09% to 0.5%. Such incentives significantly lower the cost of acquiring property and increase the potential return on investment, making Greece a cost-effective choice for investors.

Lifestyle and quality of life

Greece offers a high standard of living and an exceptional lifestyle, making it a desirable destination for both residents and vacationers. The country is known for its mild Mediterranean climate, beautiful landscapes, low crime rate, and welcoming community. For investors who value not only financial gains but also personal enjoyment, Greek real estate provides the perfect blend of investment opportunity and lifestyle enhancement.Low-rise building restrictions in Greece help maintain the country's charming coastal landscape, with buildings typically not exceeding two to three floors. This policy preserves the aesthetic appeal and prevents overcrowding, which is a significant advantage for those looking to invest in scenic coastal areas.

Other benefits of investing in Greek real estate

In addition to the factors mentioned above, there are numerous other reasons to consider investing in Greek property:

• Low yearly taxes and fees. Greece has minimal annual taxes and fees, making property ownership relatively affordable.

• High demand for rentals. There is a strong rental market, especially for apartments located near the sea. Properties in high-demand areas can be rented out for considerable nightly rates, ensuring a steady stream of income.

• Cultural and historical riches. Greece's rich cultural heritage and diverse historical sites offer endless opportunities for exploration and enjoyment, enhancing the overall appeal of owning property in the country.

• Extensive coastline. With one of the longest coastlines in the world and numerous blue-flag beaches, Greece provides ample opportunities for seaside real estate investment at more affordable prices compared to other Mediterranean countries.

For those looking to diversify their investment portfolio or secure a foothold in the European real estate market, Greek property presents a compelling opportunity that combines financial potential with the promise of a high-quality lifestyle. Whether you're a seasoned investor or a newcomer to the real estate market, Greece's revival as a prime investment location is hard to overlook.

The author of the article recommends paying attention TO Elia 2000 as an attractive real estate investment project in Greece.