No one needs convincing of Greece’s seductive lifestyle, incredible beaches, and stunning villages, so it’s no wonder why so many people worldwide dream of owning property on the Aegean. And here are some key reasons why right now may be the perfect time to snap up your picturesque Greek home!
According to a report released last week by property brokers Tranio, Greece has become a very popular destination for foreign buyers and now is the best time for anyone wanting to purchase property in the country.
With Greece now exiting its final bailout and with the economy changing slowly for the better, Tranio gives four fab reasons why foreign investors look into Greek real estate:
-The golden visa: Greece grants a residence permit for those who buy real estate in Greece above €250,000 — this is the most inexpensive programme to get a residence permit in the EU.
-Record high number of foreign tourist arrivals: according to the Bank of Greece, more than 30 million overseas travellers visited the country in 2017 and over 32 million are expecting to make their way through by the end of 2018, making Greece a very popular holiday destination.
-Low cost: so far, the cost of the property per square metre in Greece is less than in other European capitals. Now the market is at the bottom of its cycle, but is beginning to grow: the Bank of Greece notes growth in residential property prices for the second quarter in a row.
– Positive changes in the economy: Greek GDP has been growing for the consecutive quarter; in August Greece successfully concluded the third programme of macro- nancial assistance.
“The current low real estate prices and high demand contribute to higher returns for investors. Thus, the net yield on the short-term rent of a renovated city-centre apartment in Athens is 5–7% per annum vs 3% in most European capitals. Moreover, there is potential for real estate prices to grow 20–30% over the next 2–3 years,” says the founder of Tranio, George Kachmazov.