Now is the best time to invest in new property in Greece

During the COVID-19 pandemic every activity pretty much froze. We entered an era of halt and uncertainty. Travelling abroad was almost impossible and everyone feared for the worst. Prices in certain goods dropped and even the real estate market went sailed into unknown waters.

However, Greece has entered an era of economic growth, development, public investments in infrastructure as well as a stable political atmosphere. Things seem to turn around after many years of economic crisis and two years of COVID. Major developments are finalized, and many others are put into motion, many of which will greatly strengthen tourism and investments from foreign players. Thus said, now it’s time to invest in real estate in beautiful Greece.

According to the Bank of Greece, Housing Index values are now starting to pick up but they are still very low.

Greece is back on track

1. The Hellenikon project

The Hellenikon development project is a multifaceted program, designed to host a variety of uses (residences, tourism, recreation, offices, commerce, healthcare and more). The investment in renovating the Hellenikon area will generate significant economic activity. According to studies, the operating revenue (turnover) that the use of the Hellenikon facilities is expected to generate, reaches 2.4 billion towards the end of the 25-year period. This project will have a positive impact to the surrounding infrastructures as well as boost economic activities in nearby areas. In other words, living in the wider Hellenikon area will boost housing demand and improve life quality standards. For now, prices are still affordable and with the right real estate coach opportunities still exist.

2. Airport overhauls

Tourism is boosted by the general overhaul of Greece’s regional airports. The upgrading of airports will allow for more direct international flights to holiday destinations around the country. Greece’s 14 regional airports have undergone major improvements. Fraport Greece, delivered five brand new terminals, expanded and modernized five existing terminals, and upgraded four other terminals. Construction projects at airside operational areas of the regional airports included renovating 12 runways, improving ramp areas, and constructing and renovating 12 fire stations. All of the airports have also been equipped with new state-of-the-art baggage handling and security detection systems.

The renovation of the regional airports is expected to bring a major boost to tourism around the country by facilitating more international flights to holiday destinations. Demand for these are expected to grow as tourism recovers and travelers seek to low-cost flights direct to their destinations.

3. Golden Visa program

The Golden Visa Program was launched in 2013 and grants a five-year residence permit in exchange for as low as a €250,000 real estate investment in Greece. You can include your family in the residency program. The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa.

So what basically this means is that now that real estate prices are still relative low, you can invest as low as 205,000 euros and buy a property that you could capitalize on either by renting or reselling. Or by even moving to Greece.

The Golden Visa program allows you and your family to live in Greece, which comes along with public healthcare and education benefits. You can travel to all countries in the Schengen zone without a visa. And depending on your country of residence and the amount of time you spend in Greece, it is likely that your international income may not be subject to taxation in Greece. In that case, you may maintain your business activities outside of Greece and enjoy some tax benefits.

Get in touch with your real estate lifestyle coach in AV Properties in order to help you find the right property in Greece sharing our expertise.

Greece is considered a gold mine at the moment. The prominent boom makes it the right time to invest and have your investment grow in value in a short period of time.

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