Investing in greece real estate
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Down by the Athens Riviera, demand has also picked up. Buyers from non-EU nations looking to clinch a residency permit in Greece via the Golden Visa programme are snapping up beachside properties in suburbs such as Glyfada and Voula. Copyright: Giannis Giannelos Industry figures show that by the end of some 6, residency permits had been issued since the programme started in , with Chinese investors leading the charge.
Greece broadened the criteria under which investors can qualify for residency permits in November, , introducing options including buying government bonds and depositing money with local lenders. Global Players Although a lot of smaller boutique operations are making their mark in the Greek hotel market, some global players are spending big in the sector. But there are risks, experts warn. The sharp increase in accommodation is outpacing the expansion in visitor arrivals, and growth in the tourism sector is expected by many to ease in Improved business sentiment is boosting demand for office space, while buying interest for stores located in key shopping areas is pushing prices higher.
And tourism is booming too. This article is an excerpt from the tribute to Greece in the recent edition of Bellevue. Things are going really well for Kyriakos Mitsotakis. In the recent national elections, in July , he won the absolute majority in the Greek Parliament, heading liberal-conservative party Nea Dimokratia ND , and managed to replace left-wing politician Alexis Tsipras as prime minister. Right now, financial conditions in Greece have reached their best and highest level since The economy is growing again!
Tourists also bring money: saw a new record set, with over 31 million visitors arriving to the country. However, Greece remains under the supervision of the EU Commission, which enforces strict austerity requirements. This is certainly a necessity, since Greek banks still have massive bad loans in their books.
The growth engine of tourism Foreign holidaymakers were a key economic factor for Greece in Their number has increased to around 31 million. This is an increase of Around four million tourists arrived from Germany. China's special role The Greek economy is receiving particular boost by China, the largest foreign investor: approximately 7.
The main project is the expansion of the port of Piraeus, which will allow it to become an important hub for China's trade transactions with Europe and Africa. The famous port undoubtedly has a key role in China's long-term strategy to organize a new Silk Road, open up international markets and gain political influence. Chinese logistics company Cosco has held a majority stake in the port authority of Piraeus since Piraeus is already the largest container port in the Mediterranean.
In addition, Greece also receives significant investments from China in sectors including energy, telecommunications and banking. The Golden Visa program, which has been applied since , is also very popular with Chinese private buyers: foreigners from non-EU countries receive a visa for the Schengen area when buying property valued over EUR , In addition to the Chinese, it was primarily Russians and Turks who make use of it.
The program, which has now expired, is expected to continue. Real estate prices in Greece are rising The inflow of capital from abroad for purchasing Greek real estate reached around 1. The acquisition of real estate by foreigners has presented six-fold increase since Conditions are currently very favorable for purchasing a holiday property in Greece. Between and , houses and apartments in Greece became Last year, the wind changed. In terms of pricing, there is still room for improvement.
New government initiatives fuel the market. This includes a reduction in property tax for natural entities not legal entities and a suspension of value added tax for new buildings. Tax reduction remains one of the top priorities in Kyriakos Mitsotakis' new policy. Of course, the real estate market is benefiting from increases in tourism. The more people spend the vacation in a certain country, the more often they come up with the idea of looking for a vacation property there.
Athens makes a comeback Foreign buyers in particular are breathing new life into the real estate market in the Greek capital.
Investing in greece real estate 20 pips per day forex capital management
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