A unique place to be and a wonderful destination to discover
A Brief Overview
The influence of Greek philosophers, artists, poets, and scientists still prevails in many aspects of our lives, from maths to medicine, from poetry to policy. Impressive archaeological sites that bear witness to a magnificent past are among the main attractions of Athens, the capital of Greece.
Greece’s warm Mediterranean climate and desirable lifestyle, coupled with strong industries, have led many wealthy individuals and families to make this country their second home. The mainland on the Balkan peninsula and the thousands of islands in the Aegean and Ionian seas attract a steady flow of visitors, as Greece is both an important business center and one of the most attractive holiday destinations in the world. But it is the perfect combination of agreeable weather, genuine hospitality, cosmopolitan cities, delectable food, a safe environment, robust healthcare options, excellent educational opportunities, a dependable rule of law, and the authenticity of the people that ultimately convinces many expatriates to adopt Greece as a home by choice.
Country Real Estate
The Greek real estate market was growing steadily for almost a decade before the global financial crisis of 2008–2009 triggered a sharp decline around the world. Although recovery was slower in Greece than in stronger economies, buying property in Greece is still regarded as a safe, almost risk-free investment. Today, after 10 years of trending downwards, the country’s property market is once again attracting foreign buyers.
According to the Bank of Greece, at the end of 2017 real estate in Athens was 44% below its peak in 2008. However, this drop in property prices has rapidly slowed in recent years. The square meter price fell by 5.3% in 2015, by 1.8% in 2016, and by only 0.9% in 2017. In quarterly terms, prices remained constant in the last quarter of 2017 and in the first three quarters of 2018 house prices finally showed a marginal increase for the first time since 2008.
Over the past few years, the real estate market has been thriving, thanks mainly to investments related to a booming tourism industry; tourist arrivals increased from 15 million in 2009 to 35 million in 2018. Given the attractive Greece Golden Visa Program and the popularity of Greece as a holiday destination, demand for holiday homes is rising, especially on the popular Greek islands.
The property market in Athens is also performing well, with real estate transactions increasing by 18% in 2017, and more than doubling in the first two months of 2018 compared to the same period in 2017.
In combination with a real estate investment of EUR 250,000, the Greece Golden Visa Program allows non-European nationals and their families to enjoy all the benefits of permanent residence in Greece. Residence can be obtained within two months, provided all the requirements are properly met.