Getting to know the Greek real estate industry in 2022

This article is an overview of the Greek Golden Visa Program and how to acquire premium real estate in Greece.

This year's Greek real estate market may be characterized by the highest recorded inflow of capital for the acquisition of property. Data from Bank of Greece show that foreign investment for acquisition of real estate in Greece reached 414.4 million euros in the second quarter of the year, up 67% over the same period last year.

Greece's property prices are rising from historic lows. The appreciation is partly thanks to the Greece Golden Visa program, a residency by investment program introduced by the Greek Government in 2013. Prime Minister Mitsotakis has kept his promise to liberalize economic policies and attract foreign investment into the country.

It is generally a good idea to buy real estate when the prices is low. Buying at the bottom of the market, then, can help investors earn higher returns over time.

Our automated valuation model, which is powered by artificial intelligence, uses past transaction data to project future trends in property values. The figures presented per month or per year basis are just a statistical measure of change. (check out Property Valuation section for more details)

Though recovery has been slower in Greece than in stronger economies, buying property in the country is still considered a safe, risk-free investment. According to survey data released today, the country’s property market is once again attracting foreign buyers after trending downward for 10 straight years. The Greek government maintains certain restrictions on property ownership by non-EU nationals in border areas (Article 24, Law 1892/1990), such as the eastern Aegean and other regions of northern Greece.

Renting a property in Greece is reasonably easy. An owner’s annual return, including expenses and taxes, is estimated at around 4–5%. In central Athens, the gross rental yield on apartments is about 4.49%; outside the city center, it is about 4.05%.

Real estate investment activity has been stronger during the second half of most years. Given today's pace, if this pattern holds true and if the outbreak of the pandemic did not negatively impact foreign real estate investment, full recovery from the outbreak will occur in 2022. If this happens and it is not offset by another factor, 2022 will be a new full-year record high for foreign real estate investment.

The recent rise in interest rates has led to accelerated decision-making. It is certain that borrowing costs will continue to rise in the coming quarters.

Learn more about Golden Visa in Greece and what are the main points to consider before purchasing a property by clicking here.

The Greek Residency Programme - Golden Visa

Get a European residency in return for a Greek property investment of a minimum €250,000 in just ninety days. The most attractive permanent residency scheme in Europe.

The Greek Golden Visa program has attracted many non-EU citizens who would like to settle in Greece and gain the right to travel freely within the European Union.

Our qualified advisers will help you create an investment strategy on providing full expertise and preparation throughout the whole process, to ensure that you avoid obstacles, delays and incomplete documents for getting the right property for your Golden Visa Programme, saving you money in the long run and relieving you of the stress of such a time-consuming process.

Read more about Golden Visa in Greece and what are the main points to consider before purchasing a property by clicking here.