Greece the most favorite golden visa investment destination

Greece named favorite destination for Golden Visa investments

International candidates wanting to get a Greek golden visa will have to make a minimum investment of €252,328 in the country. With the golden visa, they will be able to visit Schengen countries without having to apply for tourist visa.

Many reasons as this have led to Greece being ranked as the most favorable location for international investors. This was revealed in the survey conducted by Aston, which has international experts on real estate and immigration.

Astons have recently named Greece as the destination of choice for investors willing to invest in a non-domestic location. As of now, Athens, along with big cities like Lefkada, Kefalonia, and the Cyclades rank as the most expensive place in Greece’s property market.

People from abroad can obtain residency for a minimum of €252,328 in just 2 months. Post that, they won’t need a visitor visa to travel across 26 states in the EU Schengen area.

In 2020, property prices in Greece rose to about 2.7%. So, those who are going to invest in Greece’s real estate market could take advantage of it.

In Kilkis, there’s a highly profitable prospect for those who are planning to make an investment in commercial real estate. This is because property prices have shown a 20% rise in 2021.

The following zones in Greece recorded annual growth rates in double-digits:

  • Karditsa – 17.4%
  • Drama – 13%
  • Preveza – 13.6%
  • Kozani – 12.2%

The average property price in the Cyclades is €222,348. This makes this territory one of the most favorite zones. The house prices have increased by 5.9% in 2020.

In Lefkada, a rise of 8.7% annually has been recorded. The real estate averages to €164,976. It’s the second most pricey pocket of Greece’s property market.

Kefalonia has the fourth-highest average house price in Greece that comes to €162,036. In Athens, it’s €157,416 and €147,168 in the Argosaronikos Islands.

Aston finds Greece a location that features lower investment costs and a stable improvement in real estate values. Moreover, the climate and pace of life are more favorable when compared to London. Moreover, from the perspective of investment, Greece offers the greatest interest programs. This was also among the findings of Aston.

As per Aston’s survey, apart from Greece, international investors were also greatly interested in making an investment in the following countries:

Country% of respondents
Vanuatu3%
Saint Kitts & Nevis3%
Montenegro3%
Dominica3%
Switzerland6%
Saint Lucia6%
Portugal6%
Monaco6%
Malta6%
Jersey6%
Italy6%
Ireland8%
Spain11%
Antigua & Barbuda11%

Greece’s tourism sector has also developed as the real estate market did with investments from international investors.

In the period of 2008-2017, the housing prices dipped by about 42%. Some estimations say that 280,000 Greeks denied inheritances of property between 2017 and 2018. They were unable to make tax payments attached to their homes.

As Theodoros Mitrakos, the Deputy Governor of Bank of Greece stated, the prices of apartments rose very soon in individual quarters. The average annual rate recorded came to 1.8%. He also shared that this trend continued in 2019. This caused the nominal apartment prices to rise by 7.2% when compared to the figures in 2018.

The volume and number of building permits grew at 43.2% and 59.3% in Thessaloniki and Athens respectively in the first 10 months of 2019.

If you are looking to Study, Work, Visit, Invest or Migrate to Europe, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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