Greece: The puzzle of real estate buyers

  • 6 months ago
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The real estate market of the country has shown strong ‘antibodies’ to the pandemic. Foreign and locals interested in having a holiday home, young who have saved money or received a dowry from their parents, those who have access to a bank loan or families that simply wish a bigger house, form the profile of the real estate buyer in Greece.

The real estate market and banks estimate that this is the beginning of a new era in the real estate market of the country, where at the same time prices are rising and buyers are willing to buy.

According to the Bank of Greece, the second quarter of 2021, prices were increased 4.6% in comparison to the same period of 2020. Home buyers are mainly looking for an apartment of 95 m2 with an average price of 160,000 euros, while many houses are sold by the plans.

Another group of buyers are also seeking for plots in areas where there is strong buying interest with the aim of building a house. On the other hand, there are those who are interested in buying a building in the center of Athens, or in central axes of the capital with the scope of using them as tourist accommodation and have a stable monthly income.

There are certain regions in Attica, who request families to have a bigger house and the possibility of two smaller apartments in order to be given later on to their children.

Foreigners, especially those coming outside of EU, find Greece as an excellent opportunity to receive the benefits of the investment through the Greece-golden visa scheme, as stated by the CEO & Founder of Chambersfield Economides Kranos, Mr. Michalis Economides.

“Our law firm has excellent knowledge and experience in different residency schemes. Since Greece has announced the Greece Golden visa, there was an extreme interest by existing or new clients of our firm to buy a property in Greece, with the option of receiving residency permanency.

 Some of the advantages are:

  • The procedure is fast.
  • It includes children below 21 years old.
  • The scheme operates as an entrance to all Eurozone countries.
  • Holders of the Greek Permanent Residence have the right to obtain a long-term residence status, which is required for naturalization after seven years of continuous residency.

Last but not least, these investors enjoy all the benefits of living in one of the most beautiful countries in the world.”

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