2024 update
All over the world Greece is known of crystal clear seas, idyllic beaches, yachting and exploring the islands with traditional white homes, enchanted little villages and oh yes, the Mediterranean food…
Why to buy a house or apartment in Greece?
One easy reason is, because Greece is gifted with some of the most beautiful landscapes, the country is safe, and people are welcoming.
To revive the housing market, the Greek government in the last decade has offered residence to non-EU investors purchasing or renting property worth over €250,000 (Golden Visa program).
Recently the Greek Parliament has introduced significant changes to its Golden Visa program, and we have collected the most important changes below:
Key Updates of the Greek Golden Visa Program – 2024.
- New Investment Zones: Greece now has two investment thresholds. For properties in Attica, Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents, the minimum required investment is €800,000. For other regions, the threshold is €400,000. Investments must be in a single property of at least 120 square meters.
- Threshold Increases on Select Islands: Mykonos and Santorini have seen their minimum investment requirement rise from €500,000 to €800,000. Additionally, 32 more islands, including Crete, Rhodes, and Corfu, now require a minimum investment of €800,000, a significant jump from the previous €250,000.
- Exceptions:
- Commercial to Residential Conversions: Properties converted from commercial to residential use can still qualify for the program with a €250,000 investment, regardless of location, but the conversion must be completed before applying for the visa.
- Historic Buildings: For properties in historic or listed buildings undergoing full restoration, the minimum investment remains €250,000, provided the restoration is completed within five years.
- Use Restrictions: Golden Visa properties cannot be rented out for short-term rentals (e.g., Airbnb), nor can properties converted from commercial use be registered as company offices. Violating these rules results in a €50,000 fine and the revocation of the residence permit.
- Transition Period: Investors can still apply under the current €250,000 threshold if they pay a 10% deposit by August 31, 2024, and finalize the purchase by December 31, 2024. If they miss these deadlines, they can switch to another property until April 2025.
Other measures introduced by newly elected government also offer great value to potential buyers and investors on the Greek real estate market. Among those a very favorable is the suspension of VAT payments on new building permits: announced by the newly elected Prime Minister, Kyriakos Mitsotakis, in October 2019. Based on this decision, there is a three-year suspension of VAT payments on any new building permits and on any unsold properties built after January 1, 2006.
The real estate prices in Greece are still attractive compared to some of the hot destinations.
The country has a vast number of exceptional houses and apartments for sale, so what holds you back?
Here are few hints what to need to consider, when you follow your dreams to find a nice home by the beach on the riviera of Athens.
Always consult a Greek property professional. They will know what to look after to make sure you buy compliant to legal regulations.
Make sure that the legal representative of the real estate agency (or an independent one) conducts a title search. This will ensure that the seller has clear title of ownership the property you wish to buy, thus secures your legally clear property ownership after your purchase.
Where to start searching for your new home on the Athens coast?
Greek Blue Diamonds is a real-estate agency offering high quality services and turn- key solutions for property purchase on the Athenian Coastline (and nearby islands). The Glyfada based realtor has a wide portfolio of homes and also a selection of properties for business use.
The company also offers property management in Athens, Greece, with years of industry experience (working with villas).
