In recent years, the investment migration industry has experienced such rapid growth that can only be characterised as a boom. Driven by social, economic, and political turmoil in the international stage, a considerable upsurge has been noted in high-net-worth individuals who wish to migrate. For those interested in Europe, several enticing citizenship-by-investment or residency programmes are available from the continent’s western fringe in Portugal, to the European Union’s easternmost corner in Cyprus.
Although many of these alternate residency or citizenship programmes are a great opportunity for all involved parties, ‘Europe’s most popular residence programme is a stand-out for a reason,’ according to investment migration industry expert Yiannos Trisokkas. ‘There are a number of unique benefits to the Greek Golden Visa that are not present in other European programmes.’
Strong Property Value
‘Property in Greece will always be in demand by both international investors and locals, especially in Athens,’ notes Yiannos Trisokkas. ‘The location itself is enough to guarantee incredible value to any property. The RRP however is strengthening the value of property in Athens even further.’
Greece is currently implementing an economic Resilience and Recovery Plan (RRP), to be completed by 2026. A wide-scale 5G network is being developed nationwide, whilst €12.7 billion are budgeted for favourable loans granted to private investments.
‘The RRP’s provisions will boost the value of properties across the country. Already, the Greek market has witnessed an 8.5% increase in house prices.’
In addition to the RRP, the country’s government has also introduced several tax reforms and incentives. Increasing property taxes noted in Greece over the last decade have been reversed in recent years. In fact, real estate tax payments related to the sale of new properties in 26 of the islands have been abolished and VAT payments have been conditionally suspended, whilst single-property tax has been reduced.
‘The tax incentives in Greece bear fruit. They led to an 11.2% increase in building permits last year and decreased unemployment from 16.5% to 13%, strengthening interest in the property market. This is surely something to consider when reviewing markets for investment’.
A Thriving Economy
Despite past economic woes, Yiannos Trisokkas observes a consistently steady growth in the Greek economy. ‘In 2021, [Greece] finally recovered to the levels before 2008’s recession. Even the pandemic has not undermined the path to recovery.’ Indeed, last year resulted in the Mediterranean nation achieving an 8.3% rise in real GDP growth, the country’s largest ever.
‘This is evidence of a strong strategy and government measures.’
Return on Investment Fuelled by an Evergreen Tourist Market
‘Greece will always be a go-to holiday destination in Europe’, Yiannos Trisokkas reminds us. The country is a favourite among sun-seeking Britons and various other travellers, with its status as the ultimate holiday hotspot being immortalised in popular culture through Hollywood productions like Mamma Mia and pop songs like DJ Khaled and Drake’s ‘Greece’.
Greece is known for attracting a wide range of tourists every year in various locations throughout its territory, from holidaymakers in the Ionian islands like Corfu and Zante, historians and academics in Athens, to the Hollywood elite in the Cycladic islands of Mykonos and Santorini, and even royalty in Porto Cheli.
Following the pandemic, the number of tourist arrivals and revenue from the Greek tourist industry surpassed pre-pandemic levels, allowing for the perfect profit-making scenario for those interested in purchasing property in the country. The last few years have seen a continuously increasing demand for self-catering units, which are rapidly becoming the preferred type of holiday accommodation. This means that investors in Greece’s property market can expect exceptional returns from short-term holiday rentals.
‘It’s a great opportunity for HNWIs. You buy a Greek property, you secure permanent residency in Greece for yourself and family, and you also receive a guaranteed ROI every year. The tourist will avoid other destinations they don’t know in Europe – but they would never say no to Greece’.