Real Estate Investments in Greeceesario2020-05-19T14:33:12+00:00
Tourism, the main economy driver
Greece is now experiencing a tourist boom. Country’s most productive industry and the main economy driver, tourism, has grown over the past five years. According the World Travel & Tourism Council, the number of foreign tourist increased from 14.9 million in 2009 to 26 million in 2017. By 2027, tourism will grow to 47 million. Greek tourism individual markets have seen important increases from the markets of Germany, the United Kingdom, Poland, Italy and France. The graphic based on data from the Greek Tourism Confederation (SETE) indicates a continuous increase over the past 10 years of the tourist arrival index in Greece.
Greece vs other Real Estate opportunities
Greece presents tempting real estate opportunities for foreign investors. Nowadays, Greek properties are several times cheaper than in most of its neighbouring countries. According to Statista, it is almost three times cheaper than in Italy, one and a 50% cheaper than in Spain or Germany, twice less than in the Netherlands and Sweden. Another important fact to mention is that prices of real estate in Athens are 42% below pre-crisis levels.
After the Greek government has been taking various measures to reduce the national debt, the European Commission predicts 2,5% growth per year in 2018 and 2019. Right now is the perfect time to buy properties in Greece cause the prices are at their lowest and are ready to grow. Greece’s “Golden Visa” program, launched in 2013, is offering residency without citizenship. This programme grants to a non-UE citizen, who invests at least 250,000 euro in properties in Greece, a five year residency visa for the entire family. This document is renewable every five years.
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