Greece Residence Permit: An Attractive Option as the Economy Recovers
Greek economy did not experience its best years in the last decade, but the recent developments in the country’s policies seem to work. Last few years have shown that the Greek real estate market has regained its stability and vibrance at least to some extent. Undoubtedly, increasing trust in the country’s economic soundness lures investors back into this amazing Mediterranean region.
Further recovery is still not to be expected to occur overnight, because it is dependent on the Greek economy’s outlook, improved business and household confidence, an easing of bank financing conditions, etc. among other things. However, properties in Greece are coming back to life and the real estate market of Greece is showing strong signs of recovery. Luxury items showing the best improvement, real estate market is expected to regain its vitality steadily.
Greece’s Golden Visa Program
Greece’s Golden Visa Program was always attractive, but now, in compliance with the country’s healing economy, it is all the more at the focus of investors. Greece’s Golden Visa Program grants its beneficiaries a permanent residence permit and visa-free access to Schengen area countries. To be able to benefit from this program, the applicants should invest a minimum of 250,000 euros in Greece. Therefore, buying property in Greece to be able to own a Greece Golden Visa is now a topic of major interest among investors all around the world.
Greece’s Real Estate Market is Back
According to NAI Hellas poll’s numbers, 48 per cent of the respondents said that the potential of Greece’s real estate market was good or very good. In line with this poll results, there is another fact that clearly demonstrates that investors’ trust and prospect for Greece are prominently higher, which is the fact that the investors willing to invest in real estate in Greece in 2017 was twice that recorded in 2016.
As always, Greek tourism as a significant contributor both to country’s economic growth and investors’ trust. Launched five years ago, at the height of the country’s economic crisis, Greece’s Golden Visa Program is now coming of age amid a new wave of investor interest. According to Enterprise Greece’s numbers, the number of foreigners awarded a Greek Golden Visa has soared, rising by more than 40 per cent from a year earlier.
According to the latest data from end-November, a total of 2,170 Golden Visas have been issued directly to foreign investors – and more than 5,000 when family members are included – up from 1,522 at the end of 2016.