Whether you’re looking for an investment or a place to live, Greece’s real estate market has a variety of housing options to suit your needs. The country offers a wide range of options, from residential apartments in Athens to luxury villas on famous Greek islands.
One other reason why Greece real estate market is attractive is the Golden Visa scheme. If you buy real estate for a minimum of €250,000, you can be eligible for a Greek Golden Visa, which translates as residency in Greece.
Although the Golden Visa process is very straightforward, there are some important things to consider when you’re choosing real estate that qualifies for Greece Golden Visa. In this article, I’m going to highlight what you should check and how you can make a successful real estate investment in Greece.
Four Factors To Consider Before Choosing Your Greece Golden Visa Property
If you’re looking to buy a home in Greece, whether in Athens or on the islands, keep in mind that the majority of the houses you’ll view are going to be old. Even if some are being renovated, you should inquire about the renovation’s extension. In some cases, it’s possible that renovation was just cosmetic. You should also check if the infrastructure has been taken care of. Make sure you get clear answers to these questions because they could end up costing you a lot of money after the purchase. If renovation is required, you’ll also need to find a reliable contractor.
If the house you’re going to buy needs renovation, this will not be counted toward the €250,000 investment threshold for the Golden Visa. This means you’ll need to set aside extra funds for renovation. When you’re refining your search, keep this in mind.
Ownership and Legal Registration
It’s likely that the Greek property you’re about to purchase was inherited and has many owners. Before you commit, try to find out who the owners are. Confusion might delay the title deed process which will also affect your Golden Visa application.
Note that some houses you’re going to view in Greece, particularly on the islands, may not be officially registered in the title deed. This is rare but can happen. Rather than dealing with this issue on your own, speak to professionals who are familiar with the country’s bureaucracy.
The location of a property is always important wherever you might go. But when you’re making a real estate investment in a foreign country, you should be more careful about the location, especially if you’re planning to rent it out. When you’re viewing properties, try to stick to locations that see high demand from investors and tenants.
On a side note, working with corporate renters on a long-term contract is more beneficial if you’re going to buy a commercial property and use it as an income generator. Otherwise, tenant turnover will result in rental loss each time a tenant moves out. Another issue to consider is the tax implications of rental revenue. While the return on Airbnb rentals appears to be higher on paper, the operation costs are substantial, and you will be taxed on your total revenues.
Your lifestyle is another point you should take into consideration when you’re taking the Greece Golden Visa real estate route. If you’re interested in a house on one of the Greek islands and going to live in the house yourself, make sure to look into infrastructure and healthcare options. Although the larger islands have airports, the smaller ones rely on ferries as their primary source of transportation. Visiting the island in the low season, rather than the lively summer months, could be a good indicator in this sense.
If you think you’re more into city life, checking Athens real estate market could be a better option. It offers many options both for residential and commercial purposes.
Key Takeaways on Property for Golden Visa in Greece
- Greece offers many different housing options, from residential apartments to luxury villas.
- You can be eligible for Greece Golden Visa if you make a real estate investment for a minimum of €250,000.
- If the house needs renovation, you’ll need to spare an extra budget as the €250,000 investment threshold is only for the cost of the house itself.
- As some houses might lack proper registration, you must work with legal professionals.
- If you’re not familiar with districts and neighborhoods, a thorough search on location is crucial. Again, speaking to professionals will save you time and effort.
- If you’re planning to make your Greece Golden Visa real estate investment in one of the Greek islands, make sure to check the facilities first.
- Athens stands out as a rising hub thanks to new developments. It could offer you many alternatives either in the residential or commercial sphere.
Greece Golden Visa through real estate offers many benefits to investors, whether they are looking for pure investment or a second house to live in. It’s one of Europe’s most popular residency schemes, thanks to its low investment amount and lack of residency requirements
The application process is simple. Still, it must be handled with caution because there are possible complications that might arise from the property and bureaucracy. Feel free to contact me if you need assistance with your Greece Golden Visa application and real estate acquisition.