Why Now’s a Great Time to Invest in Greek Properties
With the popularity of complexes such as the beautiful KaliSun Villas on the rise in Greece and properties set to appreciate in value over the next couple of years, reports indicate that there’s never been a better time to invest in Greek properties.
In addition to the announcement of appreciating home values, Greece has also signed an agreement with international creditors concerning the future of the Mediterranean country’s debts, lending more validity to the discussion; just last month, Greece’s international creditors met in Brussels to contemplate an arrangement that would ease the country’s debt burden. Countries such as Germany have been stating that stronger growth in Greece will remove the need for debt relief, with the country’s expansion being enough to reduce the debt burden to acceptable levels.
Here’s the scoop: Prices in homes in Greece are expected to increase 0.6-percent every year, and in recent times, Greek property has proven to be an excellent investment – particularly in areas near the sea and the airport. Halkidiki sits in very close proximity to Thessaloniki, the second-largest town in Greece, and is considered one of the most awe-inspiring locales in the entire Mediterranean. Furthermore, islands such as Crete, Corfu and Rhodes attract a formidable amount of investment activity.
The Greek parliament also adopted a new set of austerity measures, including pension cuts and tax rises, all of which Prime Minister Alexi Tsipras said “corresponded to the sacrifices of the Greek people.”
In additional inspiring news, the Greek economy is expected to grow by 2.7-percent this year and by another 3.1-percent in 2018, aided by a recorded upswing in tourism; indeed, after seven years of falling house prices, the people of Greece can say things are finally turning around. To further revive this housing market, the Greek government recently offered residence to non-EU investors purchasing or renting property worth over €250,000, a residence plan similar to measures adopted by Hungary, Spain and Portugal and which is valid for five years and open to renewal.
Athens, in particular, is really popping now, with the apartment scene becoming ultra-affordable and a real estate market boasting properties selling at a healthy rate. Greece also touts one of the highest rates of home ownership in all of Europe at 80-percent (10-percent above the European average), and remains an extremely vibrant country famed throughout the world for its year-round temperate climate, detailed history, beautiful architecture and unique culture.
The bottom line here is that there is a clear stabilization in the Greek real estate market, and it is expected for residential investment to gradually recover starting in early 2018 in line with easing lending conditions for mortgages, in addition to the aforementioned creditor agreement. This recovery is supported by a booming tourism season and substantial increase of housing investment capital inflow, so there’s never been a better time to invest in Greek properties.
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