Greece has a very strong family and inherited property tradition, thus it’s not surprising that over 75% of the population owns their houses. Indian nationals who wish to purchase a property in Greece could have to provide evidence of both their ties to the nation and their intended use of the property. The majority of this application’s requirements are the submission of supporting documentation and evidence of usage intent to the Ministry of National Defense.
Greece’s real estate market
There is no denying that the Greek economy has had recent difficulties. The country struggled to recover its footing after a significant collapse in 2009. The housing market has been impacted by both factors as well as the extraordinary worldwide coronavirus pandemic. This may be an opportunity for prospective purchasers to purchase an inexpensive house, but it also carries some risk. After seeing a significant increase in 2019, Greece’s home prices are once again rising, although very slowly. Prices in the nation’s cities increased by a negligible 3.38% in 2020.
Golden visa program
Greece’s Golden Visa program is one of the keys draws for purchasing real estate there. Foreigners who invest in real estate in the nation are given a residence permit good for five years. You must also fulfill additional requirements, such as having health insurance and being free of any criminal records, and spending at least €250,000 on your property. Once granted, a Golden Visa enables the bearer and their immediate family members to reside and work in Greece lawfully. You aren’t compelled to reside there, however, and if you’d want, you might decide to rent out the house you just bought. If you want to relocate to Greece, you may petition for citizenship after seven years of habitation. Alternatively, you might just extend your residence permit.
Property firms and representatives
The majority of people looking for property decide to engage a real estate agent in their search due to the nature of discovering properties across islands. You might pick a Greek agency or one in your nation; nevertheless, they will often collaborate with a Greek agent. An estate agent ought to be able to assist you with all of your post-sale needs, including locating contractors and decorators as well as obtaining legal counsel and insurance. Finding a representative who will handle construction services on your behalf, including overseeing the job, is another option. Overall, hiring an agent is a smart decision if you’re seeking assistance while you finalize your purchase and prepare to relocate.
Kinds of property
In Greece, villas are among the most sought-after forms of real estate. It’s a good idea to keep in mind that there are alternative solutions available that could be more advantageous or less expensive in the long term. For instance, apartments often have access to the beach and expansive ocean views while being far less expensive to purchase and maintain. Despite this, Greece offers every conceivable kind of property. Depending on where you search, you may find anything from contemporary homes to ancient villas, townhomes, flats, and even acreage.
The physical state of the property
Realistically, care should be taken while purchasing a house in Greece. Due to their age, many homes need to be modernized or meticulously maintained—important tasks that may not have been completed after the financial crisis. Because of this, it’s a good idea to bring your inspector and tour the home with them so you can understand any issues or upkeep that may be required. In Greece, it’s possible to discover up-to-date, well-maintained properties, but it’s always a good idea to do your homework.
Greece’s top locations for property purchases
From thriving metropolia and rural hideaways to slumbering fishing towns and charming beach resorts, there is something for everyone. Just a handful of the top locations to begin your property search is listed here:
Corfu
The island of Corfu includes vibrant tourist districts, stunning beach bays, and a historic town that is a UNESCO World Heritage Site.
Kefalonia
This lovely island, which is a bit more sedate than Corfu, has lovely fishing towns, wonderful hiking paths, and blue lakes that sparkle in the sunlight. Anyone looking for a calm life or who is retired should visit there.
Zakynthos/Zante
Zakynthos, an Ionian Island, is home to beautiful beaches, old castles, hilltop villages, family-friendly resorts, and popular nightlife areas. Finding the ideal location for you is key.
Crete
Due to its reputation for safety, sunny environment, and selection of thriving towns, seaside settlements, and charming mountain villages, Chania on the island of Crete is a favorite destination for international purchasers.
Rhodes
This popular vacation destination offers a beautifully preserved medieval old town, as well as bustling beach towns with excellent links to the UK and Europe. Although it might be more costly than other islands, Rhodes is a fantastic spot to acquire real estate, especially a vacation house.
Peloponnese
This vast central area is rich in history and, owing to the outstanding local cuisine, notably the renowned Kalamata olives, is a terrific destination for foodies.
Athens
The ancient capital of Greece is perfect for individuals who appreciate the hustle and bustle of the city, with amenities and entertainment available all year round. Additionally, it has several direct flights to the UK, making it well-liked. However, it is not inexpensive, and you could discover that an apartment is the most accessible and cost-effective choice.
