History
2008 and the subprime crisis
Devoid of major attributes and without specific economic pillars, Greece was not destined to become one of the main real estate centers in Europe. Especially considering that the subprime crisis hit this region particularly hard, already weakened by a precarious financial situation.
Between 2008 and 2012, Greek real estate prices would lose up to 50% of their value! Such a significant drop that even 15 years later, it has still not been fully recovered... much to the delight of tourists, but especially investors.
If the crisis has brought down the cost of living, the beauty of the country remains timeless. Greece has become a major tourist destination in just a few years, attracting the attention of savvy investors aware of the vast opportunities offered by this new scenario.
This phenomenon of 'tourist boom' has increased Greece's annual visits from 15 to 32 million. Since then, the visitation rate has broken records year after year: +66% between 2018 and 2019, +80% between 2020 and 2021, and +121% between 2021 and 2022, propelling Greece to its highest historical visitation rate.
Touristic boom
Golden Visa
In the wake of this, the government passes a measure that will prove decisive for the country: 'The Golden Visa.' The rules are simple: any foreign individual acquiring a property worth more than 250k will be granted a European residence permit.
This announcement turns out to be a major success, attracting billions of euros in investment to Greece in record time, doubling the value of the real estate market in 4 years. Following this, the country's economic situation is officially out of the crisis.
Golden years and tax profits
Then in full recovery, Greece permanently solidifies its position by opening its doors to retirees from around the world. Now, all they need to do is acquire a primary residence in Greece to lower their tax rate to 7% and reduce the inheritance tax to 0%.
For the wealthiest individuals, Greece offers a cap on taxation at 100,000 euros of annual income in exchange for spending 6 months a year on its territory. This ultimate incentive doesn't fail to attract the world's great fortunes, happy to lower their taxes in exchange for a few months in the sun.
In brief
Many advantages that can be summarized in a few points :
Price per square meter
Ranking among the least expensive capitals in Europe
Recovery of only 50%
prices from before 2008 to this day
+121% of visits
between 2021 and 2022
First choice
of the real estate investors in Europe
Assumed forecast
a recovery of pre-2008 prices within 3 years
12% of profit
observed in the rental market over the past 3 years
x2
A doubling
the value of the real estate market since 2018
Second destination
the most coveted in Europe
First destination
of life for European retirees