Villa in Greece for a residence permit
The demand for villas in Greece for investment, permanent residence, and seasonal holidays continues to increase, reflected in local property values, which have steadily risen for over 2 years. The Mediterranean climate, picturesque nature, classical architecture, and booming economy attract families with children, retirees, entrepreneurs, and digital nomads.
One of the most visited cities in the Republic, Athens, offers a distinctive fusion of culture, history, and contemporary vibes. Wealthy professionals who work in the city have a strong demand for local homes. Homes in the city's core, along the shore, and close to well-known landmarks like the Byzantine Museum, the Temple of Zeus Olympius, and the Acropolis of Athens present a unique investment opportunity. That is sure to intrigue potential buyers of villas and houses in Greece.
Villas on the island of Crete are also in high demand. It attracts foreign investors with moderate winters and hot summers, providing a long tourist season and a well-developed transport system. The region is well served by airlines. Rethymnon, Stavromenos, and Elounda are some of the most popular local resorts visited by thousands of holidaymakers.
Residence permit in Greece by buying house
Foreign investors have the power to secure a golden visa in Greece by property investment. The current minimum investment threshold for participants in the immigration program is €250,000, a figure that will be increased from 31 August 2024. The residence card is valid for 5 years, and foreigners are not required to reside in the territory of the Republic to maintain their status, providing a flexible and empowering opportunity.
The main applicant can be any adult foreigner who has no criminal record and receives income from legal sources. The following family members are eligible to apply for a residence permit:
- Spouse or companion with whom the investor has a Republic-registered cohabitation agreement.
- Children under 21 who are not married.
- Children under 24 who are enrolled in school and are not married.
- Unmarried children of the spouse, under the principal applicant's supervision, and under 21.
- The investor's and spouse's parents.
The investment residency permit offers 2 primary benefits: 90 days out of 180 days of territory stay in Schengen nations and visa-free arrival. Among others, there are:
- Formal residency could be obtained, allowing the family to relocate together.
- Chance to generate capital gains and rental income.
- Availability of a desirable tax structure.
- Access to systems of education and health care.
- After 7 years of residency, the chance to petition for citizenship.
The scheme will require a minimum property investment of €800,000 after August 31, 2024, in places including Attica, Thessaloniki, Mykonos, and Santorini, as well as all islands with a population of more than 3,100. The minimum investment amount for the rest of the country’s locations will begin at €400,000.
Besides the investment program, numerous other avenues are available to obtain a resident permit under local regulations. Other popular types of residency include the digital nomad visa in Greece.
Investment house in Greece
Why villas for sale in Greece are in demand among foreign investors:
- High rental income. Low property values combined with constant rental demand provide owners with higher profits. Short-term rental houses in the coastal areas of Athens can bring about 5–7% per annum, while in most European capitals, the average income from similar properties is 3%.
- Rising prices. Property values in the country are fairly affordable but rising rapidly. In Q1 2024, local housing rose in price by 10.76% year-on-year. In Q4 2023 — by 12.48%. In the Q3 — by 13.05%. In Q2 — by 15.22%. In Q1 — by 15.91%. Prices for property in Greece have risen for the 10th consecutive quarter, providing owners with capital gains.
- The advantageous location of Greece is one of the main benefits of purchasing Greek villas. At the intersection of 3 continents — Africa, Asia, and Europe — Greece provides unmatched accessibility. You may travel to any Schengen country in 3 hours and surrounding continents in 30 minutes thanks to the 15 international airports. Due to its advantageous location, which provides easy access to inexpensive flights to Europe's most important towns and capitals, high demand for rentals is also ensured.