5 Advantages of Buying Your Own Apartment in Greece

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Greece – not only an ideal destination for leisure and travel but also offers excellent opportunities for real estate investment.

One of the most sought-after forms of real estate in Greece is apartments.

Purchasing apartments in Greece is a practical decision that combines financial benefits, freedom, investment opportunities, and a high quality of life.

In this article, we will explore the top five advantages of buying your own apartment in Greece and why it could be a beneficial choice for you!

✅ Second Home and Retreat

Owning your own apartment in Greece allows you to have a cozy retreat and residence where you can come at any time.

You can enjoy the beautiful beaches, crystal-clear sea, and rich culture of Greece without being constrained by hotel reservations or rental accommodations.

Purchasing your own apartment in Greece gives you the freedom to decide when and how to use your property in Greece, without restrictions from hotel rules or landlords.

✅ Price

Apartments in Greece typically cost less than villas, making them more affordable for a broader range of buyers. If your budget is limited, purchasing apartments in Greece may be a more cost-effective option.

✅ Long-Term Rental Income

Buying apartments in Greece is an excellent investment with high potential returns. The country attracts millions of tourists each year, ensuring a consistent demand for rental properties. Owning your own apartments allows you to generate a stable income from renting them out, diversifying your investments. This provides you with an opportunity to use real estate as a source of passive income, enhancing your financial stability.

✅ Future Investments

Acquiring apartments in Greece can be a long-term investment decision. The real estate market in Greece has the potential for price growth, especially in popular tourist areas. Your apartments can become a valuable asset that may yield a profit in the future when sold.

✅ Opportunity for Golden Visa

Purchasing property in Greece can also be a pathway to obtaining a Golden Visa. Greece offers an investment immigration program that allows for residency and eventual citizenship through property purchases starting from 250,000 euros, without the requirement for permanent residence in Greece. This is an excellent opportunity for those seeking flexibility and freedom of movement in Europe.

 

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FAQ
Why is buying your own apartments in Greece an attractive option?

Greece is experiencing stable growth in the real estate market, offering attractive prospects for purchasing your own apartments.

  • Owning property in Greece provides an ideal place for relaxation and living. Greece is renowned for its beautiful beaches, cultural landmarks, and an appealing climate.
  • Buying apartments in Greece provides an opportunity to generate income from rentals. Tourism is a significant sector in Greece, and many apartment owners successfully rent them to tourists, opening up possibilities for additional income and return on investment.
  • The chance to obtain a residence permit (Golden Visa) for the whole family through various programs.

According to the terms of the Greece Golden Visa program, investors and their family members can obtain permanent residency in Greece without the need for permanent residence when purchasing property worth at least 250,000 euros.

Under the conditions of other immigration programs (residence permits in Greece for financially independent foreigners, for digital nomads, business immigration), owning property in Greece can be an additional advantage.

Which regions are best for buying property in Greece?

Greece offers numerous attractive regions for purchasing real estate. Here are some of the best regions worth considering: Athens, Crete, Halkidiki, Peloponnese.

What taxes are involved when buying property in Greece?

When purchasing property in Greece, the following taxes and fees come into play:

  • Transfer Tax: This is a tax imposed when transferring ownership rights to the buyer. The tax rate is 3% of the property’s value.
  • Registration Fee: This fee is for registering property rights in the cadastre. It typically amounts to around 0.5-1% of the property’s value. For example, for a property worth 250,000 euros, the rate would be just 0.5% (1250 euros).
  • Value Added Tax (VAT): By the decision of the Greek government, the collection of 24% VAT on new properties with construction permits issued after January 1, 2006, has been suspended until 2024. VAT on new constructions in Greece will not be applied until the end of 2024!
  • Notary Expenses: When buying property, a notarial deed must be drawn up. The amount of notary expenses depends on the property’s value and usually constitutes approximately 1-2% of the price.
  • Legal Services: Legal support service fees can vary depending on the services and transaction amount.

READ ALSO:

Greece Golden Visa

Residence permit and immigration to Greece

 

Article author

Anastasia Taran Head of Corporate Services
Ukraine
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes i...
In 2013, she graduated in law from the National University «Odessa Law Academy» with honors and received a Master of Law degree. Anastasia Taran has experience in international and contract law, as well as corporate and tax law in Europe. Within the framework of Feod Group, she specializes in immigration and corporate law of European countries, particularly:
  • family and corporate immigration solutions.
  • establishing a business in Europe.
  • personal and corporate taxation in Europe.
  • opening accounts in European banks.
  • obtaining a tax resident status.
read more
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