The Real Estate market in Greece passed through a lot of turbulences with the 2008 crash, but had a rather surprising growth in the recent years.
Since then, the macroeconomic conditions of the Hellenic country has seen an increasing need of a systematic monitoring of the real estate market developments. The realty assets, in fact, have shown to be determinant for its economical status, and required the Bank of Greece’s intervention to supervise it.
Still, according to our statistics, Greece results as one of the top five countries to buy and sell a property (recorded by visits and interest).
As said, investment tendencies were wobbling right after the crash, as Greece risked to break the economical boundaries that kept it in the EU.
Nonetheless, the real estate market statistics have been showing promising and steady values registered across these past three years.
In fact, the Greek real estate market has shown resilience in the pandemic, with demand remaining strong for most sectors.
In 2018, the property market broke its record slide. According to the Bank of Greece’s (BoG) Deputy Governor, Theodoros Mitrakos, apartment prices increased at an accelerating pace, recording an average annual rate of 1.8%.
Over the 2018-2021 time period, the real estate price surged by 30-32% in Athens, by 21-25% – in Thessaloniki, and by 9-14% in the other major cities.
And, in the third quarter of 2021, house prices rose about 10% overall compared to 2019.
To reinforce this growth signals, investment companies have recently been showing interest in purchasing urban buildings to renovate them.
This also regards the conversion of abandoned land and buildings into business centers and logistics hubs.
For overseas residents, the country offers fantastic tax deals. Moreover, income from Greece’s properties will be taxable in Greece only and VAT is currently suspended on the property.
However, there is an yearly tax you will have to pay (called ENFIA) which varies depending on the property.
Finally, if your native country is under a tax treaty with Greece, you don’t have to pay double taxes.
Here is a summary of what you can expect from the Greek taxation in percentages:
If you are ready to start a profitable investment in the Greek market, check the availability on this property list.
André Pitì
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