During the past few years, the Greek Real Estate Market has undergone a meteoric development, seeing more and more foreign investors willing to purchase property in Greece. Not only is Greece one of the most favoured destinations for a vacation home, it has also been recognised as a country offering an undisputed investing potential. Additionally, the Greek Government’s Golden Visa Residence Program has undoubtedly aided in the proliferation of real-estate-related investments in the country.
Nonetheless, the reality created by the Covid-19 pandemic has inevitably affected the real estate market everywhere around the globe, including Greece. According to the data provided by the Bank of Greece, this year there was a reduction of 42,5% in the flow of foreign capital towards real estate purchases, compared to 2019.
The principal reason behind this, according to the Greek Newspaper “Kathimerini”, published in the Sunday Edition on 20.12.2020, is the dramatic decrease in Golden Visas actually granted, mainly because of the travel restrictions imposed due to the pandemic. In particular, the number of Golden Visas issued until September 2020 reached the 368, in spite of the fact that there have been more than 7.900 applications.
Even though the number of wealthy individuals exploring their investment options is anything but diminishing (for more information, you can also view https://www.law-services.gr/legal-articles-and-media/golden-visa-investments-in-greece-navigating-through-the-pandemic/), it is being reported that both investors and property owners are “on hold”, waiting to see how the situation will unravel. As a result, the multitude of properties for sale is scarce compared to previous years, while no reduction in prices has been noted.
Nonetheless, according to experts, as reported by “Kathimerini”, prices are expected to move downwards by a percentage of 15%-20% within the following three to six months, taking into consideration that, specifically in the case of the Real Estate Market, there is a small delay in the prices adapting to the new reality created, as attested, as well, by the Bank of Greece.
Moreover, it is anticipated that, starting from the first trimester of 2020 and further expanding into the following 5 years, the number of properties for sale will be increased by approximately 200.000 properties. The reason behind this is the rapid evolution of platforms listing for sale properties that had previously been confiscated by banks or funds, that are currently wishing to speed up the proceedings.
As a result, it seems that the beginning of the new year may be the proper time to move forward with real estate investments in Greece and profit from the benefits offered by the Greek Government.
Amoiridis Law Services®, being among the most experienced law firms in this sector in Greece, is focusing all efforts into assisting our vast international clientele navigate in these times of uncertainty and successfully proceed with their investments. If you are one of the many interested in investing in Greece, taking advantage of the residence and citizenship benefits offered, do not hesitate to visit our website (https://www.law-services.gr/golden-visa-in-greece/) and contact us directly for further information.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalised information tailored to your needs and your profile.
Athens, December 2020 – All rights reserved, Amoiridis Law Services®
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