Indian Investors Flock To Greece For Lucrative Real Estate Opportunities
Greece has become a hotspot for Indian property investors with a 37% surge in purchases between July and August in 2024. Since it has been discussed on different platforms the question ponders on the newly launched Golden Visa Programme. There has been an immense rush driven by changes to the country’s popular “Golden Visa Programme” which offers residency permits in exchange for real estate investments. This programme has long attracted non-EU investors seeking European residency but the recent rule changes have intensified demand especially attracting Indian investors.
What is the Greece’s Golden Visa Programme?
Greece’s Golden Visa Programme was launched in 2013 which allows non-EU citizens to secure residency in Greece with a minimum investment in real estate. The requirement was Euro 250,000 (approx. Rs. 2.2 crore) considered one of the lowest in Europe. However, the Greek government has raised the minimum investment to Euro 800,000 (approx. Rs. 7 crore) in prime locations like Athens, Mykonos, and Santorini due to rising demand and property prices.
Indian investors are flocking to Greece due to the programme’s attractive offerings including various benefits. These include high rental yields of 3-5% annually property value appreciation of around 10% year-on-year and access to quality healthcare and education.
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Additionally, the Golden Visa offers the opportunity to establish businesses within the European Union. Greece’s relatively affordable residency programme is also a major draw especially compared to other EU countries like Portugal and Spain. The recent changes to Greece’s Golden Visa Programme aim to ease pressure on real estate markets in popular areas and encourage investment in less saturated regions.
Greece also offers Indian investors an attractive lifestyle in scenic locations like Paros, Crete, and Santorini beyond financial gains. Many investors have bought under-construction projects with handover periods of six to twelve months to lock in lower investment rates before the rule changes. Real estate developers like “Leptos Estates” have reported selling out their available stock due to the influx of Indian buyers. These benefits attract Indian investors which makes Greece a top choice for seeking EU residency benefits with its Golden Visa Programme to enjoy the lifestyle benefits that come with it.
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