Author: Dimitris Tsachidis

Recent years have seen a surge in demand for Residency by Investment programs (RBIs) in the European Union (EU). Despite various options available, the potential closure of Portugal’s Golden Visa program has thrust Greece, Spain, Malta, and Latvia into the spotlight as the remaining potent contenders. Today, we invite you to discover why Greece’s program, with its unique advantages, emerges as the prime choice for investors, particularly with an eye towards sustainable real estate investment.

Interestingly, Greece and Spain have granted nearly equal numbers of Golden Visas, marking them as formidable contenders. However, subtle nuances make the Greek program a more beneficial prospect for potential investors. One such factor is its sustainability, setting it apart from the rest, especially in comparison with Spain’s faltering real estate option.

Spain’s political sphere is leaning towards discontinuing the real estate option under their Golden Visa program, which in turn enhances the appeal of Greece’s robust program. Greece’s recent modifications to its Golden Visa program have rendered it more resilient and shielded from potential housing crises, an aspect that its Spanish counterpart can’t match.

A remarkable testament to Greece’s economic resilience is its successful recovery from a decade of financial turbulence. Greece’s housing sector has proven to be more stable than Spain’s, boasting a Compound Average Growth Rate (CAGR) of 21.4% between 2017 and 2021, far exceeding Spain’s 40% CAGR.

Investing in a Golden Visa for real estate isn’t just about choosing a country and program, it involves identifying a safe environment with solid property appreciation potential and a vigilant approach to avert potential housing crises that could detrimentally impact your investment. Greece’s recent tweaks to its Golden Visa have only reinforced its stability within a flourishing investment environment.

Beyond sustainability, Greece steals the show with affordability too. Greece’s real estate investment threshold stands at a reasonable €250,000, a stark contrast to Spain’s steep requirement of €500,000. Whether your investment sights are set on vibrant Athens, cultural Thessaloniki, exotic Mykonos, or picturesque Santorini, even with the higher minimum investment of €500,000, you’ll find savings on property taxes that are a flat 3% in Greece, as opposed to Spain’s range of 6% to 11%. Furthermore, Greece’s additional Golden Visa investment options of setting up a business or investing in financial products remain budget-friendly at €250,000 in most cities such as Chalkidiki .

But Greece doesn’t stop at just being sustainable and affordable; it triumphs in efficiency as well. The Greek Golden Visa application procedure is one of the simplest and quickest in the world of investment migration. Aided by a new online application portal, the process has been expedited even further. The Greek Golden Visa has rightfully earned its position in the Henley & Partner’s Residence Program Index as one of the fastest residency by investment programs globally.

The Greek Golden Visa also outperforms by centralizing the process. All procedures are conducted locally, thus minimizing bureaucratic interference and delays, unlike Spain’s Golden Visa that might hinge on its embassy’s processing capacities depending on the applicant’s chosen method and location for application. The high rejection rate of Uniform Visa Applications by Spanish embassies (9.26%) further underscores the streamlined efficiency of Greece’s 4.91%, further simplified by the exclusion of Greek embassies from the process.

For aspirants seeking to establish their roots in the EU and pursue citizenship, the journey towards naturalization under the Greek Golden Visa is faster than Spain’s, with the exception of certain nationalities qualifying for quicker naturalization in Spain.

To sum up, Greece’s Golden

Take a look at Solid Developments’ latest projects Luxury Villas in Vourvourou and Artion Residence in Nikiti, Chalkidiki.

Understand your needs and preferences:

The first step in choosing the right summer resort property in Chalkidiki is to understand your needs and preferences. According to a recent survey by the National Association of Realtors, the most important factors for deluxe property homebuyers are privacy, security, and exclusivity. Consider your lifestyle and interests, and make a list of your must-haves and nice-to-haves to help narrow down your options.

Research different neighborhoods and properties:

Once you have a clear idea of your needs and preferences, it’s time to research different neighborhoods and properties in Chalkidiki. According to the Hellenic Statistical Authority, the most popular areas for property transactions in Chalkidiki are Kassandra and Sithonia, which offer stunning beaches, natural beauty, and a rich cultural heritage. Look for properties that are located near local amenities and attractions, such as restaurants, shopping, and entertainment. Our advise is Nikiti, Chalkidiki in Sithonia, click to see why.

Work with a trusted real estate agent or Construction Company:

When it comes to choosing property in Chalkidiki, it’s essential to work with a trusted real estate agent or construction company who can guide you through the process. To ensure that you’re working with a reputable construction company, ask for referrals and testimonials from past clients, and take the time to witness their previous projects firsthand. Look for professionals with experience in the local market and a track record of success such as Solid Development, who can provide valuable insights into the neighborhoods and properties that best match your needs and preferences.

Consider the property’s potential for resale:

While you may be purchasing a summer resort in Chalkidiki for personal use, it’s essential to consider its potential for resale. According to a recent report by Knight Frank, the global prime property market is expected to grow by 27% over the next five years, with the highest growth expected in Europe. Look for properties that are located in desirable neighborhoods and have features that appeal to a broad range of buyers, such as stunning views, high-end finishes, energy-efficient technology, pools or proximity to the sea.

In conclusion

Choosing the right property in Chalkidiki requires careful research and consideration. By understanding your needs and preferences, researching different neighborhoods and properties, working with trusted professionals, and considering the property’s potential for resale, you can make an informed decision that meets your needs and exceeds your expectations. With the growing demand for luxury properties in Chalkidiki and the expected growth in the global prime property market, now is the perfect time to invest in your dream home. Take a look at Solid Developments’ latest projects Luxury Villas in Vourvourou and Artion Residence in Nikiti, Chalkidiki.

Greek Tourism Minister Statement

As  Greece emerges from the COVID-19 pandemic, there is an increasing sense of optimism in the country’s tourism industry. Greek Tourism Minister Vassilis Kikilias predicted that 2023 will be a strong year for Greek tourism during his address at the 12th Panhellenic Conference of the Association for Professional and Conference Tourism. The conference, entitled “Meetings in Greece: The Game Changer,” was organized by HAPCO & DES (Hellenic Association of Professional Congress Organizers & Destination Events Specialists). The minister announced that he expects tourism to grow by 20% in 2023 in comparison to 2019, the last unaffected year by COVID. This is great news for the real estate market in Greece, especially for those who are interested in investing in luxury apartments in Chalkidiki.

Real Estate

Tourism growth can have a significant impact on real estate in tourist locations. As more tourists visit a particular area, the demand for accommodation, dining, and entertainment options increases, leading to an increase in the demand for real estate in the area. Property prices may rise as developers seek to build more hotels, resorts, and vacation rentals to cater to the influx of tourists. Additionally, local homeowners may see an increase in the value of their properties, as they can capitalize on the demand for short-term rentals, such as Airbnb.

Land of Opportunity

Chalkidiki is a stunning region in Northern Greece, known for its crystal-clear waters, golden beaches, and lush greenery. It is a popular tourist destination, with visitors flocking to the area every year to enjoy the beautiful surroundings and warm Mediterranean climate. With the anticipated growth in tourism, the demand for luxury apartments in Chalkidiki is expected to increase significantly.

Investing in real estate in Chalkidiki is an excellent opportunity for those who are looking for a profitable venture. Luxury apartments in this area are in high demand, with many tourists and visitors seeking comfortable and luxurious accommodation during their stay. As a result, investing in real estate in Chalkidiki can provide a significant return on investment, especially with the expected growth in tourism in 2023.

Time to Act

If you are considering investing in real estate in Greece, now is the time to act. With the expected growth in tourism in 2023, the demand for luxury apartments in Chalkidiki is only going to increase. By investing now, you can take advantage of the opportunities that the Greek real estate market has to offer and enjoy the benefits of owning a property in one of the most beautiful regions in Greece. Act now and take advantage of the opportunities that await you in Chalkidiki. Take a look at Solid Developments’ latest projects Luxury Villas and Artion Residence in Nikiti, Chalkidiki.

Greece has been a tourist hotspot for decades, but in recent years, it has also become an increasingly attractive destination for foreign investors. With its strategic location, strong economy, and investment-friendly policies, Greece has emerged as an investor’s paradise.

Golden Visa

One of the key factors driving investment in Greece is the country’s Golden Visa program. The program allows investors and their families to obtain a five-year residence permit in Greece in exchange for investing in the country’s real estate market. The minimum investment amount is €250,000, and the program has proven to be popular with investors from around the world. In fact, the Golden Visa applications in Greece are on the rise, signifying the global interest the country has amassed in recent years.

But the Golden Visa program is just the tip of the iceberg when it comes to Greece’s appeal to investors. The country’s economy is growing at an impressive pace, with GDP growth being over 6% in 2022. This growth is driven by a range of factors, including Greece’s strategic location at the crossroads of Europe, Asia, and Africa, its strong shipping industry, and its rapidly growing tourism sector.

Tourism

Greece’s tourism industry is particularly noteworthy, with over 30 million visitors per year. The country’s stunning beaches, ancient ruins, and vibrant culture are just some of the attractions that draw tourists from around the world. But the tourism industry is also a major driver of economic growth, providing jobs and driving demand for a range of goods and services.

Investor Friendly

In addition to its strong economy, Greece also offers a range of investment-friendly policies. The country has a flat corporate tax rate of 24%, which is one of the lowest in Europe. Greece also offers a range of tax incentives and exemptions for foreign investors, making it an attractive destination for businesses looking to expand into new markets.

Finally, Greece’s government has made a concerted effort to improve the country’s business environment in recent years. This includes reducing bureaucracy, simplifying regulations, and creating a more investor-friendly legal framework. These efforts have paid off, with Greece ranking 61st in the World Bank’s Ease of Doing Business Index in 2021, up from 79th in 2020.

Rising Real Estate Market

Rising prices in the real estate market can be a strong indicator of development in a country, and this is true for Greece. As the economy recovers and the country stabilizes, demand for real estate has been increasing steadily. This has led to an increase in property values, with prices rising in major cities like Athens and Thessaloniki, as well as in popular tourist destinations such as the Greek islands. This trend is a positive sign for the Greek economy, as it indicates that investors have confidence in the market and are willing to put money into real estate. Furthermore, as property values continue to rise, it may encourage further development and growth in the country’s real estate sector.

Conclusion

All of these factors combine to make Greece an investor’s paradise. With its strategic location, strong economy, investment-friendly policies, and growing tourism industry, Greece offers a range of opportunities for investors looking to expand into new markets. Whether you’re interested in the Golden Visa program or other investment opportunities in Greece, the country’s future looks bright for those willing to take the plunge.

Read more about why you should invest in Greece here.

Take a look at Solid Developments’ latest projects Luxury Villas and Artion Residence in Nikiti, Chalkidiki.

The Greek Government has recently made an announcement regarding the highly anticipated changes to the Greek Golden Visa program. As per the statement made by the Prime Minister, the visa program will undergo a price hike. This news has been a topic of speculation for several months, and the investors and individuals who were planning to apply for the program were eagerly awaiting the announcement.

The government has now confirmed that the price hike will indeed take place, and new regulation L. 5007/2022 Articles 91 and 92 have been introduced to outline the changes. These regulations specify the areas that will be affected by the price hike.

Areas Affected

Under Article 91 of the new regulations, the minimum qualifying real estate investment required for the visa program has been increased from €250,000 to €500,000 for:

• North, Central, and South Sectors of Athens
• Municipality of Vari – Voula – Vouliagmeni (Region of Attica)
• Municipality of Thessaloniki (Region of Central Macedonia)
• Regional Units of Mykonos and Santorini (Region of South Aegean)

However, any property in a region other than those mentioned above will maintain the €250.000 price point moving forward. Leaving a 90% of Greek municipalities in an advantagious possition for future Golden Visa Investors.

Greece Golden Visa – Real Estate Investment Requirement by Municipality

Investing in Chalkidiki

Chalkidiki thus presents a great alternative for investors who are interested in the Macedonian region up north, with lower minimum thresholds to qualify for the Golden Visa program and higher yields compared to Thessaloniki. In fact, Chalkidiki currently holds the highest yields in Greece (you can read more in our article here). Furthermore, the rise of the Golden Visa in Thessaloniki is bound to direct investors to Chalkidiki as the closest municipality.