The growth of the Greek real estate market increases in the post-pandemic period 2021

The growth of the Greek real estate market increases in the post-pandemic period

21.07.2021 17:00
Author: Maria Kozhukhar

George Kormas, CEO of Piraeus Real Estate, has expressed his opinion about the Greek real estate market’s rapid growth in the post-pandemic period.

According to his assessments, the remarkable recovery pace of the internal real estate market back to 2019 and the first quarter of 2020 levels was not a temporary phenomenon, but a general trend that will continue after the healthcare crisis is over.

The CEO of Piraeus Real Estate made such forecasts at the latest NPL 2021 Summit, emphasizing the stability of the market, despite the current wait-and-see attitude of investors.

As for the future of the real estate market, George Kormas has mentioned that in compliance with current international trends in the field, Piraeus Real Estate and many other real estate agencies are giving prominence to digital transformation and the implementation of the most advanced artificial intelligence tools, which will allow for a more personalized customer service and will also have a positive impact on the filling of the database of properties. 

Golden Visa

In spite of a slight decline during the pandemic, the number of Golden Visas obtained has not decreased. Residence by investment programmes are still highly popular in Greece. If you buy real estate that is worth more than 250,000, you get the opportunity to obtain a residence permit.

In order to obtain a Golden Visa, a foreign citizen can also invest certain sums into the country:

  • Contribution to the authorized capital in the amount of not less than 400.000 euros. Investment into a company located or established in Greece (excluding portfolio and real estate investment companies) for the purpose of acquiring shares when increasing the share capital or bonds when issuing a bond loan.
  • Contribution to the authorized capital of not less than 400.000 euros. Into company associated with real estate investment SA (AEEAP), which seeks to invest exclusively in Greece.
  • Authorized capital contribution of at least €400,000 to the Business Holding Capital Company (EKES) for the acquisition of shares or to the Investment Fund Business Holdings (ACP) for the acquisition of shares, provided that the above alternative investment agencies have an office or registration in Greece.
  • Purchase of Greek government bonds with a value of at least 400,000 euros and a remaining maturity of no less than 3 years when purchased.
  • Deposit of at least 400,000 euros in a national credit institution (for at least one year with indefinite extension).
  • The purchase of shares, corporate bonds and/or bonds of the Greek state with a value of no less than 800,000 euros, which are allowed to be traded or are traded on regulated markets or multilateral trading mechanisms operating in Greece.

Greek real estate agency Balcamou suggests to pay attention to some properties, which allow foreign citizens to apply for a residence permit.

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