AVINTU INTERNATIONAL

GREECE

Beautiful weather. Endless beaches. Rich culture and history. Developed infrastructure.

The mild and comfortable climate along with the turquoise waters makes Greece one of major vacation destinations in Europe. Due to the fact that this country consists of many islands, it has a long and picturesque coastal line, washed by the waters of the Aegean and Ionian seas. As the cradle of European civilization, Greece is famous for its rich culture and historical monuments. Life expectancy in this country is one of the highest in the world, which is primarily due its comfortable climate, healthy Mediterranean cuisine and clean environment. This is a great place to live, as well as to run a hotel business.

The Cost of Real Estate in Greece

HOTELS | from €300,000 euros
The prices for small hotels with 12-15 rooms in the most visited by tourists areas start from €300,000 - €400,000 euros. However, it is more realistic to expect prices in the range from €600,000 to €1 million euros, depending on the property's location. The return on such investment can be somewhere around 15% - 20% a year. And in some cases there is a chance to get a government grant up to 50% of the total investment.

VILLAS | from €200,000 euros
The variety of villas in Greece is huge; therefore, the price range is pretty wide as well. Meanwhile you can find nice 100 - 120 sq.m. villas in popular tourist destinations for approximately €200,000 - €250,000 euros. When you rent them out the return can be 10% - 12% per year.

APARTMENTS AND HOUSES | from €100,000 euros
Although in Greece you can find very cheap apartments from €15,000 euros, the cost of apartments that are worth to invest, with the area of 65 sq.m. and more, will be on average €100,000 and above. Detached houses and cottages are more expensive, starting from €120,000 - € 150,000 euros. And the return on such investments can be expected within 7% - 8% per year.

Advantages of Buying a Small Hotel

Tourism is the key industry for Greece; it brings 18% of the total income into the country. In 2016 more than 28 million people visited Greece, and this number is only set to grow. Accordingly, the need in the tourists' accommodation will be growing as well.

In addition to the fact that hotel business in Greece is potentially very beneficial, owning a hotel allows you to obtain a residency in this country.

Also, after a long period of downturn and prices declining in 2010-2015, the momentum on the real estate market is now changing upwards, which is always a great time to buy. And there is another good reason for buying a hotel in Greece due to the government program giving out grants for selected properties for up to 50% of the purchase cost.

Climate in Greece

80% of Greece's territory consists of mountains, with cool and snowy winters and hot summers. At the same time, the coastal areas and the islands, where the majority of the population lives, have a typical Mediterranean climate with warm humid winters and dry hot summers.

The average temperature in July and August in Athens is 29°C, rising up to 34°C. The water temperature warms up to 25°C. Summer is also the sunniest time of the year. The swimming season in the south part of Greece and on its islands usually opens in early April and lasts until the end of November. In Athens and Thessaloniki, the swimming season is shorter, from June to mid-October.

Visas and Residency

Citizens of the USA and Canada do not require visas to enter Greece. Also, as Greece is a part of the Schengen Area, all holders of Schengen visas can freely visit Greece.

Foreigners may stay in the Schengen area (including Greece) up to 90 days within a period of 180 days. In order to stay in Greece above that, as well as to be able to work and receive free health care, you need to apply for a residence permit. One of the ways to obtain it is purchasing a real estate. When you buy properties valued €250,000 euros and more, you are eligible for a simplified process of obtaining a residence permit, which will be valid for 5 years and can be extended afterwards. Moreover, the residency is granted not only to the buyer and his/her family (spouse and minor children), but to the parents as well.

Residence permit in Greece can also be obtained by proving a monthly income of at least €2,000 euros, and depositing minimum €24,000 euros of personal funds into one of the Greece's banks. The amount will be higher when additional family members need residence permit.

Purchase of Real Estate by Foreigners

When buying real estate in Greece, international buyers have the same rights as local residents. Foreigners can buy, rent and sell property in Greece, just as Greek residents, without any limitations.

Foreign buyers are allowed buying under their personal name that is having a sole ownership over the purchased properties. They can purchase an unlimited number of real estates, including residential, commercial, industrial, agricultural and other properties.

Unlike in some other countries where the government is trying to protect the local real estate market from overseas buyers, in Greece the international investment into the local real estate is only welcomed.