Greece Sees Surge in Property Buying by Indians Ahead of Law Amendment
Leptos Estates reports 37% surge in property sales to Indian buyers, ahead of expected amendments to investment laws by the Greek government.
GreeceReal EstateProperty DevelopmentInvestment LawsGolden VisaPermanent ResidencyReal EstateJul 19, 2024
This surge is largely attributed to the expected amendments to investment laws by the Greek government, which will come into effect on September 1, 2024. Currently, the minimum investment required for permanent residency in Greece stands at €250,000, but this is set to increase to €400,000 once the new rules are implemented.
Indian investors are taking advantage of the current affordable prices to secure their dream Mediterranean holiday homes, which range from premium apartments to luxury villas. The Greece Golden Visa, also known as the Permanent Residency, offers numerous benefits, including visa-free travel across Europe, free health and education, and the freedom to set up a business in the country.
The new rules will introduce two minimum investment slabs for real estate transactions in Greece, with popular areas like Attica, Thessaloniki, Mykonos, and Santorini falling under Tier I, and all other regions under Tier II. Indian investors still have time to apply under the current €250,000 minimum threshold, provided they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024.
Owning a home and a Permanent Residency in Greece also offers high returns from the country's booming real estate market, perfect weather throughout the year, and the chance to experience the charming Mediterranean culture firsthand.
Frequently Asked Questions
What is the current minimum investment required for permanent residency in Greece?
The current minimum investment required for permanent residency in Greece is €250,000.
What is the expected increase in the minimum investment required for permanent residency in Greece?
The minimum investment required for permanent residency in Greece is expected to increase to €400,000 once the new rules are implemented.
What are the benefits of owning a home and a Permanent Residency in Greece?
The benefits of owning a home and a Permanent Residency in Greece include high returns from the country's booming real estate market, perfect weather throughout the year, and the chance to experience the charming Mediterranean culture firsthand.
Can Indian investors still apply under the current €250,000 minimum threshold?
Yes, Indian investors can still apply under the current €250,000 minimum threshold, provided they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024.
What are the two minimum investment slabs for real estate transactions in Greece under the new rules?
The two minimum investment slabs for real estate transactions in Greece under the new rules are Tier I, which includes popular areas like Attica, Thessaloniki, Mykonos, and Santorini, with a minimum investment of €800,000, and Tier II, which includes all other regions, with a minimum investment of €400,000.
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