Between 2007 and 2017, property prices in Greece have dropped as much as 50% (-49.5%) since the credit crisis. Greece finally emerged from its recession by 2017 and posted an annual growth of 1.5% and 1.9% in 2018 respectively. By 2019 the pandemic dragged the economy back into recession, with real GDP shrinking by as much as 9% during 2020.
Fortunately, things are now started improving, and in 2021 Greece’s GDP grew by more than was previously predicted at 5.7%. With Greece set to exceed previous years performance in 2022, amidst surging demand and new Visa policies like the Digital Nomad Visa, which are keeping demand high and the property market strong.
According to Greek property guide. House prices continue to rise strongly, where in urban areas, house prices rose by 8.35% sharply up from the previous year’s 3.91% growth. According to the Bank of Greece. When adjusted for inflation, house prices rose 6.41%, with major cities like Athens, and Thessaloniki leading the charge.
At € 250,000 + taxes and fees. The Greek Golden Visa offers the lowest cost and most attractive terms for residency in Europe.
Note: The Prime Minister of Greece, Kyriakos Mitsotakis, has recently introduced new changes to the Greek Golden Visa scheme, among them the increasing of the minimum amount of investment required for the issuance of such a visa to a total of €500,000.
The Greek residency program is relatively fast, in most cases taking around 40 days until a residency card is issued. Through our tried and tested network of professionals in both South Africa and Greece, we specialise in the field of “investment immigration”.