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INCREASE IN HIGH-NETWORTH BUYERS EXPECTED AS MARKET STABILIZES
With positive political developments and changes to the country’s Golden Visa requirements, Greece is poised to experience a booming residential real estate market, according to Kyriakos Xydis, Managing Partner of Berkshire Hathaway HomeServices Athens Properties.
While Greece’s snap election in May didn’t produce an outright winner, the ruling party’s 21% lead over the opposing party puts the previous Prime Minister, Kyriakos Mitsotakis, in good stead to regain control over the country when citizens vote again on June 25 under the enhanced proportionality system.
“This is great news for all markets—financial, real estate, every market connected to the Greek economy,” Xydis said. “The Prime Minister is extremely market friendly.”
Regarding Greece’s Golden Visa—a program that allows individuals to gain residency of a country via a minimum real estate investment—Xydis confirmed that August 1, 2023, will see an increase in the monetary threshold to secure a five-year residency visa from €250,000 to €500,000.
“After the increase is implemented, and following the election, we do expect to attract more higher-net-worth individuals as they see that the country is very stable and market friendly,” Xydis said.
“We’re expecting a booming market,” Xydis added. “If people want to invest, now is the time. In a few years, prices will be sky high.”
The vacation rental market is another sector in Greece that’s experiencing a current boom in activity, and Berkshire Hathaway HomeServices Athens Properties has tailored its services to seek and source properties for clients as well as exclusively manage properties in Athens and Mykonos.
The company is currently establishing its own booking engine and will be increasing its rental offerings over the coming months. “We have made major investments in technology, property, management of services, etc., and we aim to have very satisfied customers. If you’re looking to visit Greece, contact us and we’ll find you the best accommodation at the best prices.”
