Investing in Greece: all you need to know.
To those who came to mind to move to one of the most beautiful and unspoiled places in the world? Rich in history and marvelous places, Greece remains one of the most sought-after destinations both by tourists and above all by investors looking for a new home. It is an idea not so bad, especially by examining the particular situation facing the Greek economy at this time.
The economic crisis has caused quite a few hardships in the peninsula, with a fall in income and the general collapse of the economy. We must not forget the problem of closure and strong control of capital, in order to avoid its foreign flight. All this has led to a collapse in property costs and, consequently, to an increase in the number of individuals who are considering going to Greece for their investments.
On the market there are currently 245,000 unmarket homes and according to the 2019 forecasts, the number will increase considerably, given the previous and long economic paralysis of recent years. Grexit also played a decisive role in all this considering that there is a risk that, after leaving Europe, Greece decides to return to the Drachma. One wonders how safe it is to invest in Ellade.
The Greek situation is not yet resolved, the country is growing but at a slow pace, the economy is not as open as before and because of the recent fire, many people have had to leave their homes. Tourism is the only point in favor of the country, with a double peak of guests (2016 and 2017) This is mainly due to the fact that the country has "attracted" visitors from neighboring Turkey and Egypt, where there are political problems interiors that, of course, terrified tourists and pushed them to other destinations. In conclusion, after analyzing the situation, it is possible to say that investing today in Greece is not easy but the situation is improving.
Apparently it was the economic crisis that moved many investors to property for sale in Greece, buying both luxury homes and rural houses. Needless to say, investments in the Greek real estate market are not for everyone. Prices and risks need to be balanced on the two plates. First of all, in order to be able to gain access to this market, it is necessary to have a solid financial position, sufficient to cover any unforeseen events and new price drops.
The choice of the area is also decisive. First of all we need to distinguish the most "reserved" tourist places and places. In very touristic places, as is obvious, house prices have not fallen too much and probably do not make the investment so favorable.
Among the most accessible and economic locations in Greece we find both the smaller cities and the capital, Athens, where you can buy properties from 100 square meters to even 40,000 euros. And the taxation? When evaluating the investment must also take into account the taxes to be paid on the property: here for houses that are worth between 200 thousand and 5 million euro, the progressive rate is between 0.2% and 1 %. To this we must add local taxes ranging from 0.025 to 0.035%, calculated on the value of the house.
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Investing in Greece: all you need to know