Recently, RE/MAX, a well-known real estate transaction service platform in Greece, released a survey report on the distribution of housing sales area in Greece in 2023.
The report reveals the current real estate market trends, pointing out that most buyers prefer small-sized houses and regard capital appreciation as the primary motivation for buying a house.
01
Small-sized houses
Become a popular choice for buyers
According to the latest report released by RE/MAX on July 11, small-sized houses in Greece became a popular choice for buyers in 2023.
Specifically, up to half of buyers choose properties of 75㎡ or less, of which 24.7% choose properties of 50㎡ or less, and another 24.9% choose properties of 51-75㎡.
According to analysis, the popularity of small-sized houses is mainly attributed to their relatively affordable prices, low maintenance costs and high potential rental returns.
If distributed by region, the regional distribution of the Greek real estate market in 2023 is as follows:
Attica region
■ 1-50㎡ real estate sales share: 18.7%
■ 51-75㎡ real estate sales share: 27.7%
■ 76-100㎡ real estate sales share: 25.1%
■ 101-150㎡ real estate sales share: 17.9%
■ 150㎡ and above real estate sales share: 10.6%
Thessaloniki
■ 1-50㎡ real estate sales share: 15.3%
■ 51-75㎡ real estate sales share: 31.9%
■ 76-100㎡ real estate sales share: 29%
■ 101-150㎡ real estate sales share: 19.4%
■ 150㎡ and above real estate sales share: 4.4%
Other regions
■ 1-50㎡ real estate sales share: 29.8%
■ 51-75㎡ property sales share: 21.8%
■ 76-100㎡ property sales share: 20.9%
■ 101-150㎡ property sales share: 18.2%
■ 150㎡ and above property sales share: 9.3%
02
Investing in Greek real estate
Also enjoy many benefits
Benefit 1: Get a Greek Golden Visa
According to the Greek Immigration Act, any foreigner from a non-EU member state who invests more than 250,000 euros in real estate in Greece (starting from 500,000 euros in some areas) will obtain a permanent residence permit for the whole family.
However, after August 31, 2024, the investment threshold for Attica, Thessaloniki and densely populated islands will rise to 800,000 euros, and to 400,000 euros in other areas. Only the protected buildings that are specifically renovated or to be restored will remain at 250,000 euros.
In addition, the new policy stipulates that whether the "entry threshold" of 400,000 euros or 800,000 euros is set, it only applies to the purchase value of a single property, and the prices of multiple properties cannot be accumulated. At the same time, the area of the purchased property must not be less than 120 square meters.
If you want to buy Greek real estate at a low cost, you must pay the house price or prepay 10% of the house price before August 31, 2024, or sign a pre-purchase contract, or a private purchase agreement, and complete the purchase before December 31, 2024.
Benefit 2: Traveling around Europe
Greece is a Schengen country. After investors obtain a Greek golden visa by investing in real estate, they will enjoy the right to travel freely in the Schengen area, that is, they can live in other Schengen countries for no more than 90 consecutive days every 180 days.
Therefore, investing in real estate in Greece can also open the door to free travel in many European countries.
Benefit 3: Children's education
Holding a Greek golden visa has many advantages in children's education!
In the basic education stage, children can enjoy 12 years of free public education in Greece or choose high-quality international schools. Greek international schools provide international courses such as IB/A-Level, with high education quality and high cost performance.
As a member of the European Union, most international schools in Greece are interconnected with overseas educational institutions. Children can directly obtain international diplomas after graduation and enter world-renowned universities.
In addition, with a Greek golden visa, children can return to China as overseas Chinese students to participate in the overseas Chinese joint examination and enter domestic 985 and 211 prestigious universities with low scores.
Benefit 4: High investment return
According to the commercial real estate market research of the Bank of Greece, in the second half of 2023, the minimum yield of high-end office buildings in the core business district of Athens will be between 5.5% and 6.7%, and that of high-end shops will be between 5.2% and 6.1%; in Thessaloniki, the yield of office buildings is expected to be 6.5%-7.4%, and that of shops will be 5.6%-6.5%.
These data also further confirm the attractiveness of real estate investment in Greece, providing investors with stable and high-return investment opportunities.
If you are interested in investing in real estate in Greece, please contact Xingyunhai International, and we will provide you with tailor-made exclusive services.
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