The Greek property market could soon be replicating the current mini-boom seen in the UK thanks to some forward-thinking initiative from the country’s government.
Despite the disruption caused by COVID-19, the outlook for Greece’s property market is buoyant following the government’s start of two new programmes to attract European pensioners and non-domestic residents to support the wider economy.
On the back of this, leading Greek developer, Leptos Estates is predicting a strong Q4 as travel begins to reopen globally and have seen a surge in interest, receiving daily enquiries from buyers at their Crete development, Aphrodite Beachfront.
Commenting on the new government programmes, Pantelis Leptos, Deputy President of Leptos Group of Companies, said, “The new government initiatives can potentially spark a new golden age of investment in Greece. The strong range of incentives, healthy outlook for the Greek real estate market, the exceptional lifestyle on offer and the government’s success at combatting COVID-19 will be a real draw across the globe.
“The success of the Golden Visa Program has demonstrated there is a real appetite for Greek property, drawing approximately 10,000 investors to date and the new programmes will complement the existing offering.”
As lockdowns eased globally, purchasing power has returned to Southeast Asian and Chinese and interest has been strong, picking up from the impressive Q1 results. Although initials predictions of a record year have been reduced, the outlook is positive moving into the latter third of the year.
Looking ahead to Q4, the Greek government’s two new programmes are designed to champion investment in the country’s real estate market. Early August saw a new programme begin offering European pensioners a flat tax rate of seven per cent across their global income if they choose Greece as their fiscal residence.
The programme will allow residents to benefit from higher disposable incomes, for those looking to retire abroad and embrace all life has to offer in Greece. The only requirement is that Greece has a Double Taxation Avoidance Treaty with the country of origin of the pensioner.
In addition to the programme for European pensioners, the start of the year saw another programme launched for non-dom residents. Those who invest €500,000 in property become eligible to move their fiscal residence to Greece and a flat maximum tax of €100,000 across global income. The generous programme has already proven attractive in the Asian markets, as well as the Middle East and Russia.
Pantelis Leptos, added: “Greece has also seen improvements in infrastructure across the board. The government’s handling of COVID-19 has been impressive, amongst the best in the world, making Greece a not only appealing destination but a safe environment. There have also been improvements to the application system, which is on track to be 99% online by October to aid applicants in buying property.”
Lockdown has led many to re-evaluate their needs; one thing buyers have been keen to experience is the health benefits and lifestyle of the Greek islands. Since restrictions have lifted, Leptos Estate has seen a surge of interest at Aphrodite Seafront in the isle of Crete, known for its rich culture and stunning vistas.
The Aphrodite Beachfront is situated on a prime position in Chania, Crete, boasting magnificent views of the Mediterranean Sea and surrounding mountains moments away from the pristine beach. The unique development is located in the prestigious area of Pirgos Psilonerou and displays an intricate mix of design, comfort and construction, inspired by the true essence of Mediterranean living, using locally sourced materials throughout.
Residents can expect a mix of one, two- and three-bedroom apartments, panoramic penthouses with rooftop gardens, three-bedroom maisonettes and villas surrounded by landscaped gardens.
Pantelis Leptos, adds, “The upcoming Brexit deadline has stirred the UK market into action, we have had enquiries at Aphrodite Seafront from a number of entrepreneurs who have been looking for a lifestyle change for themselves and their families and to maintain access to the EU free trade agreement.
“For those looking for a holiday home or a permanent residence, Aphrodite Seafront is a fantastic destination. One in every five euros in Greece is spent on tourism and associated travel owing to the country’s rich history and culture and stunning scenery, as the tourism market thrives and demand for rentals in prime positions are increasing.”
Read more international property articles in our dedicated section here.