Foreign investors enter the market of unpopular islands in Greece
Greece has gone through a serious economic crisis, and now the country is recovering. Last year’s GDP increased by 2%, the flow of tourists is growing and the standard of living of the population is improving. The real estate market is improving, foreign investors are actively beginning to invest in the construction of new facilities, buy homes and commercial premises. At the same time the interest is not limited to popular resort places – businessmen discover new islands where real estate prices are quite low and the prospects are promising.
According to statistics, in 2018 in Greece, 33 million people had holidays, and not all operators were ready for such a number of tourists. In the main resorts there was a problem of overcrowding, which was especially felt in Santorini and Mykonos, which are visited by a huge number of Europeans. Therefore, local authorities thought about how to improve conditions for visitors and not to lose them. It was decided to popularize and develop the markets of the country’s islands, which previously had not been of interest. A vivid example of such a place – Tinos, which is located near Mykonos – the way takes only 15 minutes by boat. There is a beautiful nature, the climate allows you to relax all year round, but the island is not as famous to tourists as its neighbor.
Now the Tinosa real estate market is being actively developed by both local and foreign investors. British company Euroterra Capital is building the first residential complex Crystal Waters Tinos on the island. According to the project, 150 apartments with one and two bedrooms will be built here. The complex is located near the beach Vourni, and from its windows you can enjoy beautiful sea views. Builders plan to put the house into operation in the second half of 2021. The cost of apartments in Crystal Waters Tinos will be from 210 thousand to 800 thousand euros.
The development of the real estate market in Greece is fully supported by the authorities. Especially to attract investors they offer a gold visa program. The advantages of this citizenship option compared to other European countries – it is the cheapest in the EU. In this case, to obtain a residence permit investors need to buy real estate worth 250 thousand euros or more. In 7 years after registration of residence permit you can apply for European citizenship.
In order to improve the conditions for foreigners wishing to buy local real estate, the authorities have changed some points of the legislation. Since last year, the ENFIA tax rate has decreased by 22%.
The procedure of buying a home has also been simplified. Now foreigners do not have to wait a long time for paperwork, they can arrange a loan in a bank at a relatively small percentage per annum.