Real estate investment in Greece is a future guarantee.
Real estate investment in Greece is a future guarantee. When you buy a property in Greece, whether it is a villa or an apartment,at the same time it creates an extra income. Moreover, Greece is one of the most famous world's tourist attraction center and properties are constantly being valued.
As a real estate investment management leader in Greece, we offer a broad and deep investment platform that seeks to consistently deliver world-class investment results and exceptional client service. Our focus on real estate and investment, comprehensive capabilities and commitment to our clients gives us a distinct competitive advantage. With portfolio managers who are real estate and real asset experts in Athens , we actively manage and operate assets seeking to maximise returns, moving capital effectively and efficiently across borders, and providing our clients value around the Greece.
Residential and Commercial Real Estate Investment Projects
With a focus on value-add opportunities, the team at Vitruvius has demonstrated an ability to identify and unlock unrealized value in different types of properties, source off-market opportunities, and successfully navigate complex transactions. Vitruvius has a proven track record of delivering strong risk-adjusted returns to investors in Greece. Vitruvius strives for industry best practices through a fully integrated investment and asset management platform, together with its property management affiliate. We specialise in residential-led mixed-use developments and have delivered successful projects across Athens, from Ambelokipi to Gazi, from Metaxourgio to Melissia. Since Vitruvius residential projects are in the prime zone of Athens, reselling, renting and generating extra income is satisfying and profitable for investors.
Hotel Room Investment Projects
Hotel room investment is a rapidly growing and unique type of property investment in Greece. Upon buying a hotel room property is registered in the name of the buyer on the land registry. The room is yours, and you start earning an income from day one by leasing the use of the room to the hotel. Hotel room investments provide investors with a great opportunity to buy a hands-off investment as the room will be managed by the professional hotel management company who are responsible for its day-to-day running. Though remember, you're buying an investment, not a timeshare. . Buying a hotel room replicates the buy-to-let market very well, but with much shorter-term tenants. As it is part of a hotel, it is up to the hotel management team to advertise and fill the room, take care of the booking, collect the fee and clean the room, and as this is all part of the contract, there are no extra hidden fees to pay. Effectively, they do all the work and then pay you the money that you are owed.
Benefits of a hotel room investment
- Unique investment opportunity to invest money in fully licensed high-end hotels.
- Investors typically earn 50% of the income from occupancy.
- Good alternative of investing in a flat or house in popular tourism city.
- Depending on the demand of guests, you can adjust pricing and renovate to better suit them.
- Vacancy won’t be a problem means there will likely be very few vacancies and no delinquencies.
- Profitable for long term investment
- It is a hassle free turnkey investment that gives high rental return.
Micro Apartment Investment Projects
What is a micro-apartment ?
A micro apartment, also spelled microapartment, is a small, self-contained, single-occupancy apartment, typically located in an urban area. Micro apartments are usually about half the size of an average one bedroom apartment, but sometimes can be as small as a hotel room. Micro apartments usually include space for sleeping, sitting, a kitchenette, a limited number of shelves or cubbyholes and a bathroom. Residents may sometimes share access to full kitchen, living room, laundry facilities and a garden. Many "tiny living" apartments are designed with space-saving furniture such as beds built into walls, futons that convert into other furniture, built-in storage space, folding desks and tables, and extremely small or hidden appliances.
Reasons of Investing in Micro Apartments
As large cities are increasing their population and urban living is becoming more popular, residing in a good location has become incredibly unobtainable for many. However, the rise of interest in tiny living spaces has boomed over recent months and years, and micro-apartments may be the next big thing. Micro-apartments are small living spaces in desirable neighbourhoods that may offer a solution to the problem of high housing costs. These apartments allow residents to live in a central location for a lower total rent – as long as the resident is content with less space in which to live.
Advantages of Micro-Apartments
Standard micro-apartments average 400 to 500 square feet and do not lack for anything. They have beautiful furniture, sleep countertops, stainless steel appliances, washers, and dryers. The units are designed with space-saving features including pull-down beds, tables that fold up, and hidden or very small appliances. They provide a win/win for both renters as well as developers and landlords. The landlords get the highest rent per square foot and tenants have an affordable place to themselves in the city with all the bells and whistles and comforts. Even though the cost per square foot can be higher, quite often the units are small enough to still save renters money on utilities. Micro-apartments help the environment by providing comfortable and sustainable housing for many people in one area. The land footprint of the average tenant decreases as they.
Student Housing Investment Projects
Student housing is an important part of student life for any university or college. Wherever there is an institution of higher learning, there will always be hundreds or even thousands of students that need a place to stay. More and more people today are investing or considering to invest in student housing apartment properties for a variety of reasons, including:
- The close proximity to the university campus
- Shortage and/or outdated dormitories
- Student shows signs of recession-resistant characteristics
- Student are staying in school longer
Types of Student Housing Investments
There are various types of student housing investment properties that people can choose to invest in that could offer various benefits. These types of student housing investment properties include:
- Class-A Student Housing Apartment Properties: The Class A student housing strategy buys brand new, purpose-built student housing properties near university / college campuses with the goal of stable cash-flow and the potential for capital gain upon the sale of the property in 5-7 years.
- Value-Add Student Housing Apartment Properties: The value-add strategy buys well located older student housing properties that we will refurbish to modern standards and add amenities to command higher rents and stabilized occupancy. The goal is to drive the future value of the property to provide the potential for solid capital gains after the property is sold in 3-7 years. The expected cash-flow in this strategy is generally more modest and less stable than that in the Class A strategy due to the interruptions caused by the refurbishment process.
- New Construction Student Housing Apartment Properties: The new construction development strategy utilizes selected, well located land parcels with proximity to campuses to construct purpose-built student housing that upon completion will have all of the characteristics of what our Class A Strategy seeks: high desirability and stable occupancy.
Why is student housing a good investment?
The demand for student housing is usually high, especially at the start of every school year, when every student is looking for a place to stay. One good thing about student housing investment is that it guarantees a steady flow of income due to the increase in demand for student housing.
Common questions about investing in Greece
Is buying property in Greece a good investment?
Greece has become a favorable investment destination in the last few years, mainly because of its natural beauty, mild climate and geographical position, but also because of a significant drop in prices following the financial crisis that emerged after 2010. You worked a lifetime (and keep working) hard and now you get a chance to enjoy the labors of a lifetime. And which is the best destination for that purpose if not the "land of Gods", Greece, with its countless islands, beautiful countryside, stunning beaches and mountains. Greece offers a unique opportunity for investment, as the economic crisis led to a drop in prices by 40% in real estate. It also offers a wide range of property, capable to satisfy every desire.
Can a foreigner buy property in Greece?
Can foreigners buy property in Greece? Yes, however it's easier for some than others. While EU residents will run into almost no restrictions purchasing connections to the country and their intent for property use
Which documents I need to collect for buying property in Greece?
List of documents for registration of real estate:
- Valid international passport
- Valid visa that allows entry to Greece
- List of documents for opening a bank account in Greece:
- Valid international passport
- Valid visa that allows entry to Greece
- Document confirming permanent residence (internal passport of the country of residence)
- Letter of employment confirmation (official document confirming the main professional activity of a potential buyer, the kind of which has no importance)
- Copy of the tax return
Do I need work with a real estate agent when buying a property in Greece
Expenses for the Buyer:
- A Lawyer’s fee is 1.5% of the property price stated in the Property Purchase Contract (actual or cadastre price depending on the buyer and seller’s agreement) plus 24% VAT
- A Notary fee, as a rule, is appr 1.5% of the property price stated in the Property Purchase Contract plus 24% VAT
- The amount of Title of ownership tax depends on when the construction permission was granted. If it was granted prior to 2006, the tax payable is 3,09% cadastre price.
- If it was granted after 2006, the tax payable is 24% cadastre price.Property registry fee is 0.5% cadastre price.The Company fee is not included into the property price and it amounts to 2% of its actual price plus 24% VAT.
Do I need a real estate agent when buying a property in Greece ?
You can buy an investment property by yourself in Greece. However, it is strongly recommended that you work with a real estate agent, especially if you are still new to real estate investing in Greece. Without an agent, the process can be quite rigorous and time-consuming. An agent will walk you through the whole process of buying a property( having for Golden Visa too ) and ensure that you comply with all the requirements. They will help you to evaluate markets, get pre-approved for a loan, find an attorney, negotiate a deal, close a deal, and much more. However, be sure to properly interview prospective agents so as to choose one that is experienced and a good match for you.
Should I make any improvements to my investment property before renting it out?
It is always good to rent out your property when it is in good condition. Rental properties that are clean, have good painting, and modern accessories will rent quicker and at a better price. However, you shouldn’t spend too much money on upgrading the property. Only make improvements that will increase the value of the property without costing too much money.
How long does it take to get a return?
Most new property investors who ask such real estate questions are often looking for a way to get rich quick. Real estate investing can be a profitable business. However, it generally won’t make you rich overnight or even over the course of a few months. You will need to not only work hard but also be patient before seeing big returns. Your returns will also vary depending on your strategy and market conditions.
How can I maximize my investment property profits?
Owning an income property is all about making as much profit as possible. Even though market conditions will have a significant influence on property value, there are some factors you can control to increase the profitability of your investment. Here are some simple ways to increase the profits of your investment property:
- Set competitive pricing
- Screen tenants to minimize unpaid rent and property damage
- Provide additional services at a fee
- Stay on top of maintenance to ensure the property stays in tip-top shape and to avoid expensive repairs
- Upgrade your property through renovations
How much does it cost to build a property?
It is generally believed that the average cost of quality construction in Greece is about 1,000 euros per square meter. The landscaping is added to this price but, of course, the final price depends on the features of the project and the requirements of the customer.
What is the process of buying property in Greece?
- Choosing a lawyer: The lawyer will help you complete the purchase without problems and will represent you as needed. He will also do the research on the property at the Mortgage Registry.
- Choosing a notary: This option is necessary, since any transfer of property must be done under the presence of a notary. The notary does not represent either the buyer or the seller, is a civil servant and under his presence the contracts are read, understood and signed. The notary then prepares the draft agreement and is responsible for the certification and registration of the transaction in the public records so that the buyer can receive a deed for the property.
- Issue Tax Identification Number (TIN): "The buyer must issue a tax number, if he/she does not already have one, in order to continue the process of buying the property.
- Payment of transfer tax: The buyer must pay the transfer tax to the Internal Revenue Service (IRS) before the signing of the final contract. In this process a lawyer would be helpful.
- Signing of contract and transfer at the Mortgage Registry: The contract is signed by both parties under the presence of a notary, who will then transcribe the contract at the Mortgage Registry, at the region the property belongs, which will keep a copy of the contract.