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Why you should invest in Greece

After a decade of economic crisis and deep recession, the Greek economy is making a dynamic recovery. 

The end of the rescue programs, the successful “market exit” and credit rating upgrade by the international rating agencies (Moody's, Fitch, etc.), certify that Greece is entering a sustained growth phase, presenting significant profit opportunities for international investors and hedge funds that are already attracted to Greece.

In addition, the Greek state has already taken measures, both economic/tax and legislative to facilitate investments.

Financial tools
The new Development Law, enacted in 2016, provides a 10% to 55% subsidy, on new investments, depending on the size of the business and the region of the implementation, in the following forms:

  1. Tax exemption
  2. Subsidies for leasing
  3. Wage subsidies for new employees
  4. Stabilization of income tax rate
  5. Venture capital financing via holding funds

Significant resources are available to support the investment projects under the NSRF 2014-2020, the National Entrepreneurship and Development Fund, the Manpower Employment Organization (OAED) and the Equifund.

Tax incentives
Tax legislation has also started changing towards creating an attractive investment environment. Since 2019, the corporate income tax rate is reduced from 29% to 28%, and it is going to be further reduced over the next few years. At the same time the rate of tax on distributed profits is also reduced, from 15% to 10%. Reductions are also expected for property tax (ENFIA).

Investing in the Greek real estate market
Property tax decrease, adjustments to objective values and the considerable increase in tourist traffic make Greek real estate market one of the most dynamic sectors of the Greek economy.

In 2018, according to the Bank of Greece, a total capital of € 1.35 billion was invested in the Greek real estate market by foreign investors; an amount increased by 172.1% in comparison to the capital invested in 2017.

The demand is higher for apartments in the center of Athens, for properties in the southern suburbs of the Attica basin and for luxury holiday houses in Attica and the Aegean islands.

 

The Greek real estate market offers great investment opportunities because: 

  1. The prolonged financial crisis has significantly decreased property values. Real estate prices in Greece are considerably lowered in comparison to property prices in other European countries (Spain, Malta, Portugal, etc.). Reentering a growth phase, real estate costs will soon increase, benefiting those who acted quickly in terms of investing on time.

  2. The growth of tourism and the increased use of platforms for short-term rental (Airbnb, Booking, HomeAway, etc.) offers significant profit opportunities, while gradually increasing real estate value in certain areas of Athens as well as in some other cities and islands of the country.
  1. Greece is a country of the European Union with a rich history and cultural heritage, with modern infrastructure, excellent Mediterranean climate, wonderful environment, long coastlines, thousands of islands and islets, and with impressive amount of annual sunshine. All these elements make Greece a very attractive destination especially for citizens of Northern and Central Europe, not only for holiday stay but also for a permanent stay.
  1. The Greek Golden Visa program is one of the most favorable visa programs for third-country nationals. The required investment in the real estate market is the lowest in the European Union (just € 250,000) and provides residence permit to the whole family, not only to the buyer, as well as free movement to EU countries. See more on Golden Visa Greece HERE

Invest in the Greek real estate market with Vitruvius Investments. See more HERE.

 

CONTACT US

Now, as you were able to get a picture of who we are, it is up to you to contact us and lay the foundation for a new and successful business relationship

+30 2111 823834 – 36

info@vtr-invest.com