Investing in real estate in Greece is a profitable acquisition. The cost of both residential and commercial properties here is lower than in other European countries. To make the offer even more attractive, the country’s government has reduced the tax rate on sales transactions to 3%. In fact, you can buy property in Halkidiki on the secondary market without overpayments.
Taxes and other expenses
Before making real estate investments in Greece, we recommend that you study the issue of property taxes in more detail. For example, when owning real estate in Greece, owners, as well as foreigners, must pay an annual tax comprising of two parts:
- basic property tax
- additional property tax
The first part of the tax usually ranges from 2 to 13 euros per square meter. The final value of the property tax is calculated by the Greek tax office. The amount of tax in Greece depends on several parameters of the property:
- property area,
- date of construction.
Greek market advantages
Quality residential projects, scenic views, sun, and sea – the Greek market can compete with the most popular European countries. However, compared to France or Italy, real estate in Greece is much more affordable and brings a higher tangible value to the owners. Apartments, houses, and villa in Greece are a promising investment – the country’s housing market has not yet overcome the milestone that prices turned out to be during the financial crisis.
Despite the fact that the cost per square meter of real estate in Greece increases annually by 5-7%, the growth potential has not yet been exhausted. In the past five years, rental rates in major cities have continued to rise strongly – Athens and Halkidiki are at the forefront of demand from students, tourists, and other visitors. Short-term rental of property in Greece gives owners up to 6-8% per annum.