Are you feeling confused and lost on the path to finding the ideal investment? At the crossroads of immigration decisions, are you hesitant? Now, an investment opportunity with unlimited potential is right in front of you—the Greek Golden Visa Program! The countdown to the price increase for Greek immigration has begun; seize the last month of this window!
Greece, with its rich historical culture, beautiful beaches, and pleasant climate, has always been a dream destination for global travelers. In recent years, Greece's tourism industry has entered a prosperous period, contributing significantly to its economic growth. Recently, data released by the Greek Tourism Confederation (SETE) research institute INSETE shows that in the first four months of 2024, the number of international visitors to Greece reached a new high of 4.9 million, an increase of 420,000 visitors compared to the same period last year.
The analysis company Fitch recently stated that by 2028, the number of visitors to Greece will reach 40 million, which will promote the development of the Greek economy. Additionally, the Greek National Tourism Organization (GNTO) is collaborating with international airlines to promote Greek tourism, increasing the market's appeal to a broader range of travelers, which will further drive the expansion of inbound visitor numbers. Analysts expect that by 2028, the number of inbound tourists will reach 39.3 million, with an average annual growth rate of 3.7%, nearly double that of 2014. It is estimated that in 2024, the number of visitors will increase by 5.3% year-on-year, reaching 34.5 million, compared to 32.7 million in 2023, surpassing the pre-pandemic level of 31.3 million in 2019.
In recent years, tourism has become a pillar of the Greek economy. According to the industry multiplier used by the Institute of Economic Research (IOBE), for every 1 euro generated by tourism activities, Greece's GDP increases by 2.65 euros. It can be said that the sustained boom in Greece's tourism industry not only brings considerable economic benefits to the country but also provides strong support for the real estate market. As more and more tourists choose Greece as their travel destination, the investment value of tourism properties in Greece is becoming increasingly prominent. According to the latest survey by spitogatos, in the first quarter of 2024, foreign investors' interest in purchasing properties in the Greek real estate market has continued to rise, with demand increasing by 11.8%, and a growth of 5% from 2023 compared to 2022.
The strong development of the tourism industry has also driven up property prices. According to data from the Bank of Greece, in the first quarter of 2024, the average price of apartments in Greece increased by 10.4% compared to the same period in 2023. Increased demand coupled with limited supply has brought new upward momentum to apartment prices. Specifically, when segmented by property age, the price increase for newly built apartments within five years is 10.8%; for apartments older than five years, the price increase is 10.1%. The average price increase for apartments in 2023 was 13.8%, compared to 11.9% in 2022. By region, in the first quarter of 2024, apartment prices compared to the same period in 2023 increased by 9.4% in Athens, 12.2% in Thessaloniki, 10.3% in other major cities, and 12.1% in other regions of the country.
For investors seeking quality investment opportunities, Greece is undoubtedly a good choice. Visionary investors have already taken the lead in seizing the Greek real estate market. For those eager to invest and live in this charming country, it is time to act quickly and catch the last train!
Important Reminder
Starting September 1, 2024
The Greek Golden Visa will enter a new era of 800,000 euros
This means that in the future, it will require more than three times the funds to achieve the same purpose
For investors intending to immigrate to Greece, the time to act is now
Seize the current policy to save over 4 million
To immigrate to Greece under the old policy
(i.e., 250,000 euros for low-cost immigration to Greece)
You need to pay at least 10% of the property deposit to the developer's Greek account by August 31, 2024
By December 31, 2024, pay the full amount and complete the property transfer procedures
Now is the best time to act; quickly secure the policy
Getting on board is the most suitable choice at present
Quality immigration properties in Greece are in high demand
Priority selection and transfer of properties are imminent
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