Obtain residence permit in Greece – easy and quick

It’s "ancient", mythical, Olympic and it has everything; especially fur coats. However, now it’s in crisis, and real estate prices have been falling for several years. But it only plays into the hands of home buyers on the warm and hospitable coast. Welcome to Greece!

Since 2008, housing prices in Greece have fallen by 30%. In an attempt to attract money into the state budget, as well as to support construction and banking sectors, the government approved a program to provide residence permit in Greece when buying real estate worth more than €250,000.

Which foreigners buy housing in Greece now? How attractive for investments the country is? Which cities and regions haven’t lost popularity even during the crisis? ee24.com portal has interviewed Panagiota Loukopoulou, CEO of Unique Greek Estates. Do you want to know what is considered “unique Greek real estate”?

– Does your Company’s name indicate that you sell only "unique" properties?

– Unique Greek Estates offers primarily elite and resort real estate. However, the prices are ranging from €60,000 for small houses up to €50 million for hotels.

In the summer we lease out luxury real estate. In addition, we build new houses on land plots. The company is engaged in real estate across the country, except for the northern part.

Residence permit with a sea view

– And what is luxury property in Greece?

– Usually in Greece properties worth more than €200,000 are considered luxury real estate.

– But it’s still not enough to obtain a residence permit in Greece...

– It’s not, but you can buy more expensive housing, adding another €50,000, or purchase several real estates. Residence permit Law in Greece has a very positive impact on the economy; not only the real estate market. After all, the country attracts a lot of foreign investors. They get residence permits for the whole family. Children remain in Europe for education. People live here and spend their money here, thus, investing it in a variety of sectors of the Greek economy.

– If a person buys a property worth more than €250,000, how difficult it will be to get a residence permit in practice?

– The procedure for obtaining residence permit in Greece is fast. Contract for the purchase of real estate is sent to competent authorities and after three months the residence permit is issued. There are no problems, as a rule.

– €250,000, is it a lot for Greece?

– This is the middle range. I believe that the price reduction during the crisis is a big plus, because now for the same money you can buy a much more attractive, spacious, well-located property. By the way, buyers often ask how far the property is from the sea.

They bought, buy and will buy

– Are Russians interested in Greek real estate?

– Greece is a unique country with a rich history, magnificent architecture, wonderful climate and Mediterranean cuisine. It is not surprising that a lot of tourists come to Greece for recreation, especially in Crete, Corfu and Athens. Annually our country receives about 17 million foreign visitors; 1 million of them are Russians. Some of them become buyers of real estate in Greece.

– What commercial property generates income in Greece? Whether it is any profitable to buy it now?

– In the commercial sector, the Russians are buying primarily hotels in the coastal areas popular among Russian tourists. Given that the flow of tourists to Greece is only growing including among Russians, it is a lucrative business. After all, the sea will always attract people, regardless of fluctuations in property prices. Furthermore, it is not so bad there as they say.

– What are the risks for the buyer in Greece?

– A person who buys at the sea will never lose money. It’s a very advantageous purchase. You need to examine the area in which you are going to buy housing. At least a walk around the neighborhood. Find out everyday details. Check the condition of the house. They bought, buy and will buy in Greece.