Leptos Estates, a leading real estate and property development firm specialising in residential, commercial and holiday residences in Greece and Cyprus, has reported an encouraging 37% surge in property sales made to Indian buyers over the past few months, ahead of expected amendments to investment laws by the Greek government.
At present, the entry price of the Permanent Residency in Europe stands at an affordable €250,000 (INR2. 5 cr.) for global investors. However, once the investment rules are amended starting September 1, 2024, this minimum fee is set to rise to €400,000. The much vied-for Greece Golden Visa, (Permanent Residency) provides global high-net worth individuals (with family) and investors a permanent Mediterranean home in Europe, visa-free travel across Europe, free health and education as well as the freedom to set up a business in the county.
Before the rules are implemented, Indian investors are queuing up to get the best real estate deals in stunning Greek islands like Paros, Crete, and Santorini. Known for its picturesque seascapes, rich culture and history, Greece continues to attract investors from across the world looking to diversify their portfolios, as well as individual home buyers who are looking at buying their dream Mediterranean holiday homes that range from premium apartments to luxury villas.
As per the new rules, there will be two minimum investment slabs for real estate transactions in the country. In Tier I, which comprises popular areas like Attica, Thessaloniki, Mykonos, Santorini, and the islands, the minimum investment is expected to go up to €800,000 from the current €500,000; and in Tier II that covers all other regions of Greece, the entry point will go up to €400,000 from the current €250,000.
Indian Investors still have the months of July and August to apply under the current €250,000 minimum threshold if they pay a 10% deposit by Aug 31, 2024, and finalise the investment by December 31, 2024.
Among the several benefits of owning both a home and a Permanent Residency in one of the world’s oldest civilisations are high returns from Greece’s booming real estate market, perfect weather through the year and a chance to experience the charming, idyllic Mediterranean culture first hand.
The Golden Visa is applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse) with eligibility to apply for citizenship. Foreign homeowners in Greece are not required to reside in Greece throughout the year and residence permits can be acquired within 6 months. Owners also have the option to earn a rental income from their property.