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GREECE - Property Sale Prices Increase

State revenues from real estate transactions in Jan-Sept have grown 35% from last year

19 Nov 2022

Government receipts from the transfer of apartments and plots of land increased by 35% in the year’s first nine months, according to Independent Authority for Public Revenue (AADE) data.

Despite the energy crisis, on a daily basis there were approximately 900-1,000 declarations of sales, parental benefits and real estate donations through the myProperty electronic platform.

Athens, Piraeus and Thessaloniki dominated transactions, with real estate sales recording an increase compared to last year. Based on the data from the Real Estate Transfer Values Register, property transfers in the center of Athens exceeded 4,000 in January-October (without all sales being posted on the website), compared to 3,769 in the first 10 months of 2021, while a corresponding figure is recorded in Piraeus and Thessaloniki.

Some cases concerned particularly high-priced sales: For example, in central Athens, a residence of 123.98 square meters with 30 sq.m. of auxiliary spaces was sold for 1 million euros. The zone price in the area amounts to €4,250/sq.m., while the sale price reached €8,098/sq.m. In Patissia a 92.05 sq.m. apartment built in 2020 was sold for €273,426. The zone price in the area comes to €1,600/sq.m. but the sale price reached €2,443/sq.m.

However, there are also cases of even higher prices than the above declarations. Specifically, a 1966 apartment of 34.55 sq.m. was sold for €250,000/sq.m.; the value per sq.m. reached €7,235, when the zone price is €1,300/sq.m.

In most transactions, despite the recent revaluation of the objective values that came into force in January 2022 and approached the sale prices, the contracts showed a higher price, at least in Athens.

From the processing of the AADE data it emerged that in the January-September 2022 period receipts from the sale of real estate (excluding plots) amounted to €235.77 million, compared to €175.23 in 2021, while those of plots came to €74.5 million against €54.13 million in 2021. In total, €310.27 million was collected against €229.36 million, an increase of 35.2%

SOURCE: Ekathimerini Greece

GREECE - Changes in Golden Visa

Updated 20 Sept 2022

Prime Minister Kyriakos Mitsotakis announced on September 10 that the minimum investment required to purchase real estate under Greece’s Golden Visa program will be increased to €500,000

In his speech, Mitsotakis emphasized that these changes were related to the availability of real estate for Greeks. The investment amount for the purchase of real estate in Greece is currently 250,000 euros, one of the lowest among the popular European housing through investment program. The exact date when the changes will come into effect is to be clarified soon. It is expected to take effect in early 2023

Which effect will this have on real estate investors seeking residency under this program?

Since the investment amount increases with the double amount, from 250,000€ to 500,000€ we can therefore arrange the investments to be split into several properties instead.

Normally on the current program when the required investment amount is 250,000€ we can combine the investments of 2 or 3 properties, that sums up to the government required minimum amount of 250,000€ but how this ends up with the new changed Golden Visa rules we have to wait and see. They are suggesting the investment might demand an investment of 500,000€ all into only one property.

At TradeK Properties we have aimed to offer suitable properties with a higher rental yield where you can invest in 2-3 different real estate and make an rental income of each property you invest in, now we are unsure what the new rule will lead into

Tourism Today Article Updated 16/9-22

The minimum Golden Visa investment in Greece will be increased to 500,000 euros

New changes to the country’s Golden Visa system , Prime Minister Kyriakos Mitsotakis announced from Thessaloniki. 

Among them is the increase of the minimum amount of investment required for the issuance of such a visa to 500,000 euros, from 250,000.

Another important parameter concerns the possibility of prohibiting the acquisition of two or more properties. That is, the 500,000 euros will concern only one property.

The decision to increase the minimum investment amount was made in order to increase the affordability of real estate for Greeks.

The Ministry of Development is already studying the individual scenarios for the implementation of the new limit, in order not to disrupt the operation of the program.

In this context, the intention of the ministry is that there will be no surprise and that the new framework will not operate retroactively.

So far it is not clear when the increase in the amount for the Greek Golden Visa program will come into effect, but according to sources it is expected to be early 2023.

Applications for residence permits submitted until the new framework comes into force will be made with the previous limit of 250,000 euros.

According to a report, the Greek Golden Visa was the most sought after in Europe in the first 6 months of 2022.

According to expert estimates, until the new rules are set, an increase in applications from investors who will want to take advantage and acquire a cheaper property is expected.

Source: Greek News Source

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