Greece has always been a popular destination for tourists around the world. Its amazing culture, pleasant weather, mouthwatering cuisine, and historical importance make the country a unique place to visit. However, Greece has one more attraction that really puts it on the map – its Golden Visa program.
The Golden Visa is a simplistic route to obtaining residence in Greece through investing €250,000 in real estate. Recent changes to the program’s regulations, though, have raised the real estate minimum investment requirement to €500,000 in the majority of Athens, Thessaloniki, Vari, Mykonos, and Santorini by the 31st of July 2023.
Although the areas that underwent a price hike are considered the most popular areas for investment, several other areas that still fall under the €250,000 valuation are worth considering.
This article will highlight some of the best real estate investment areas in Greece, excluding Athens, Vari, Thessaloniki, Mykonos, and Santorini, and why they are good investment opportunities.
Crete is the largest of the Greek islands and a popular destination for tourists. The island offers excellent investment opportunities in real estate due to its diverse landscape, beautiful beaches, and rich history. According to data from the Bank of Greece, property prices in Crete increased by 7.2% in 2020, despite the COVID-19 pandemic.
The western part of Crete, specifically Chania and Rethymno, are considered the most popular areas for real estate investment due to their picturesque villages, beautiful beaches, and rich history. The area attracts tourists all year round and offers excellent opportunities for rental income.
Corfu is another popular island in Greece that attracts a large number of tourists every year. The island is known for its lush greenery, crystal-clear waters, and Venetian architecture. Property prices in Corfu increased by 6.9% in 2020, despite the COVID-19 pandemic, and grew to 8.5% in 2022. The housing market growth in Corfu during one of the most difficult financial times in recent memory highlights the growing global interest in the island and why it can be very profitable for investors.
The northern part of Corfu, specifically Kassiopi, is considered the most popular area for real estate investment due to its high number of tourists, which makes for significant profitability in short-term rentals. The traditional architecture in the area also attracts investors who have a keen eye for unique properties that offer a stellar living experience.
Chania is a city located in the northwest of Crete. It is a beautiful city with a Venetian harbor, narrow streets, and colorful buildings. The city has a strong tourism industry, with over 3 million visitors every year. However, it is also a great place to invest in real estate.
Property values in Chania increased by 12.2% over the past year. This is higher than the national average of 7.6%. Additionally, the city has a strong rental market, with a high demand for holiday rentals.
Rhodes is an island located in the eastern Aegean Sea. It is known for its stunning beaches, medieval town, and ancient ruins. The island has a strong tourism industry, with over 2 million visitors every year.
Moreover, it is also a great place to invest in real estate. The housing market in Rhodes grew by 11.1% year-over-year in 2022. Rhodes has a unique culture and is one of the most historically important areas in Greece, offering investors a unique asset that can help them claim a residence permit.
Kalamata is a city located in the southwestern part of the Peloponnese peninsula. It is known for its beautiful beaches, rich history, and vibrant culture. The city has a strong tourism industry, with over 500,000 visitors every year on average for the past decade.
The housing market in Kalamata grew by 5.2% more than the national average, and its local government body is putting a lot of effort into boosting its tourism sector, making it a great area for those looking to buy one or more smaller properties for short term rental income, either through a provider like Airbnb or by themselves.
The island of Paros is located between Mykonos and Santorini and hence offers an excellent alternative to both for investors who still want to apply for the Golden Visa under the €250,000 regulations.
Paros also has one of the highest rental yields in all of Greece, as investors can expect a return of 7.1% on average, making it an optimal option for those looking to make a profitable investment rather than using the property themselves.
Chalkidiki neighbours Thessaloniki and is one of the most exciting cities in Greece’s Macedonia region. It offers an excellent alternative to Thessaloniki at lower average property prices and similar short-term rental yields, although long-term rental income is still better in Thessaloniki.
Chalkidiki is dubbed the Monaco of Greece, as its high-end neighborhoods and newer infrastructure make it a great place to live and visit, and hence it is one of the strongest additions to this list.
Plenty Of Options
The new regulations only affect a minor part of the Hellenic Republic, as most of the country’s properties remain eligible for the Golden Visa at €250,000.
To know more about where you can invest in Greece to obtain your Golden Visa, contact us today to speak with an expert.
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