A comprehensive guide to acquiring real estate in Greece and linked to the Greece Golden Visa Program.
6 MINUTE READ
Greece is a stunning country with a lot to offer. The climate is great, the food is delicious, and the people are friendly and welcoming. Athens, in particular, is a city with a rich history and culture. It's also a great place to invest in property. The market is currently undervalued, so now is a great time to buy. And, with the recent introduction of the Golden Visa program, purchasing property in Greece now comes with some attractive benefits. If you're looking for a sunny place to invest in real estate, Athens should definitely be at the top of your list.
1. Economic Stability
One of the primary benefits of investing in property in Athens is that Greece has a very stable economy. The country has been a member of the European Union since 1981 and uses the Euro as its currency. Additionally, Greece has a very low unemployment rate and a high standard of living.
2. Affordable Property Prices
Another benefit of investing in property in Athens is that property prices are very affordable. The average price of a one-bedroom apartment in Athens is just over €100,000, which is significantly lower than many other major European cities. Additionally, there is a wide range of properties available, from luxury apartments to more affordable options.
3. Excellent Rental Yields
Investing in property in Athens can also be a great way to generate rental income. The average rental yield in Athens is around 5%, which is higher than many other European cities. Additionally, there is a high demand for rental properties in Athens, so finding tenants should not be difficult.
4. Strong Tourism Industry
Athens is also an excellent place to invest in property due to its strong tourism industry. The city is one of the most popular tourist destinations in Europe, with over 16 million visitors each year. This high level of tourism means that there is a constant demand for accommodation, making it easy to find tenants for your investment property.
5. Beautiful City
Last but not least, Athens is simply a beautiful city to live in or visit. The city is home to some of the most iconic historical landmarks in the world, such as the Parthenon and the Acropolis. Additionally, Athens boasts a lively culture and vibrant nightlife scene
1. There is a high demand for rental properties in Athens.
The city of Athens is home to a large number of universities and colleges, which creates a high demand for rental properties. Additionally, the city has a growing population and a strong economy, which also contributes to the demand for rental properties.
2. There are a number of ways to find tenants for your property in Athens.
There are a number of ways to find tenants for your property in Athens, including online listings, word-of-mouth, and working with a real estate agent.
3. It is important to screen potential tenants carefully.
It is important to screen potential tenants carefully in order to ensure that they will be able to pay rent on time and take care of your property. There are a number of screening tools available, including credit checks and criminal background checks.
4. You will need to provide potential tenants with information about your property.
You will need to provide potential tenants with information about your property, including the address, square footage, monthly rent price, and any special features or amenities that are available.
5. You may need to make some repairs or updates to your property before renting it out.
You may need to make some repairs or updates to your property before renting it out, depending on the condition of the property and the expectations of potential tenants.
1. Mortgage payments
Assuming you are taking out a mortgage to buy a property in Athens, your monthly mortgage payments will depend on the loan amount, interest rate, and term of the loan. For example, on a $200,000 loan with a 4% interest rate and a 30-year term, your monthly mortgage payment would be approximately $954.
2. Property taxes
Property taxes in Athens are based on the value of the property. The tax rate varies depending on the municipality in which the property is located, but the average rate is 1.5%. This means that on a $200,000 property, you would owe approximately $3,000 in property taxes each year.
3. Homeowners insurance
Homeowners insurance is not required by law in Athens, but it is recommended as it can protect you from financial losses if your home is damaged or destroyed by fire, theft, or other hazards. The cost of homeowners insurance depends on a number of factors, including the value of your home and the amount of coverage you need. However, you can expect to pay approximately $1,000 per year for homeowners insurance on a $200,000 home.
4. Maintenance and repairs
As a homeowner, you will be responsible for maintaining your home and making any necessary repairs. The cost of maintenance and repairs will vary depending on the age and condition of your home as well as the type of repairs that are needed. However, you can expect to spend at least 1% of your home’s value each year on maintenance and repairs. For a $200,000 home, this would be approximately $2,000 per year.
Utilities are another cost that you will need to factor into your budget as a homeowner. In Athens, water and sewer service is provided by the city and costs an average of $35 per month. Electricity costs will vary depending on usage but can range from $50 to $100 per month. Gas prices also vary depending on usage but typically range from $30 to $60 per month
1. Yes, you can get a mortgage to buy property in Athens.
2. There are a number of banks and other financial institutions that offer mortgages for property purchases in Athens.
3. The interest rates on Athens mortgages are typically lower than the interest rates on mortgages for property purchases in other parts of Greece.
4. You will likely need to put down a deposit of at least 20% of the purchase price of the property in order to get a mortgage.
5. Make sure to shop around and compare different mortgage offers before making a decision.
1. One-bedroom apartments in Athens have an average rent of €600 per month.
2. Two-bedroom apartments in Athens have an average rent of €800 per month.
3. Three-bedroom apartments in Athens have an average rent of €1000 per month.
4. Four-bedroom apartments in Athens have an average rent of €1200 per month.
5. Five-bedroom apartments in Athens have an average rent of €1400 per month.
In order to register a bidding you should first have a bidders account in the platform. To create a bidding account you will need to have a valid cell phone number and a valid credit card. After creating a bidder account then go to the page of the property you are interested for bidding and place the amount you want to bid by clicking on the “Place a Bid” button.
It is a good idea to get a pre-approval from your bank before bidding on any of the properties listed on the real estate website. If something goes wrong, such as a loan falling through or a change of mind, you will still have to pay the website's commission fee. So be sure to talk to your banker for the bank's terms of approval before placing any bid.
There are several factors that buyers should consider before making an offer. Each homebuyer is different, requiring an individualized assessment of needs and wants. The property should be located near your place of employment, make sure that it's located close to your workplace so you don't waste time commuting.
All parties involved in the real estate industry have a vested interest in promoting safer investments. Real estate agents who keep up with the latest online technology are at an advantage over their competitors. Our partners include real estate agents, real estate consultants, real estate developers and other related companies.
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