How To Choose the Right Property for Your Greek Golden Visa: 9 Questions to Ask
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Whether for an investment or a lifestyle property, Greece has a real estate scene that offers different housing options for different needs. From residential apartments in historic Athens to luxury villas on the picturesque islands, the country offers many alternatives.
Although the country’s real estate market has been dormant for too long, we expect that it’ll make a leap in the coming years. This presents a great opportunity for international investors who want to apply for a Greek Golden Visa by investing in real estate. But how do you make sure you’re on the right track when you’re buying a property in Greece? How do you choose the right property that complies with Golden Visa regulations? I’ll draw you an outline which you can benefit from in your quest for real estate investment for Greece Golden Visa.
Is the House Properly Renovated?
If you’re buying a property in Greece, either in Athens or the islands, note that most houses you’re going to view are going to be old. Some of them are being renovated but still, you should inquire about the extension of renovation: Did the owners just do a cosmetic renovation? Did they take care of the infrastructure? Make sure you get clear answers to these questions as they might cost you a lot after the acquisition. If renovation is needed, try to find a reliable contractor before you buy the property.
Are You Willing to Splurge?
The previous question brings us to another one: Are you ready to spare the budget for the renovation? If you’re going to make any renovation to the property, this will not be seen as part of the Golden Visa investment threshold of €250,000. This will be an extra cost. Consider this when you’re filtering your search.
Who Is the Property Owner?
It’s possible that the property you’re going to buy in Greece has been inherited and has multiple owners. This is why it’s important to inquire about the ownership structure. Speak to your real estate agent and ask for concrete answers to avoid any delays during the title deed process and interrupt your Greece Golden Visa application.
Is the Property Officially Registered?
Although it’s not very common, some houses in Greece, especially on the islands, aren’t officially registered in the title deed. Having this information before the acquisition is crucial as it’s going to cause delays. This is why we always recommend our clients to work with real estate advisors, rather than trying to sort out the issue on their own.
Have You Checked the Location Thoroughly?
We all know that location is always the biggest priority with real estate acquisition. However, when it’s in a foreign country, it gets more important. This is why we recommend checking the location thoroughly and stick to ones that always see demand from investors and tenants. This is especially important if you’re making your investment to get side income through rent.
Is It a Commercial Property?
If you’re going to use the property for commercial purposes, note that working with corporate tenants on a long-term contract is more profitable. Otherwise, tenant circulation will cause rental loss every time the tenant leaves. Tax implications of the rental income are another concern. For example, although the return on Airbnb properties looks higher on paper, operation fees are high and you’ll be taxed on your gross earnings.
Is the ROI Reasonable?
We advise our clients to make logical decisions rather than emotional ones when buying property in Greece. They sometimes make the mistake of getting too excited with the return they see on paper without making a thorough assessment. A higher return is good only if it’s real and sustainable. This is why we’re very transparent with our clients to avoid any disappointments and misunderstandings.
Are You Going to Relocate?
Most Golden Visa investors who are looking for a new lifestyle prefer to buy property on the Greek Islands. If you’re also going to relocate to one of the islands, make sure you check the infrastructure and healthcare services. Although the popular islands have airports, with the smaller ones you’ll need to depend on the ferry as the main mode of transportation. This is fine during the high season but note that you’ll be dependent on weather conditions in the winter.
Are You Working With the Right Professionals?
Working with legal professionals is an important part of buying property. However, when it’s for Greece Golden Visa, it becomes critical. So when you choose to work with a particular firm, feel free to question their experience in real estate due diligence, sale contracts, and Golden Visa applications. Greece Golden Visa is a scheme that has strict rules for payment methods and sales contract wording. A competent legal team who has experience with Greece Golden Visa will ensure that the process goes smoothly, saving you time, effort, and money.
More on Greece Golden Visa by Real Estate Investment
Either as a means of pure investment or a second home to live in, Greece Golden Visa by property acquisition offers many benefits to its investors. Thanks to its low investment threshold, no stay requirement, and visa-free travel opportunity, it’s one of the most favored residency programs in Europe.
Greece Golden Visa application is a quite straightforward process. Still, it requires careful handling as there are potential issues that might stem from the property and bureaucracy. This is why we put so much emphasis on working with investment real estate professionals who are experienced with the Golden Visa process.
About Get Golden Visa
Get Golden Visa is a bespoke investment advisory firm. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide. Through our local office and certified real estate professionals in Greece, we simplify the property search of our clients.
With our expertise in independent investment advisory, we provide an efficient service to the hundreds of families we work with each year.
Author Information:
Idil Hamzadi
Director of Greece Office, Get Golden Visa
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