Entrepreneurs are looking forward to investing in Athens, the capital of Mediterranean Greece. Known for its unique and historical architecture within its 2,000 islands, the popular and touristic neighborhoods in its capital are the brokers and real estate experts’ choice for promising investment. Even before the pandemic, opportunities in real estate in the country were plentiful but low in demand, whereas owners had bet on turning to long-term leases temporarily with the hope of a recovery by the first months of 2021. Strategic investors will see the undervalued real estate in potential neighborhoods in the capital as a business opportunity, for there are plenty of places on sale to buy real estate in Greece.
Buying buildings in Athens to lease to tourists for short term stays or investing in buying an old property for a lower price and renovating it to enjoy higher returns on their investment are the main advantages for investors that want to profit from the beauty and touristic Athens. As a matter of fact, this has led the short-term rental market (mainly from Airbnb) to be the biggest change in Greece’s economy, becoming an advantage for both the country and the investor.
Best places to buy real estate in Athens
The best places for investors to buy real estate in the capital are located near the famous Acropolis, whereas prices are currently lower than in the center of the city. Nevertheless, it is where tourists are steadily looking to stay for its convenient transportation options to all the important places that all visitors need to explore, including museums, parks, and historical places. The best neighborhoods of the city include Kerameikos, Psirri, Exarcheia, and Kypseli, all of which are fairly near the Acropolis, where the Airbnb market is abundant.
According to experts in real estate, the ancient city of Kypseli is the most welcoming neighborhood for international investors and tourists to contribute to the rich multicultural neighborhood with its low-price to buy real estate. Located 2 to 3 kilometers away from Omonia square, the neighborhood of Kypseli is full of theaters, very close to the National Archaeological Museum, and is near to the center of the city. Many buildings in the area are targeted by investors that want to turn them into apartments for migrants or travelers. Spitagatos.gr, states that the range for apartments for sales in the area go from €900 to €1,400 per square meter depending on the number of bedrooms and its overall status; a 90m2apartment in Kypseli will cost €75,000, while a 200m2 maisonette will cost €280,000. Wise investors would pick larger apartments with multiple bedrooms to renovate so it can accommodate different sets of travelers at once; this investment idea will benefit them in the long-term as many tourists prioritize the location and proximity of their accommodation to the northern suburbs of Athens when it comes to short-term stays.
Why invest in Greece
The pandemic has momentarily frozen the tourism-related transactions in many European countries including Greece, which has suffered a notable decrease in foreign visits. However, the singular location of the country that offers excellent Mediterranean weather, along with the extensive unique historical and cultural places that the country offers, makes it an attractive bet for entrepreneurs to invest in; as the vaccine for COVID-19 is released and normality is restored, tourists will start returning to the capital and they will be searching for the best offers for short-term stays.
For international investors that want to buy real estate and obtain residence in the country, they can choose to apply for the Greek Golden Visa, which offers the lowest cost of entry in Europe (€250,000) and the fastest program to obtain EU residence, in just 60 days. The applicant and their family will be beneficiaries of the advantages of this permit, which includes access to many prestigious universities with low tuition fees, free health service, and the possibility to travel around the Schengen area without the need for a visa.
Golden Visa Greece
The Greek experience and lifestyle can be yours through the Golden Visa Greece. For a minimum investment of €250,000, through a real estate purchase for private ownership or rental, one can avail of a five-year residency after which one can apply for the citizenship program.
The Golden Visa Greece is approved within 60 days and does not require the applicant to live in Greece.
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