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Economy

Investment in Greece

March 9, 2023
By Αnna Κoraki

Thanks to its geographical location, Greece, over the years, has become a pole of attraction for wealthy Greeks who wish to invest in business and real estate.

Despite the ever-changing global landscape and the feeling of increased uncertainty in the ‘Old Country’, Greece is showing its resilience by being an ideal destination for investment.

Given the infrastructure projects implemented by the Greek State (public motorways, upgraded means of transport, new health clinics, etc.), several once-unpopular areas have now become opportunities for small private investments and mega-projects alike.

Specific policies, such as lower taxes, less paperwork, and digital public services have added to the improved image of the country.

The touristic areas of Greece and the region of Attica are now highly interesting for investors from the United States, especially expatriate Greeks of people of Greek descent that seek to buy summer houses and properties for business development.

In the middle of a global energy crisis, Greece has become, due to its climate, a popular destination not only in the summer, but also in the winter, considering that it has a milder winter compared to the rest of Europe.

Private investors mostly seek villas from 800,000€ to 2,500,000€, while institutional investors seek to cash in opportunities from over-indebted properties or old properties eligible for refurbishment and touristic development. Investors and foreign funds find in Greece great opportunities and promising prospects of profit. Large luxurious hotels in Athens city center are now being constructed or renovated, thus raising the status and upgrading the city’s old commercial area.

Sales in the much-discussed Athens Riviera, where ‘new generation’ apartments now include pools and gardens on their balconies and rooftops, are now skyrocketing. Prices in Greece, even in areas considered more expensive, are much lower than those in other European destinations, thus attracting investors from all over the world.

Digital nomads, which have increased in number during the pandemic, silver tourism, and very wealthy people attracted by the non-dom tax status (Law 4646/2019) are three new fronts that the local tourist and real estate industry is now called to face with new intensity.

Investment plans in the area of real estate and real estate property development require expert legal knowledge of the Greek Law.

For more than 20 years, our law firm, Anna K. Koraki and Associates, and its expert and experienced network of associates throughout Greece, which includes lawyers, notaries, economists, translators, financial analysts, investment consultants, engineers, realtors, accountants, architects, construction companies, contractors, and accredited property valuators, has been successfully representing Greek and foreign investors who seek to maintain or establish bonds with our country, including those who wish to expand their financial activities in Greece.

In the area of real estate development, we offer sales transactions, property leases, real estate management, investment plans, and settlement of inheritance matters, among other services.

Considering our hands-on knowledge of the intricacies of the Greek State, we can be a valuable partner and consultant for every investor, whether a physical or a legal entity, guaranteeing that we will fully and promptly serve the interests of our clients. More information is available online: www.korakilaw.gr.

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