The British are taking advantage of Greece’s Golden Visa program securing their right to free movement in the European Union, four years after the Brexit.
According to the data from the Ministry of Migration Policy, during the period from January to November 2023, the permits granted to investors from the United Kingdom increased by 77.8%, rising from 208 to 370.
Contrary to their previous preference for luxury homes of over 500,000 euros, now the Brits are rushing to buy a second home in Greece, with the threshold of 250,000 euros, to obtain the desired “golden” residence permit.
As reported the most popular regions for British buyers are Crete, Kefalonia, and Corfu.
Furthermore, as revealed by a survey conducted by Geoxis, which focuses on summer residences on the islands of Mykonos, Paros, Santorini, Serifos, and Kea the luxury real estate market is estimated to account for approximately 5%-15% of the total market share, depending on the island. It primarily targets buyers from outside Greece who, in search of distinctive properties, are willing to pay significant premiums.
Finally, the Chinese, Turkish, and Russian investors have been among the top 5 who have engaged in real estate purchases in Greece under the Golden Visa program with the British coming in strongly.
Source: tovima.com
Latest News
European Central Bank Cuts Interest Rates by 25 Basis Points
It is the fourth cut of interest rates by Europe’s central bank, a move expected by the markets and financial analysts leading to the rate settling at 3%.
Airbnb: New Measures Add €600 in Extra Costs for Property Owners
Property managers face an immediate administrative fine of 5,000 euros if access to the inspected property is denied or any of the specified requirements are not met.
Economist: Greece Included in the Best Performing Economies in 2024
Meanwhile, Northern European countries disappoint, with sluggish performances from the United Kingdom and Germany.
EasyJet Expands Its Routes from Athens
The airline’s two new routes will be to London Luton and Alicante and they will commence in summer 2025.
Capital Link Forum Highlights Greece’s Economic Resurgence; Honors BoG Gov Stournaras
Capital Link Hellenic Leadership Award recipient, Bank of Greece Gov. Yannis Stournaras, an ex-FinMin, was lauded for his pivotal role during Greece’s economic recovery
Tourist Spending in Greece Up by 14%, Visa Card Analysis Shows
Greece’s capital Athens emerged as the most popular destination, recording a 17% increase in transactions with Visa cards, surpassing even the cosmopolitan island of Mykonos.
Inflation in Greece Unchanged at 2.4% in Nov. 2024
The general consumer price index (CPI) posted a 0.4% decrease in November compared to the previous month
2024 Christmas Holidays: Extended Shop Hours Schedule
The 2024 Christmas Holidays extended shop hours schedule commences on Thursday, December 12 and runs until the end of the year.
ELSTAT: Seasonally Adjusted Unemployment Down in October
The number of employed individuals reached 4,284,694, an increase of 67,723 compared to October 2023 (+1.6%) and 22,002 compared to September 2024 (+0.5%).
Greek PM’s Chief Economic Adviser Resigns
In the post on his Facebook page, Patelis did not disclose the reasons that led him to step down.