{"id":55792,"date":"2019-05-07T22:49:18","date_gmt":"2019-05-08T02:49:18","guid":{"rendered":"https:\/\/www.investmentimmigration.com\/?p=55792"},"modified":"2019-05-07T22:49:28","modified_gmt":"2019-05-08T02:49:28","slug":"greeks-find-themselves-priced-out-of-rental-markets-due-to-golden-visa-investment","status":"publish","type":"post","link":"https:\/\/www.investmentimmigration.com\/greeks-find-themselves-priced-out-of-rental-markets-due-to-golden-visa-investment\/","title":{"rendered":"Greeks Find Themselves Priced Out Of Rental Markets Due To Golden Visa Investment"},"content":{"rendered":"\n

Greeks, especially those residing in Athens, are facing a unique problem brought about by the country\u2019s hugely successful golden visa program.<\/a> <\/p>\n\n\n\n

Locals are finding themselves unable to afford rents because of increases blamed on investment attracted by the golden visa program.<\/p>\n\n\n\n

Greeks are being evicted from whole areas of Athens and their homes are being converted into homestays for tourists and visitors. <\/p>\n\n\n\n

While investment immigration programs have long been criticized for heating up property markets, Greece is unique because investors are buying properties with no intention of living in them. <\/p>\n\n\n\n

Attracted by low real estate prices and growing demand for tourist accommodation, investors are buying multiple properties and converting them into holiday rentals. <\/p>\n\n\n\n

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Greece Golden Visa: Investment Requirements<\/h3>\n\n\n\n
  1. Purchase real estate property in Greece with a minimum value of \u20ac250,000.<\/li>
  2. Sign a 10-year lease with minimum \u20ac250,000 for hotel or other tourist residence.<\/li>
  3. Have purchased a property before 2013 currently worth \u20ac250,000 or more.<\/li>
  4. Own Greece real estate of minimum value \u20ac250,000 acquired through donation or parental concession.<\/li>
  5. Purchase land with intent to build, provided value of land and construction contract is minimum \u20ac250,000.<\/li><\/ol>\n\n\n\n
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    In some areas of Athens, such properties account for 95 per cent of all rental contracts. <\/p>\n\n\n\n

    One effect of this demand is that real estate prices have spiked, with some Greek homeowners seeing an eight-fold increase in home valuations in just two years. <\/p>\n\n\n\n

    There has also been a surge in tenancy rentals for local residents looking for homes.<\/p>\n\n\n\n

    Rents have risen by 17-20 per cent in a year, and some tenants are staring at a 600 per cent increase in rent for their homes. <\/p>\n\n\n\n

    The AirBnB Factor<\/h3>\n\n\n\n

    AirBnB is a significant factor in Greece because such properties help investors earn five to seven per cent returns in a year, significantly higher than conventional tenancy contracts. <\/p>\n\n\n\n

    The Greek government\u2019s decision in January 2018 to completely deregulate short-term property rental contracts has also contributed to this switch. Unsurprisingly, demand for the Greek Golden Visas tripled in 2018. <\/p>\n\n\n\n

    Property prices and rentals continue to climb higher as more end up in the hands of foreigners.   <\/p>\n\n\n\n

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    Read More<\/strong><\/p>\n\n\n\n