Knight Frank: Seven reasons to invest in Greece – Because it is a very promising story

Her Eleftherias Kourtali

On the occasion of the opening of its office in Athens last summer, the multinational company Knight Frank and a leader in the field of real estate, explains why it is excited about Greece and identifies the seven “guides” of investments to the country and why it is essentially investment “magnet”. As he has already pointed out, he shares the expectation for a strong recovery of the Greek economy, emphasizing that Greece is an important market. So she essentially analyzes why she chose our country and calls on others to follow in her footsteps.

Seven reasons for investing in Greece

Strong economic outlook

According to Knight Frank, according to the institutions’ estimates, Greece is expected to grow by more than 6.0% in 2022 – which means that the country will exceed the forecasts for the eurozone which are set at + 4.5% in terms of GDP growth and will stand out.

Strategic geographical location

Apart from being a famous destination in itself, Greece also benefits from a strategic geographical location, which connects investors, tourists and residents with the rest of the world. It is located at the crossroads of Africa, Asia and Europe, with all European countries within three hours.

Greece also offers direct flights to major cities such as London, New York, Dubai, Moscow, Beijing, Shanghai, Singapore and others, paving the way for global operations and allowing investors to easily visit the country from many corners of the world.

Member of Schengen, EU, NATO and WTO

At the same time, according to Knight Frank, Greece is a member of Schengen – the largest visa-free zone in the world. The 26 European member states have abolished their internal borders for the free and unrestricted movement of citizens. Greek residents can travel freely within the zone and also have the opportunity to live in another Schengen country for up to three months per semester.

Greece is also a member of the EU, allowing it to benefit from infrastructure and financing projects in the region. In addition, it is a member of the World Trade Organization, and its membership in NATO protects the country and allows it to contribute to international peace and security.

Attractive visa opportunities

The residence visa per investment in Greece, called Greece Golden Visa Program, is one of the most attractive residence programs in Europe, points out Knight Frank. It takes an investment of 250 thousand euros in real estate to be eligible, which is half the investment required in countries such as Spain and Portugal (both require 500 thousand euros). The program offers investors and their immediate family an immediate five-year stay with no minimum residence requirements, along with free travel in the Schengen area.

This privilege can be renewed indefinitely and if the participants are residents for seven years in Greece, they can apply for citizenship, which entitles them to all the privileges of living within the European Union.

Incentives for economic activity

Greece has implemented a number of initiatives to provide incentives for economic activity, such as:

– the suspension of VAT on the transfer of newly built real estate until 31 December 2022. This is done in order to encourage the construction of real estate and to support the real estate market.

– the reduction of corporate income tax from 24% to 22%.

– the three-year suspension of the capital gains tax (15%), which is valid for natural persons in case of a transaction of sale of real estate until 31 December 2022.

and finally, the introduction of a variety of new alternative tax regimes for individuals moving their tax residence to Greece.

Strong prospects in the housing market

According to the Knight Frank Global House Price Index, which tracks house prices in more than 55 countries, house prices in Greece rose 3.1% year-on-year through March. of 2021, placing the country above Italy and Spain.

“Although our new office in Greece is exclusively dedicated to providing advice to commercial real estate investors, these results give a very promising story for the country,” he notes.

Strong and “established” tourism industry

Finally, as Knight Frank notes, a simple look at the beautiful cities, beaches and mountains of Greece is enough to understand why the country is a magnet for tourists. With a plethora of options to suit every traveler, from ancient Greek history to the famous and healthy Mediterranean cuisine, tourism is one of the most important pillars of the country’s economy – accounting for one-fifth of its GDP.

Despite the Covid-19 pandemic, the Greek government is “cautiously optimistic” that the country will meet its 2021 tourism revenue target.