If you speak to Yiannos Trisokkas, founder, CEO, and partner of Velment, an international property consultancy, he will explain why the growing interest in investments in Greece is more than justified, particularly in real estate.

Yiannos Trisokkas, CEO, and partner of Velment

The primary reason is easy to grasp, in 2019, Greece welcomed over 31 million tourists. Although the figures dropped during the pandemic, the country’s tourism sector has since fully recovered.

According to ITB Berlin, the world's largest tourism fair, “Greece has become the EU’s spectacular summer hit.” With more than 26 million tourists arriving in Greece from January to October 2022, the total for last year hit pre-pandemic levels. All of these tourists need suitable accommodation, and self-catering holiday apartments are now more in demand than ever.

Trisokkas said, “Investors seeking to diversify their portfolio are being drawn to Greece for good reason. Investing in properties in Greece for short-term rental will deliver one of the highest returns on investment an investor could hope for."

"Apart from the rental revenue, which depends on the location of the property, now is the time to buy property in Greece for the potential capital appreciation. What’s more, depending on the value of the property and its location, such an investment could be linked with a Greek residence permit, which grants the holder all the privileges of EU residency,” he added.

With many parts of the world experiencing economic or political uncertainty, Greece is enjoying many aspects of economic recovery, and investors might want to take note of the following:

Economic growth

For Greece, the pandemic is in the past, and the recovery is practically complete. Even the war in Ukraine has not affected Greece as much as other countries. In fact, according to the European Commission, “Overall, real GDP growth reached 5.9 per cent in 2022.”

Tourism is at a high

There is no doubt that economic growth was, and will continue to be, powered by the rebound in tourism. Last December, Greece’s Prime Minister Kyriakos Mitsotakis said that revenue from tourism is expected to exceed the initial estimate and surpass €18 billion ($19 billion) for 2022.

A good time to buy

Last year, Greece's real estate market performance was more than satisfactory. According to the Bank of Greece, there was an increase of 11.2 per cent for residential property in Greek cities in the third quarter of 2022 compared to the same period last year.

The most popular islands, such as Mykonos, Santorini, and Paros, will always attract a secure flow of tourists, while the demand for quieter, more serene islands is steadily growing. However, the main magnet for investors remains the capital, Athens, and its desirable suburbs, where capital appreciation and short-term rentals are most secure.

Golden Visa privileges

Greece’s Golden Visa, the country’s residency-through-investment scheme, remains a highly favourable alternative European residency scheme.

Eligible investors can apply for permanent residence in Greece for themselves, their spouses, children, parents and parents-in-law. Permit holders can then travel freely across Europe and the Schengen Zone.

The scheme requires a minimum investment of €250,000 ($272,800) in real estate. This amount is higher for investments in more desirable locations, which is why it is important to seek advice from a reliable consultancy before taking any action.

Buying property overseas is a serious matter. Consulting reputable and reliable advisors is therefore imperative to avoid unwelcome surprises, complications, or even worse.

“To guide and serve investors in Vietnam who might not be fully familiar with Greece, its property market, and its residency-through-investment scheme, Velment has established a local presence in Vietnam,” Trisokkas said.

The property firm’s new representative office, run by chief representative Gam Ha, is located in Ho Chi Minh City, ready to welcome international investors.

In addition, Velment’s official and comprehensive website is up and running in both English and Vietnamese. This comes as a response to clear indications that Vietnamese investors have recognised the investment potential of property in Greece, and there is growing interest in grasping this golden opportunity.