27 Dec 2024 27Dec 2024 Golden Visa: 6+1 Key Factors for Choosing Property in Athens and Its Suburbs The real estate market in Greece has stabilized at a high level in recent years, with upward trends. The Golden Visa program, allowing residency in Greece through property investment, has become a popular option for many investors seeking residency in the European Union. However, choosing the right property is a critical decision that requires careful consideration of multiple factors. Prospective buyers often feel anxious and uncertain about the complex processes involved or navigating an unfamiliar market. Additional pressures such as time constraints, language barriers, and legal complexities further complicate the decision-making process. This article outlines the key factors to consider when selecting a property for the Golden Visa program, focusing on Athens and its suburbs, to provide you with initial orientation and expand your decision-making capacity. Why Is the Golden Visa So Popular? "The property prices in Greece remain lower compared to many countries abroad, attracting foreigners not only interested in returns but also in relocating to a popular tourist destination. Simultaneously, the demand from Americans and Britons seeking visas has significantly boosted interest from these countries," notes Kosmas Theodoridis, President of the European Association of Real Estate Agents. The Golden Visa program has proven to be an attractive choice for several reasons, including: • Freedom of Movement: Residency rights in Greece and other Schengen Zone countries. • Investment Opportunities: Access to a growing real estate market. • High Quality of Life: Greece offers a high standard of living, historical landmarks, and natural beauty. Key Factors for Property Selection 1. Location Location is the most critical factor influencing a property's value and the quality of life it offers. Selection should align with your specific needs: • Athens City Center: ◦ Advantages: Excellent public transportation, proximity to the historical center, and vibrant cultural life. ◦ Disadvantages: Traffic congestion and environmental concerns. • Northern Suburbs: High quality of life and modern infrastructure, but higher prices and greater distance from the city center. • Southern Suburbs: Opportunities for coastal living, a lively market, and recreational activities, but summer traffic can be intense. This area has seen the greatest price increase this year, driven by the Hellinikon project. Your choice should be based on priorities such as lifestyle, cost, and proximity to the center. 2. Property Type • Apartments: The most popular choice among investors for their flexibility and ease of management. Options include newly built, under-construction, or older properties requiring renovation. • Houses: Suitable for those seeking larger spaces and independence. • Commercial Properties: These can yield higher returns but require specialized knowledge for management. 3. Investment Considerations • Minimum Investment Threshold: The minimum investment amount for obtaining a Golden Visa varies by property location. • Return on Investment: Estimate potential rental income or resale value. • Tax Implications: Be informed about tax obligations associated with property ownership in Greece. 4. Quality of Life • Infrastructure: Assess the quality of local infrastructure, such as schools, hospitals, transportation, and public services. • Safety: Although Greece is generally safe, some areas in Athens require extra caution. • Cultural Activities: Consider the availability of cultural and recreational opportunities. 5. Legal Matters • Purchase Process: Consult with a specialized agency or experienced lawyer to guide you through the property purchase process. • Tax Regime: Stay informed about tax obligations tied to your investment in Greece. 6. Future Development and Infrastructure Future development and infrastructure projects in Athens and its suburbs significantly impact property value and attractiveness. Key projects include: • Athens City Center: Expansion of Metro Line 4, connecting densely populated neighborhoods. • Northern Suburbs: Planned Metro Line 4 extension to Marousi, improving connectivity with the city center. • Southern Suburbs: Transformative developments like the Athenian Riviera renewal and the Hellinikon Project, featuring Marina Tower, Marina Galleria, Vouliagmenis Mall, and residential complexes. 7. The Surprise Factor Comprehensive support from IRG PRO can make the entire process smoother. From property search and legal support to post-sale management, IRG PRO offers tailored services to ensure your Golden Visa journey is seamless and enjoyable. Our Services Include: • Needs and goals analysis. • Property identification. • Recommendations for legal advisors and notaries. • Post-purchase services, if desired. For more information and to schedule a consultation, visit our website. Conclusion Obtaining a Golden Visa through real estate investment in Greece is an excellent opportunity to secure a better future for you and your family within the EU. With the right preparation and expert guidance, you can find the ideal property and enjoy all the benefits Greece has to offer. IRG PRO is here to support you every step of the way. Contact us today for a free consultation. Tags: Golden Visa, Golden Visa, athens, Greece
