Despite the disruption caused by COVID-19, the outlook for Greece’s property market is buoyant following the gradual lifting of travel restrictions and a surging vaccination programme..
Leading Greek developer, Leptos Estates, has recorded a surge in sales and enquiries to investors based primarily in Europe, Asia, Russia and the Middle East, with island coastal holiday homes proving the most popular. Since the turn of the year, Leptos Estates has recorded record reservations at its recently released new phase of its Aphrodite Seafront development in Crete, followed by strong sales at Santorini Villas on the beautiful island of Santorini and at Paros Gardens, Paros. The typical demographic of purchasers registered have been investors from Asia and the Middle East looking for a European vacation destination, whilst they have also recorded a large number of enquiries from the UK.
Commenting on this recent trend, Pantelis Leptos, Co-President of Leptos Group of Companies, said, “The Greek islands offer a fantastic holiday home destination for international investors looking for a property they can use, whilst also providing a strong rental return, if needed, when they are not using it. Due to the travel restrictions we had seen a drop in enquiries from overseas, but the most attractive islands remained popular with those still looking and the recent gradual lifting of strict measures has seen a rush of interest from certain parts of the world.”
The surge in interest from the Middle East has been part-attributed to the recent opening of a travel corridor between Greece and the UAE, which came to effect on 18th May. The agreement allows citizens and residents from both countries wishing to benefit from the quarantine-free travel corridor to show documentation that they have received the last dose of a COVID-19 vaccine or present a negative PCR test (no older than 72 hours before arrival). This has allowed potential investors the opportunity to visit various projects across the islands before committing to purchase, which was not an option during the peak period of the pandemic.
The Greek government is also in the latter stages of finalising a ‘Green Pass’ agreement with Asian countries, such as China, Singapore, Hong Kong and Vietnam. Greece’s Tourism Minister, Harry Theoharis, has revealed that he is hoping they can benefit from a bi-lateral EU agreement with these countries, however, if needed, they would press ahead with their own initiatives.
Theoharis was quoted: “we are very glad that our proposal about the “green pass” has been adopted by the European Commission and we hope for a swift resolution of this initiative, ensuring that both the legal and the technical sides are up to speed to save the summer…If not Greece will have to adopt its own rules and of course recognise the vaccination certificate of each and every European country.”
A further incentive for international investors is Greece’s Golden Visa Programme, which is one of the most popular investment offerings in the EU. The scheme is a residence-by-investment visa model, issued to non-EU citizens who make a significant contribution to the Greek economy. There are several investment options, but the most common route is through purchasing real estate worth at least a quarter of a million.
To qualify for Greece’s Golden Visa programme, individuals have a choice of investment options with the most popular being the purchasing of real estate worth of at least €250,000. The Greece Golden Visa offers permanent residency for Life to the applicant, spouse, children up to the age of 21 and parents of both the main applicant and spouse which includes restriction-free travel in the EU Schengen Zone. If they spend 180 days a year in Greece they can also apply for a EU passport after 7 years.
A new scheme launched recently gives investors and opportunity to obtain Greece Permanent Residency immediately, without even visiting Greece, helping those who are unable to travel because of COVID-19 restrictions in their countries.
Developments that are proving popular with international investors looking for luxury holiday home, as well as the option to apply for the Golden Visa programme include:
Aphrodite Seafront, Crete
The award-winning Aphrodite Seafront is situated on a prime position in Crete, boasting magnificent views of the Mediterranean Sea and surrounding mountains, moments away from a Blue Flag pristine beach. The unique development is located in the prestigious area of Pirgos Psilonerou and displays an intricate mix of design, comfort and construction, inspired by the true essence of Mediterranean living, using locally sourced materials throughout. Residents can expect a mix of one, two- and three-bedroom apartments, panoramic penthouses with rooftop gardens and three-bedroom maisonettes surrounded by landscaped communal and private gardens.
Prices at Aphrodite Seafront range from €285,000
Santorini Villas, Santorini
Comprising of two and three bedroom bungalows and two storey villas built to superior standards, these luxury residences exemplify architectural design and detail, reminiscent of a seaside villa in the Mediterranean and at one of the most glamorous tourist destinations in the world.
Santorini Villas are situated on the east coast of the island, only 200 meters from the best sandy beach of the island, the Monolithos-Kamari beach, and within easy reach of Santorini Caldera, one of the natural wonders on planet earth.
Prices at Santorini Villas range from €428,000 – €458,000
Paros Gardens, Paros
Paros Gardens is a collection of one, two and three-bedroom apartments, two and three – bedroom garden villas and maisonettes, as well as exquisite penthouses with spectacular panoramic views across the Mediterranean Sea.
The superb location combined with the carefully planned interior designs and layout surrounding the communal gardens, clubhouse and swimming pools make the development an ideal investment or holiday-home for year-round enjoyment.
Prices at Paros Gardens range from €250,000 – €345,000
Leptos Estates has over 50 projects available for sale. A few of these projects include Aphrodite Beach front, Aegean Villas, Viglia Villas, Fournado Villas and Paparseni Athens. Future developments include Maleme Beach Villas, Costa Nopia and Nopigia Village.
With an extensive after-sales support service and rental guarantees, Leptos Estates is the leading provider of new homes in Greece and Cyprus. For more information contact Leptos Estates on +357 26880120 (Cyprus), +30 28210 20830 (Greece), +44 7874093174 (UK), email: info@LeptosEstates.com or visit www.leptosestates.com