Own Property in Greece and Earn Passive Income. Here’s How.

Walk into your new, furnished apartment with exquisite design elements in a building complete with a spa, cafe, yoga rooms, and workspaces, and walk out onto the streets of Greece. With historical tones, a culture almost as warm and welcoming as its climate, and aromas of foods rich in olive oil, local vegetables, and cheeses. This is your new home away from home – Greece.

Owning property in Greece is more attractive than ever before, and dreams of passive income are no longer out of reach. Greece’s government is welcoming foreign investors to enter the market and build the stream of income they never thought possible. Until now. 

Why Greece?

More people from around the world are looking to Greece’s new frontier of real estate investing opportunities. And with its relatively low property prices, Golden Visa program, the potential for value appreciation, and high volume of tourism per year, Greece has become an exceedingly attractive destination for investors from across the globe.

Golden Visa Program 

One of the main concerns when it comes to foreign investment is the possibility that you, as the investor, will have problems entering the country in which you own property. This barrier is no small deal, with the unpredictable global political scene and changing visa regulations, despite the manifold benefits that Greece’s market offers, this could be a deal-breaker for some investors. 

Good news for investors, the government of Greece wants to make property investment in Greece as attractive as possible to foreigners.  Greece’s “Golden Visa” program is by far the most attractive visa incentive program in all of Europe, granting instant long-term entry into Greece to investors who spend at least €250,000 on property in Greece. And the Golden Visa rule applies to the family members of the investors as well, setting the stage for the perfect family vacation in Greece. But it doesn’t end there: Golden Visa holders can qualify to obtain a Greek passport after only seven years of holding their Golden Visa. And, of course, holding a Greek passport translates to EU citizenship, which comes with an array of benefits.

Value Appreciation

Value appreciation is a factor that especially interests property investors, and Greece’s market is an example of one that holds a promising future.  As it is, the country is an attractive place to live and visit, and following Covid19, Greece has been picking itself back up and moving forward, translating to a higher quality of living and more valuable properties. Greece’s market is on an upward trend now, but it’s still at an affordable level as compared to other EU countries.

Tourism

One of the factors that contribute to property appreciation in Greece is the country’s high volume of tourism. With an influx of over 25 million tourists per calendar year, Greece represents one of the most visited countries in the world. 

Tourism brings with it all of the services and luxuries of vacation: fine dining, fun shopping, cultural and historical centers, hotels, taxi services, and nightlife, creating millions of jobs and pushing the country’s industry on a forward progression.

Tourism also means that if you own property in Greece, you can rent it out as a vacation home and earn passive income. Airbnb, VRBO, and Booking.com have become more popular, providing tourists with more space and privacy than a hotel room, and the unique feeling of a home away from home.  To give a sense of the size of the vacation home market, nearly 100 million people visited Airbnb.com in the month of May 2022, representing 20 million more than in January of the same year. 

But passive income might not ring true for all Airbnb property owners, considering the price of upkeep and management. 

Property Management

In the cost analysis of any piece of property, owners must also consider the price of the management and upkeep. This is especially true if you wish to earn income as a vacation rental property. Upkeep and management costs can amount to large, unexpected costs that homeowners understand are inconvenient necessities. But for property investors, these costs can make a property less profitable and, in some cases, burdensome.  Lucky for investors looking at Greece’s market, Astrea provides full-scope property management and upkeep services all in one neat, profitable package.

Earn Passive Income With Astrea 

Astrea provides a full-scope package, allowing investors to enjoy the benefits of property ownership without any of the drawbacks. And it’s not just 5-Star Property Management that Astrea provides. Astrea walks investors through every step of the acquisition process, taking care of all bureaucratic and legal issues to provide the best possible results for clients at their smallest inconvenience. Astrea also finds short-term renters for property owners at every season of the year, taking care of property listing on vacation rental sites and communicating with renters.  

So, while you sit back, watch your property rise in value and witness a steady stream of income from vacation renters reach your bank account, Astrea does all of the hard work to keep you profiting. Want to get started on your journey to profitable property investing? Contact Astrea professionals today.