It will bring ups and downs Real estate market The new provision of the Ministry of National Economy and Finance for the “Golden Visa” investment program, people in the real estate market are reacting negatively and talking about a new “experiment” that did not have the desired results.
In particular, the President of the Association of Civil Contract Brokers of Athens-Attica, Mr. Lefteris Potamianos speaks CNN Greece, It warns that the government will “drive away investors and create a liquidity problem in the Greek real estate market”.
According to the broker department, Mr. Potamianos notes.
“There is no evidence to justify the actions taken by the government in this area,” he asserted.
The housing crisis has deep roots and will not be fixed by the government's “experiments” of raising prices twice in a short period of time without presenting evidence, he notes.
At the same time, Mr. Potamianos explains. “Anyway, seeing this, it's the brokerage industry's responsibility to know from the inside.”
What about inflation?
Mr. According to Potamianos, during the previous increase from 250,000 to 500,000 euros for certain areas, “We haven't seen any investors.”
However, he notes, “The irony is that despite the lack of investment interest, prices continue to rise, both for lease and sale,” and adds:
“What this means is; the price problem, the housing crisis, the high rents are not coming from the golden visa.
This shows the example of the last 8-9 months.”
New data
New is the increase of the minimum sales price to 400,000 and 800,000 euros, depending on the area, the “ceiling” of the surface of the property and above 120 square meters and the “barrier” for short-term leases. Allotment for investors who want to buy Golden Visa In Greece, it will be implemented on March 31, 2024.
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- Specifically, the limits are set as follows:
A lower limit of 250,000 is available only for preserved buildings, irrespective of the area, with an assurance of how the restoration will be done. If this is not done within 5 years, the investor's residence permit will be revoked.
Additionally, in cases where the property is converted into a residence, use as a business headquarters is prohibited. Otherwise, the residence permit will be cancelled.
It is also clarified that the residence permit can be renewed for another five years as long as the property remains in the ownership of the investor.
- Intervention for short-term rentals
Under the new system, short-term rental housing will not be allowed, but they will be entitled to rent it on a full-time basis.
However, if the property is sold, the residence permit will be removed.
- Tourist accommodation and other arrangements
In addition to purchasing real estate, citizens of third countries obtain a residence permit by concluding a long-term contract for a complex tourist accommodation or a timeshare contract for a tourist accommodation, according to the share of the value.