Radical changes in the real estate sector in Greece

Recently, changes have been maturing in Greece, which can dramatically affect the real estate sector. The Minister of National Economy and Finance, Kostis Hatzidakis, shared the government's long-term plans in the field of housing and investments.

Challenges and Ambitions

According to Hatzidakis' speech at the Capital conference.gr and Forbes Greece, the government will focus on three key aspects:

Affordable Housing: Solving the problem of housing affordability for local residents will be a priority.

The use of Public Real Estate: The effective use of public real estate to make them more useful and profitable.

Addressing Market Imbalances: Measures to correct imbalances and ensure sustainability in the real estate market.

Key Initiatives

1. Simplification of the transaction process

One of the first changes will be the simplification of the real estate transfer process. It is planned to introduce digital technologies, such as a Digital Property Transfer File and a Digital contract, for a faster and more transparent transaction.

2. Attracting Investments

To improve the attractiveness of the Greek real estate market, the government is working on improving the Agency for Attracting Foreign Investment in Real Estate (AEEAP). It is planned to streamline the processes, making investments even more attractive for institutional investors.

3. Modernization of the Golden Visa program

The Golden Visa program, which provides the opportunity to obtain citizenship in exchange for investments, is also in focus. The introduction of special regulation and an increase in the investment threshold to €500,000 are designed to make the program more sustainable and effective.

4. Attracting Foreign Investors

Greece is going to create new investment products aimed at attracting foreign investors. Projects related to the residence of pensioners in EU countries (Senior Living) are considered as promising areas.

5. Energy Modernization

In order to promote environmental sustainability and energy conservation, the Greek government plans to carry out an energy modernization of the construction fund. Additional benefits and tax cuts can be an incentive for building owners to implement environmental changes.