Greece experienced a severe economic crisis that began in 2009, and its effects are felt to this day.
The crisis was a result of the global financial crisis of 2008, which was one of the major financial events of the modern era. It impacted many countries worldwide, which are still grappling with its consequences today. It led to large waves of unemployment and the collapse of financial institutions worldwide.
One of the repercussions of the global economic crisis of 2008, combined with Greece's economic weakness, mismanagement, irresponsible economic policies, and political instability, brought the country into a severe debt crisis.
Between 2008 and 2016, Greece's economy contracted by 25% and the unemployment rate in the country reached 27%!
Investing in Athens - Impact on the Real Estate Sector
The real estate sector was significantly affected by the crisis, with property prices plummeting by over 40%. The most substantial decline in property prices was felt in Athens, which historically competed with other European capitals in terms of income cost.
Investors from around the world identified the drop in property prices and the business opportunities it presented, leading them to invest in the Greek market. Greek authorities recognized this trend and understood that it could attract foreign investments and capital. As a result, they implemented policies to incentivize investments, including easing the requirements for obtaining a Greek Golden Visa, making it one of the most attractive in Europe.
Athens - Excellent Business Investment Opportunities
Even today, Greece's economy still faces challenges as a consequence of the debt crisis, including a high unemployment rate, especially among the youth. However, the Greek economy continues to offer excellent business opportunities and incentives for foreign investors. Investors interested in investing in Greece are not required to have European citizenship, but they do need a valid passport, a Greek tax number (AFM), a Greek bank account, and proof of residence.
Tax Policy Facilitation and Investment in Athens
Tax policy is investor-friendly, with a tax treaty between Israel and Greece making it easier for Israeli investors to invest in the country. There is no limit on the number of properties investors can purchase.
While property prices have started to rise again, it is still possible to purchase apartments at attractive prices and receive excellent returns on investment. Investors from all over the world continue to flow into Greece, bringing in foreign capital and aiding in the country's economic recovery.
The implication is that it is advisable to start investing soon before policies change.
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