British investors buy vacation homes in Greece - Golden Visa - Economic Courier | Blog

British investors buy vacation homes in Greece - Golden Visa - Economic Courier

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Four years after Brexit, Britons are turning to the Golden Visa solution to "buy" the right to move freely into the European Union.

Although Chinese, Turks and Russians have been among the top 5 investors buying property in Greece under the Golden Visa program in recent years, there has been a sharp increase in residence permits for Brits.

Europe continues to be a popular investment destination for Brits, especially in Greece. According to data from the Ministry of Migration Policy, between January and November 2023, the number of residence permits issued for UK investors increased by 77.8%, from 208 to 370.

The British are now showing particular interest, predominantly buying secondary homes in Greece for up to €250,000 to obtain the coveted 'golden' residence permit.

One of the popular destinations for British buyers has been Greece and its islands. The most popular regions were Crete, Kefalonia and Corfu.

According to a study by Geoxis, which covers summer homes on the islands of Mykonos, Paros, Santorini, Serif and Kea, for the fifth consecutive year there has been an increase in average asking prices for summer cottage sales.

The difference in average prices between luxury and standard homes is particularly valuable.

Sale villa in Pire 2 537 415 $

Greece,Pire

4 Bedrooms

6 Bathrooms

500 м²

Sale flat in Athens 134 980 $

Greece,Athens

1 Bedroom

1 Bathroom

61 м²

Sale house in Paros with sea view 485 929 $

Greece,Paros

3 Bedrooms

2 Bathrooms

125 м²

Sale townhouse in Halkidiki with sea view 205 170 $

Greece,Halkidiki

2 Bedrooms

1 Bathroom

80 м²

Sale flat in Halkidiki with sea view 169 535 $

Greece,Halkidiki

1 Bedroom

1 Bathroom

46.8 м²

Sale villa in Rethymno with park view 646 825 $

Greece,Rethymno

6 Bedrooms

3 Bathrooms

260 м²

On Mykonos and Santorini, the price of a luxury home can be 5.5 times higher than that of a typical summer cottage, while on Serif the difference is 2.3 times.

The research shows that the luxury property market is believed to occupy around 5-15% of total property sales, depending on the island, and attracts mainly foreign buyers who are willing to pay significant premiums for a special property.

In comparison to last year, there was a horizontal increase in sale prices among mid-range homes of approximately 3.4% for all five islands. Paros and Mykonos turn out to be the largest islands, where the average size of a summer cottage is 262 and 240 square meters respectively. On the other three islands, the average areas are in the range of 110-160 square meters.

The average age of the buildings that are on the market on all islands is more than 15 years.