Mild Mediterranean climate, low crime rate, stability of the banking system, the country’s gradual recovery from a protracted crisis, and a loyal program for obtaining visas for all family members. The reasons why investors choose real estate in Greece are countless.
Make preliminary calculations
We recommend considering the property with extreme caution and making a preliminary calculation of the profitability of the hotel:
- a high level of competition forces investors to choose hotels in areas with the most developed transport and tourism infrastructure;
- prior to purchase, a legal examination of the object will be required;
- it is necessary to calculate the costs for the reconstruction of outdated communications, updating the number of rooms, and changing management;
- it is necessary to take into account the criteria for assessing the star rating of Greek hotels;
- additional costs for competitive comfortable conditions (pool, terrace, playrooms, gym, relaxation zone) and promotion.
The most profitable option in Greece for the next decades will be rental housing. This was also proved by the non-standard situation with the coronavirus pandemic: tourists prefer individual apartments and villas rent Greece services to large hotel complexes.
A few words about the Greek economy
It is no secret that Greece has recently experienced a serious economic crisis, which has greatly affected the economy, and this has led to a decrease in property values. However, even low housing prices did not affect demand, because when investing, each investor calculates the risks. At that time, buying a home was in question, as the economy was falling apart, right before our eyes. And no one wants to lose money.
Today, the Greek economy has reached a stable level and does not slow down. This also affected the value of the real estate, which increased significantly and again became attractive to foreign investors. Yes, and prices remain even below the pre-crisis levels.