BARNES is an international real estate agency which occupies a leading position in the management of prestigious real estate. In 2018, Greece entered the real estate destinations of BARNES International and the comparative advantage of BARNES Greece over its competitors is that it is a purely real estate company, crammed with specialized and fully trained executives.
Currently, the real estate market in Greece is doing well and preparing for the post-pandemic era. “Although the Covid-19 pandemic has had devastating effects in some key industries in Greece, it has not significantly affected real estate,” said Ms. Katerina Mitsotaki, director of BARNES Greece. “There has been a slight decline in smaller properties, however, the demand for larger properties is high and this is a new trend. As more and more people have to work remotely, large properties and beach or country homes have seen an increase in recent times, ”she added.
As a vacation destination, Greece offers tax and investment incentives to citizens of the EU, as well as countries such as the United States, China, Russia and the Middle East. The Greek government has instituted a 24% VAT suspension, allowing those who acquire a second home in Greece to be taxed only with the 3% transfer tax. Equally important is a new set of provisions in the Income Tax Code which provides for alternative taxation of foreign source income for persons who transfer their tax residence to Greece and for recipients of foreign pensions who also transfer their tax residence to the country. In addition, the government also offers the golden visa program for buyers from non-EU countries.
The country overcame the financial crisis of 2009 and has now entered a new era for real estate investment. “Prices are still favorable compared to other countries, but there is certainly an upward trend but the temporary decline in Covid-19 does not appear to affect the overall market situation,” Mitsotaki explained. “The best time to invest in Greece is now. After all, no matter what happens in the real estate industry, a beautiful home in Greece is a must-have luxury.