Indians lined up to buy houses in Greece..!? Why?

Sowmiya Sriram
Indians lined up to buy houses in Greece..!? Why?
indian investors have rushed to buy houses in Greece. As a result, it is said that the number of indian investors who bought houses there increased by 37 percent between July and August. The reason for the sudden increase in house purchases. Golden Visa program rules have changed! Yes... There was a 37 percent increase in property purchases by indian investors in greece between July and August. indian investors rushed to buy houses before the restrictions came into effect on september 1. In this order, a large number of properties were acquired. The main reason for this is the "Golden Visa Program" introduced by the country in 2013 to boost the real estate sector.
Under this special scheme, foreign nationals can get permanent residence with a minimum property investment of 2,50,000 Euros (roughly Rs. 2.2 crores). However, due to the increase in demand, property prices have also increased. Primarily, Demand has increased significantly in high-demand areas such as Athens, Mykonos, Thessaloniki, and Santorini. To address this, the Greek government has decided to raise the investment threshold for properties in these areas to 8,00,000 Euros (roughly Rs. 7 crores). This provision has been brought into force from september 1 - 2024. In this background, indian investors rushed to buy houses before september 1 before this restriction came into force. Responding to these issues, Leptos Estates Global Marketing director Sanjay Sach Dev said that in recent months, indian investors have purchased projects under construction to be handed over in six to twelve months.
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