High profitability of investments in such commercial properties is determined by the as follows aspects:
- Real estate in Greece is highly attractive for investors due to its location in the popular recreational areas. Tourist industry in Greece is one of the main sectors of income of the Greek economy which constitutes 20% of Gross Domestic Product. In 2013, Greece was visited by 17.5 million tourists, in 2014 by 21.5 million and in 2015 by 26 million visitors.
- Greek legislation has a positive impact on the local investment climate. The new law on the Unified Property Tax implemented in the country, suggests the tax reduction. In the framework of the European program ESPA the nonrepayable grants are allocated for construction and renovation of resort facilities in the amount of up to 60% of the investment.
- Modern Greek real estate market attracts investors by the lowest prices in Europe. By investing money now, the buyer will acquire real estate, the profitability of which will significantly increase in the future.
- Ability to obtain substantial benefits by investing in real estate at the early stages of construction:
– The client pays in installments (in the most projects, which are sold on the off-plan basis, using the progress payment system)
– Prices of the properties raise in proportion with project completion. Taking into consideration, the fact that buyers who signed their property purchase contract at initial stages of its construction pay significantly less than those who sign similar contracts later, the profit may amount to 20%.
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