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Few places manage to capture the world’s imagination quite like Greece, a land of sun-kissed coastlines, tranquil whitewashed villages, lively seaside towns, and well-preserved ancient sites. One of the world’s top tourist destinations since ancient times, the country draws nearly 20 million visitors each year. Athens, the birthplace of Western civilization, continues to attract the biggest crowds and serves as a base for exploring the country and its 227 inhabited islands. Away from its cities, Greece features a picturesque countryside of olive groves, vineyards, and tiny settlements nestled against rolling hills and rugged mountain ranges. Explore the old mainland on foot and discover the islands on a guided boat or ferry tour. Greece is in Europe.
ECONOMY Greece expects its economy to grow by 2.8% next year, driven by higher investments, improving domestic demand and tax cuts as the country recovers from a decade-long debt crisis.
Data from the 2020 budget, formally submitted to parliament for approval, also forecast a primary surplus of 3.56% of gross domestic product next year, with debt falling to 167% percent of GDP from 173.3% this year.
Greece emerged from international bailouts supervised by its lenders in August 2018. But it still needs to meet fiscal targets, including a primary budget surplus – which excludes interest payments on its debt – of 3.5% of GDP up to 2020
Citigroup anticipates multiple credit rating upgrades for Greece this year by the four main agencies (Moody’s, Standard & Poor’s, Fitch and DBRS Morningstar), estimating that the country will make four bond market forays to draw a total of 10 billion euros in 2020. It therefore appears that it will be a key year for Greece in its mission to reclaim investment grade, with Athens targeting the first half of 2021 for that goal.
Citi notes in a report that Greece and Portugal are expected to stand out this year, coming under the market spotlight as they are seen bagging the biggest number of rating upgrades, starting very early in the year.
For Greece in particular, Citi says it expects a substantial number of upgrades by the four agencies this year, helping the country climb up several credit rating notches, given its strong fundamentals, which will bring Greek government bonds to the verge of qualifying for the European Central Bank’s quantitative easing program (QE) and investment grade.
At the moment, according to S&P, Fitch and DBRS Morningstar, Greece stands three notches below investment grade, while Moody’s puts that figure at four.
The local market has high expectations of the Fitch assessment due on January 24, as the agency has not changed Greece’s rating since 2018. Another Fitch rating action is scheduled for July 24.
A key date will be April 24, when both S&P and Moody’s are set to issue their verdict on the Greek rating, which they will repeat on October 23. Moody’s – the strictest of the four agencies for Greece – will issue its verdicts on the country on May 8 and November 6 this year.
According to Citi’s estimates, the Public Debt Management Agency will draw a total of 10 billion euros from the market this year, far above the 4-8 billion mentioned in the PDMA borrowing program for 2020. The US bank argues Greece will issue a seven-year bond this month before a 10-year note in March, a five-year paper in June and another 10-year one in September.
The second-largest city of Greece with over 1 million inhabitants in its metropolitan area, Thessaloniki serves as the country’s capital due to its rich collection of Roman, Byzantine, and Ottoman landmarks.
The city is perfectly poised on the water’s edge. The Thermic Gulf is vast and exhilarating, with gorgeous sunsets with various Balkan countries to the north and Turkey to the east. There is a Parisian feel to the new metropolis with long boulevards, pedestrian walkways, expansive squares and plenty of trees, the city, features modern universities, museums, shops, cafes, restaurants and reliable transportation services. All these are affecting the total economic landscape of the greater Thessaloniki area as well as tourism. Thessaloniki is considered as the buzzing metropolis in the country’s northern mainland.
The increase in the number of tourists (nearly 2 million in 2017, and the upward trend for 2018) is certainly due to the stabilization of the general situation in Greece, but the increase in capacity at the airport (due to privatization) and has become attractive for its long tourist season due to events and festivals that take place out the year. It is regarded as a city throughout the year.
Thessaloniki is Greece’s second major economic, industrial, commercial and political center; it is a major transportation hub for Greece and southeastern Europe, notably through the Port of Thessaloniki.
Real Estate *during 2017 was – as already assumed for the whole country – also for Thessaloniki a relatively ‘hypotonic’ year, but with a turnaround in the last quarter of the year, and for the first time after years with an easy increase in prices. According to REMAX’s analysis, for Thessaloniki in the case of older buildings in 2017 an increase of prices of 1.1% was observed, while the new buildings had an increase rate of 1%. With Thessaloniki, it is not meant only the city center, but also the surrounding districts.
Through the privatization of the commercial port but also through the creation of other highlights, such as the new Jewish Museum of Thessaloniki, whose foundation stone was laid during 2019, but also the extension of the international airport (Makedonia-Airport) of Thessaloniki, Accordingly, a continuation of the already established trend for 2018 – 2019 is to be assumed. For the sake of completeness, it should be mentioned that according to the current status in 2020, the Thessaloniki metro will be put into operation. It can therefore be assumed that this will lead to further price rises in real estate prices, especially in the center of Thessaloniki, in the central station area but also in the districts served by the Metro. In terms of sales, there is a severe shortage of apartments for sale which is starting to affect prices upwards. The general picture of the market shows that for non-renovated properties that need renovation to be occupied they are priced at 600 – 1000 € / sqm., depending on the area they are in, while the recently renovated and luxurious apartments are priced at 1300 – 2000 € / sqm., in the Municipality of Thessaloniki. The remaining properties are estimated to be at intermediate prices. This year was the second year, after a period of stagnation, in which property prices started to rise, according to Spitogatos Price Index (SPI).
According to the European Commission (EC), Greece’s economy should grow by 2.4% in 2020 — a figure considerably higher than the 1.4% predicted for the European Union (EU) as a whole. After having lost over a quarter of its gross domestic product (GDP), the bloc’s southernmost nation is now “well on track,” estimated European Commissioner for Economy Paolo Gentiloni when announcing the findings. This projection demonstrates a remarkable turnaround for a country that just few years ago was floundering through one of the harshest economic recessions in history. Tribute must be paid to the Greek people who endured an array of unpopular reforms and deep austerity measures, including salary and pension cuts, in order to extricate their country from financial turmoil.
Consumer confidence has also returned, helped by the unemployment rate dropping from 27.8% to 16.6%. Impatient for further changes to fully embrace a new economic era, last July the population elected a government led by Prime Minister Kyriakos Mitsotakis to implement widespread reforms that are bringing rewards for society, businesses and investors. The challenge is also for others “to recognize the opportunities arising from Greece’s new trajectory.”
Panorama is one of the most privileged areas of Thessaloniki due to its location and its natural beauty. Located northeast of the city center at the foot of Mount Hortiartis with a stunning view of the Maiden of the Thermaikos.
In Panorama there are some of the most expensive and luxurious properties in northern Greece. Panorama has grown and become a luxury suburb of Thessaloniki. Today it is a destination for those looking for panoramic views, quality entertainment and good food.
According to a survey conducted by a major Real Estate firm during Sep 2018, Thessaloniki’s rents rose by 14.4 percent with the highest rises spotted in the suburbs of Panorama.
A Golden visa is a type of residence visa with added benefits, offered by several European countries including Greece. It is an investment scheme that ensures visa-free travel in the Schengen zone to non-European investors and their families.
The Golden Visa Program in Greece is exceptionally competitive as it features friendly terms, minimizing both the amount of the capital required and with the help of investment consultants it is easy to obtain. It is an investor visa and it can be renewed indefinitely as long as the main applicant keeps the investment, while there is no requirement to stay in Greece whatsoever.
Golden Visa for Families
Children under 21 years of age, parents, spouse or partner with a co-habitation agreement (concluded in Greece) and in-laws of the main investor can benefit from the same investment of 250000 euros and above and issue a permanent European residence permit too.
Property Acquisition
The most common way of acquiring a Golden Visa is through property acquisition, although there are other alternatives related to business investments.
In Panorama there are some of the most expensive and luxurious properties in northern Greece. Panorama has grown and become a luxury suburb of Thessaloniki. Today it is a destination for those looking for panoramic views, quality entertainment and good food.
According to a survey conducted by a major Real Estate firm during Sep 2018, Thessaloniki’s rents rose by 14.4 percent with the highest rises spotted in the suburbs of Panorama.
Through general investment in promising fields of Greek economy, is the other option to acquire the Greek Golden Visa, and as investment consultants we would be happy to work together on a plan on how you can utilize the opportunity for Golden Visa investment by proposing business ventures that suits your individual needs and requirements as well as being relevant to your field of expertise.
It is worth mentioning that the applicable law for the Golden visa Program may soon widen and the blend of acceptable investments will by including alternative types of assets (i.e government bonds, shares of existing Greek companies, etc).
There is an a abundance of choice when you are interested in investing in Greece for a Golden Visa. Whether you are investing in residential or commercial real estate, you can buy your property either as an individual or jointly with other investors, or alternatively as a legal entity (owning 100% of the company shares).
The Golden Visa Program in Greece is exceptionally competitive as it features friendly terms, minimizing both the amount of the capital required and with the help of investment consultants it is easy to obtain. It is an investor visa and it can be renewed indefinitely as long as the main applicant keeps the investment, while there is no requirement to stay in Greece whatsoever.
Golden Visa for Families
Children under 21 years of age, parents, spouse or partner with a co-habitation agreement (concluded in Greece) and in-laws of the main investor can benefit from the same investment of 250000 euros and above and issue a permanent European residence permit too.
Property Acquisition
The most common way of acquiring a Golden Visa is through property acquisition, although there are other alternatives related to business investments.
In Panorama there are some of the most expensive and luxurious properties in northern Greece. Panorama has grown and become a luxury suburb of Thessaloniki. Today it is a destination for those looking for panoramic views, quality entertainment and good food.
According to a survey conducted by a major Real Estate firm during Sep 2018, Thessaloniki’s rents rose by 14.4 percent with the highest rises spotted in the suburbs of Panorama.