BARNES International: a global upscale real estate company enters Greece

OPINION:

BARNES is an international real estate agency which holds a leading position in the management of luxury real estate. In 2018, Greece entered the real estate destinations of BARNES International and the comparative advantage of BARNES Greece compared to its competitors is that it is a purely real estate company, stuffed by specialized and fully trained executives.

Currently the real estate market in Greece is doing well and is gearing up for the post-pandemic era. “While the Covid-19 pandemic had devastating effects in some key industries in Greece, it did not significantly affect the real estate” said Mrs. Katerina Mitsotaki, BARNES Greece’ Director. “There has been a slight decline in smaller properties, however, demand for big properties is high and this is a new tendency. As more and more people have to work remotely, bigger properties and beach or country houses have experienced a surge lately” she added.

As a holiday home destination, Greece offers tax and investment incentives for citizens from the EU, as well as from countries such as the USA, China, Russia, Middle East. The Greek government has instituted a 24% VAT suspension, allowing those who acquire a secondary residence in Greece to be taxed only with the 3% transfer tax. Equally important is a new set of provisions of the Income Tax Code that provide alternative taxation of foreign-sourced income for individuals who transfer their tax residence in Greece and for beneficiaries of foreign pensions who transfer their tax residence in the country as well. In addition, the government also offers the golden visa program for buyers from non-EU countries.

The country has overcome the financial crisis of 2009 and has now entered a new era for investments in real estate. “Prices are still favorable compared to other countries, but certainly there is an upward trend but the temporary Covid-19 setback does not seem to affect the overall market picture” explained Mitsotaki. “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.”