IN THE NEWS – Managing Partner A. Varnavas speaks with Kathimerini
Managing Partner Alexander Varnavas was interviewed by Kathimerini’s English Edition on growing demand for Greek Golden Visa from US nationals and developments concerning the real estate market.
Mr Varnavas shed light on what is drawing US investors to Greek assets, changing demand patterns, what they are buying and the benefits to the real economy.
Below is an excerpt from the article as published on EKathimerini.com:
US nationals investing in Greek real estate as part of the country’s Golden Visa program jumped 40% in the third quarter of the year, according to the latest data from Varnavas Law Firm, reflecting changing demand patterns.
The rise comes despite a tightening of conditions in Greece’s Golden Visa last year when investors were forced to dig deeper into their pockets to clinch the residence permits. The minimum investment requirement was upped to 800,000 euros for those purchasing homes in Athens, Thessaloniki and larger islands, while in the rest of the country, the investment threshold was raised to €400,000.
However, the steeper funds required have done little to dampen interest from the US. In fact, demand for the Greek Golden Visa from US buyers hit a new peak in the third quarter in a growth trend that began some two years ago.
Data from Varnavas Law Firm, which specialises in real estate and investment migration, show that property investments from US nationals in Greece often exceed the €1 million mark with beach areas along southern Athens and Piraeus remaining popular choices. The affordability of homes in Greece, along with the country’s lifestyle and the need for safety and stability are most often cited as reasons for choosing Greece.
“The second residency program gives non-EU residents a sense of freedom and this is what many US nationals are seeking in Greece right now,” Alexander Varnavas, Managing Partner at Varnavas Law Firm, told Kathimerini English Edition.
“Up until recently, US applicants mostly came from the East Coast areas like New York and Chicago but this is broadening out. Now we have an increase in applicants from the West Coast,” he added.
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