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Looking for a real estate investment abroad?

Welcome to Athens

Although some have thought that the corona year will stop the real estate market, it has in fact turned out to be a highly recommended year for real estate investments and in particular, in Athens

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• Athens

• real estate investments

Adv. Amir Ezer, in collaboration with Zap Legal

Monday, 22 February 2021, 12:40

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Athens (Photo: ShutterStock)

One of the most well-known and common investment channels is the real estate investment channel. However, unfortunately, the real estate market in Israel, which is one of the most expensive in the world, does not allow buying apartments for investment at a low price of up to NIS 200,000. In Israel, but you don't have to go that far ...

Blue sea, amazing food, Acropolis and real estate at ridiculous prices - Athens is the best place for Israelis today to invest, a two-hour flight away.

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Why invest in Athens today?

From 2013, real estate prices in Greece, which had recovered from the great general crisis it had experienced several years earlier, began to rise. After the Corona crisis, real estate prices in Athens stopped rising, but the yield on them is now particularly high.

The expectation is that real estate prices will rise again after the crisis, so this is a great time to purchase investment properties in Athens. Also, there is currently no very large demand and therefore apartment prices do not rise in price on the property.

What assets should you invest in?

In any large city, the main principle when looking for apartments for investment is that the property will be easily rentable.

Therefore, when looking for the apartment, first of all pay attention to its location.

To ensure the rental of the property, you should purchase an apartment that is in the city center or in a central neighborhood that is close to, for example, a hospital, university or other large urban center.

It is not advisable to invest in an apartment at a low price far from the city, which may have difficulties in renting it out.

In what price range can you currently invest in an apartment in Athens and what is the percentage of return?

Today, the price range of apartments in Athens makes it possible to purchase a two-room apartment in the range of NIS 150,000 to NIS 250,000 and the percentage of return is about 6 percent.

For example, in a deal promoted and represented by the author of the article, a studio apartment measuring 35 meters was purchased for a sum of 34,000 euros, which is rented at a monthly rent of 230 euros.

How to make the purchase and purchase overseas, especially during the Corona period?

For those who do not know the city, especially during the Corona period, when it is not possible to fly and return freely as in the past, it is recommended to use investment management and property management offices that will help you find the right investment property and manage the entire purchase process.

How do you manage a property overseas?

Property management companies will manage the property for you throughout the rental period.

In this situation, you do not have to worry about the tenant paying his rent on time or start looking for a plumber in Athens in case of a blockage in the sewer.

The management companies manage the property in all its aspects, and you only have to repay the checks on time.

What investment channels are recommended for real estate investing in Athens?

There are two recommended investment channels in Athens: The first investment channel is the purchase of small apartments, studio apartments or two long-term rented apartments.

These apartments are often sold with an existing lease, so there is not much fuss in terms of renting, which is in any case the responsibility of the property management company.

There is also another investment channel of investing in holiday apartments, which are rented for shorter periods of time, such as Airbnb apartments for example.

In these apartments more should be invested in design but the yield from them can even exceed 10 percent.

Of course, the risk is also higher when buying such apartments, since in periods such as the Corona, where people do not often vacation, there may be lower demand for the property.

What are the tax costs involved in purchasing an investment apartment in Greece?

One of the great advantages of buying an apartment in Greece is that in Greece there is no need to pay praise tax, which in Israel stands at a rate of 25%.

Greece has signed a double tax treaty with Israel, and since the Greek government is trying to encourage investors to buy apartments, there is no praise tax there.

In addition, the purchase tax in Greece is only 3.07% - when the purchase tax rate in Israel is double.

The tax on rental income is 15%.

In conclusion

The real estate market in Athens today is a market that involves a lot of potential for the Israeli investor, who is interested in investing a sum of one hundred and two hundred thousand NIS in purchasing a property and receiving a high return on it. Can be done through couriers, such as real estate investment offices, property management offices, etc.

It is recommended that a person who is an expert in the field of investments, who knows the area and the Greek real estate market, accompany you throughout the procedure and help you find the most suitable investment for you with the highest percentage of return available.

Adv

.

Amir Ezer and Adv. Athens Real Estate and lending clients interested in purchasing an investment property in Athens throughout the procedure.

Phone 077-8045803

Article courtesy of Zap Legal The

information presented in the article does not constitute legal advice or a substitute for it and does not constitute a recommendation for taking proceedings or avoiding proceedings.

Anyone who relies on the information in the article does so at his own risk

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