'The Mediterranean'
Upscale Luxury Branded Hospitality Apartments from €300,000
Full range of services 5* hotel and stunning sea views from sunrise to sunset.
Delivering a one of a kind upscale building with sea views from each floor. The building will be branded by a worldwide top class hospitality chain and will become the first branded residences in the port city of Piraeus, Athens.
Every detail and element of the building has been carefully thought out to create a harmonious combination with the surrounding space and draw attention with its aesthetics.
- 1st Row on Marina Zeas, Piraeus – a mega yacht marina
- 8 Floors
- 58 Units
- Fully furnished luxury suites
- Gym
- Spa
- Lounge area
- 24/7 concierge
Investment Highlights
- Smart Revenue Split – projected revenue with P/L analysis to be provided by the hospitality brand to interested parties
- Hassle free – marketing, booking, communication is handled by the management company
- 10 year minimum contract with the management company
- Average annual returns are minimum 5% / year expected to increase to 7%-8% / year as occupancy builds.
Project Design
The Mediterranean project is the result of a collaboration with world-famous architect Jean-Pierre Heim, known for its impressive portfolio and global recognition.
Marina Zeas
Zea marina is located in Piraeus in Athens and it is one of the finest superyacht marinas in the Mediterranean. A port with great ancient history as it was a Naval base where the fleet of triremes was built. Ruins of the ancient walls of the base can still be found in the marina. The marina has been completely redeveloped and within the yacht docking stations, jogging and walking areas have been constructed, tennis courts along with a row of restaurants and lounges right on the sea wall.
Modern design, elegance, charm and unique location makes The Mediterranean project the ideal choice for those looking for luxury accommodation and investment opportunity.
REQUIREMENTS OF THE GREECE GOLDEN VISA PROGRAM
Real Estate Options
The Greece Golden Visa Program is a residence by investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.
The program’s qualifying options are:
- An investment in real estate property with a minimum value of EUR 250,000, plus the applicable taxes. Alternatively, a minimum of EUR 500,000 in Mykonos, Santorini, Thessaloniki, and most municipalities in Athens
- A 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes
- A 10-year time-sharing agreement for hotel accommodation.
GREEK REAL ESTATE MARKET
The Greek real estate market was growing steadily for almost a decade before the global financial crisis of 2008–2009 triggered a sharp decline around the world. Although recovery was slower in Greece than in stronger economies, buying property in the country is still regarded as a safe, almost-risk free investment. Today, after 10 years of trending downwards, the country’s property market is once again attracting foreign buyers.
According to the Bank of Greece, at the end of 2017, real estate in Athens was 44% below its peak in 2008. However, this drop in property prices has rapidly slowed in recent years. The square meter price fell by 5.3% in 2015, by 1.8% in 2016, and by only 0.9% in 2017. In quarterly terms, prices remained consistent in the last quarter of 2017, and in the first three quarters of 2018, house prices finally showed a marginal increase for the first time since 2008.
Over the past few years, the real estate market has been thriving, thanks mainly to investments related to a booming tourism industry; tourist arrivals increased from 15 million in 2009 to 35 million in 2018. Given the attractive Greece Golden Visa Program and the popularity of Greece as a holiday destination, demand for holiday homes is rising, especially on the popular Greek islands.
MINIMUM REQUIRED INVESTMENT
TOTAL APPLICATIONS 2018-20
MONTHS PROCESSING TIME
SCHENGEN TRAVEL COUNTRIES
Are there any restrictions on the acquisition of real estate in Greece by foreign buyers?
Some restrictions apply to non-EU nationals seeking to acquire real estate in border areas (Article 24, Law 1892/1990) such as the eastern Aegean, the Dodecanese, Thrace, and other regions of northern Greece. Restrictions may be lifted upon special request with an indication of the property’s intended use. A license to acquire such property is granted by the Ministry of National Defence following a request submitted to the relevant committee of the decentralized administration in that region.
How can immovable property in Greece be acquired?
After obtaining a tax identification number and opening a bank account, the buyer must conduct a land registry search to ensure that the chosen property is free of encumbrances. Once cleared, the transfer tax is paid, and the final contract is signed by the buyer and the seller before a notary. The contract of sale is registered at the local land registry as the absolute proof of ownership. Within three months, the property must be registered with the tax authorities. The process can be handled by proxies.
Does the applicant need to open a bank account in order to purchase property, and if so, what is the procedure?
The opening of a bank account is not a prerequisite; however, it facilitates the transaction and tax procedures related to the ownership of a property. A bank account can be opened in person or via power of attorney. The applicant must also provide a list of required documents (such as proof of tax residence, proof of address, and source of funds).
What additional expenses will the real estate transaction incur?
In addition to the actual cost of the property, some other expenses will be incurred, most of which are based on the ‘assessed tax value’ of the property.
- Notary fees: 1.2–1.5% of the property value
- Land registry fees: 0.5–0.7% of the property value
- Transfer tax: 3.09% of the property value, payable to the revenue service
- Real estate agency fees (where applicable): 2% of the purchase price
Would you like to receive our Greece Golden Visa brochure, cost breakdown and investment options?
WHY USE RESIDENCY INVEST FOR YOUR GREECE GOLDEN VISA?
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