The Golden Visa at the epicentre of this year's InvestPro Dubai
This year's conference was held in February in the Emirates
A strong presence of the Mediterranean Europe characterized this year's InvestPro Dubai 2023 conference, which took place in late February in the Emirates, aiming to inform investors and entrepreneurs on international investment opportunities.
Professionals from Greece, Cyprus, Spain, Malta and Portugal
presented investment benefits offered by their countries and the contribution
of their business to a profitable investment, to a wide audience of
approximately 270 participants from more than 30 countries.
This year's InvestPro Dubai 2023 focused on practical solutions for professionals in finance, wealth management, citizenship and immigration, as well as international taxation. With topics including, inter alia, buying off-plan property in Cyprus, banking services in Malta, investment opportunities in Portugal and obtaining a golden visa from Greece, the conference offered business advice, based on the knowledge of experienced speakers.
A considerable number of participants expressed particular interest in the Greek golden visa program, which was presented by Mr. Andreas Santis, director of Gate Greece Properties. As he noted, Greece provides a number of practical benefits. “The climate, the lifestyle, the safety and the language and tradition are well-known elements of the Greek culture. Moreover, Greece offers infrastructure, low cost of living, education and investment opportunities." And with the golden visa, it offers additional free access to the Schengen area.
The advantages of the Greek market were also emphasized by Ms. Elena Shiapani, CEO of MIBS Group, a real estate construction and management company, operating in Greece. "Beyond the undeniable natural beauty and the diversity of destinations, Greece is currently one of the most attractive countries in the European real estate market."
At the same time, the announced cancelation of the Portuguese golden visa program, through the purchase of property, is expected to takes a competitive market out of play. But the investment benefits of Greece do not stop there, as, according to Mr. Santis, the anticipated changes to the Greek golden visacan also offer the possibility of increasing the resale value of certain properties.
"If you buy a property in the areas where the property value requirement for obtaining a golden visa is scheduled to rise to €500,000 after the end of April 2023, it is possible to resell your property at a profit of 5-10% on the original price." And that's because, according to him, values in those areas are meant to go up after the changes applied to the golden visa program. "However, maintaining any property is mandatory to maintain the Greek visa. Therefore, the interested party should proceed with the purchase of a new property - possibly in another area - before completing the sale of the previous one", he noted.
In general, Greece is an extremely well-known destination in the Middle East. And this is because, according to Ms. Shiapani, real estate prices and the cost of living in our country are among the lowest in the EU, while the Golden Visa program itself is the most affordable and amongst the most privileged in the EU. At the same time, the cultural proximity of our country to the markets of the Middle East also plays an important role.
As for the choices of foreign investors, they depend on the client's needs, as she states. "MIBS Group has a wide range of properties. Most of the requests we receive from foreign clients concern 1–2-bedroom properties in Athens, as these can offer very good returns."
According to the Greek participation, events such as InvestPro, which focus on the presentation of international markets, can be a vital tool for the promotion of the Greek market in areas that have available capital and demonstrate interest to invest in our country.
"We believe that the Greek real estate market has great development prospects, as it is an attractive investment destination, in addition to the proximity and the traditional ties we share with the Middle East. Furthermore, as the Greek economy and the Greek Real Estate become more extroverted, the interest of customers and partners will certainly increase" concluded Ms. Shiapani, emphasizing the importance of a holistic approach to our country’s promotion.