Nordic interest in property
Investment funds of Scandinavian origin are examining the housing market in Greece, with the aim of attracting pensioners from their countries, says Giorgos Mantzavinatos, managing director of property management company QRes, a member of the Qualco Group.
“The managers of these funds identify an investment opportunity in Greece, thanks to the visibility the Greek real estate market has acquired as a result of tourism. These people visited Greece, saw the opportunity it offers due to the mostly warm climate, and therefore the low energy costs for heating a property – compared to Northern Europe – and have started looking for properties to buy,” Mantzavinatos said on Tuesday at the Prodexpo real estate conference.
Such provisions have already been implemented since 2020, but to date no transactions have been recorded with the aim of hosting pensioners from third countries, due to both the pandemic and the absence of properties targeting this category.
The regulation that has been passed provides that any foreign pensioners who choose to transfer their tax residence to Greece will pay income tax at a very low rate of 7% of the amount of the pension. This rate will be valid for 10 years, and pensioners must reside in Greece for at least 183 days per year.
