RETA

Real Estate Trend Alert

By Ronan McMahon

Greek Island Getaways From $95K

Sunday, February 14, 2021

Ronan McMahon Dear Roving Real Estate Investor Reader,

There are 6,000 Greek isles dotting the Ionian and Aegean seas, of which 227 are inhabited. They are the birthplaces of ancient gods and mythic heroes.

There are ancient Roman and Greek temples, Crusader castles, white-washed villages perched hillside, forest-clad mountains that rise from the sea, once-busy trading ports, fishing villages, and turquoise waters. And, yes, the Abba-soundtracked film Mamma Mia! was set here.

The chance to live on an idyllic isle has long drawn outsiders in search of a quiet existence…a true escape.

But living on a Greek island doesn’t mean you have to be ready to drop out. If you’re a remote worker, the move could have significant financial advantages.

Greece recently joined countries around the world in offering incentives to the work-from-home crowd by offering a tax break for digital nomads. You can get a 50% income tax discount during your first seven years in the country—although you have to officially relocate your tax base to Greece.

There are other incentives too. Greece has the European Union’s most accessible residence-by-investment visas (known as a Golden Visa). With a minimum investment of €250,000, you get full Greek residency, as well as free travel across Europe’s Schengen Zone.

You’ll find a property just over that threshold below, as well as a pair of other appealing properties my team have found that put you in the heart of what makes life in the Greek isles special.

Crete, Greece
Listing Price: €79,000 ($95,739)

It’s seclusion and convenience in one. This cozy one-bed, one-bath stone village house in Afrata, on Crete’s northwest coast, is in a small traditional village of tavernas and a quiet town square that has become popular with holidaymakers, yet a short drive the larger town of Kolymbari with its markets, banks, and the like. And, Chania, one of the island’s largest cities, is 35 minutes away.

You’re just a 10-minute drive from the water and a beach with umbrellas and loungers. The home is restored, with views of the sea and surrounding hills from the terrace. Inside you’ll find twin stone arches, original, over the open-plan kitchen/living area.

Corfu, Greece
Listing Price: €130,000 ($157,537)

If you live on an island…why not live right on the water? In the heart of Corfu’s Benitses resort area, less than six miles from the international airport, is a two-story home worth a closer look. Here, the green-covered mountains cascading to the water provide a dramatic backdrop. In town, you’ll find no shortage of restaurants and bars…yet, it’s low-key and family-friendly.

The property does need some work, but with panoramic views over the bay, the location is hard to beat. It’s actually two separate one-bed apartments. You could live in both, or live in one and rent one out, or use the space to open a business. With direct access to the water, there are many possibilities there.

Santorini, Greece
Listing Price: €260,000 ($314,988)

This property could be your ticket to Greece’s Golden Visa. With a price tag just over the threshold of €250,000, this sleek one-bedroom home on the idyllic Aegean isle of Santorini, recently renovated, fits the bill.

It features a terrace with sea and village views and is a quick walk to the cliffs that overlook the famed caldera and Fira town, the island’s capital. This is the quintessential Greek isles home.

Plus, the island of Santorini has an international airport, so you have easy access to the rest of Europe.

Wishing you good real estate investing,

Ronan

Ronan McMahon, Real Estate Trend Alert

P.S. If you’re interested in any of these listings you should hire an attorney and do your own due diligence. I haven’t visited these properties in person or done any due diligence on them.


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