Greek Island Property and European Residency for Your Whole Family
January 24, 2024 · Greece · 13 min read
Greece is known as one of the most naturally blessed lands in the world, thanks to its countless scenic wonders and, above all, its famously idyllic islands.
A land of mythology, Greece is known as one of the most naturally blessed places in the world, thanks to its countless scenic wonders and, above all, its famously idyllic islands.
Greece topped The Economist’s ranking of the best-performing economies of 2023, and tourism was among the key sectors behind the country’s remarkable turnaround. Greece recorded more than 30 million tourist arrivals, up 45% year on year, and that figure is expected to keep rising in 2024 and beyond.
With stunning scenery, white-sand beaches and clear blue water, a warm climate, and rich cuisine, the islands are central to Greece’s appeal and to interest in Greek island property, drawing large numbers of visitors, many of whom stay for extended periods. Below, IMM Group takes a look at the country’s most beautiful islands.
Santorini
Santorini is undoubtedly Greece’s most famous and most talked-about island. It lies in the southern Aegean Sea, about 200 km southeast of mainland Greece, and is the largest island in a small, circular archipelago of the same name, the remnant of an ancient volcanic caldera. Covering about 73 km² with a population of 15,550, Santorini welcomes around 2 million visitors a year from around the world, with accommodation ranging from homestays to high-end luxury resort apartments.
The C-shaped island is much loved for its signature blue and white. It has its own appeal in every season, but it is at its most vibrant from spring through summer, from April to October, when the weather is at its best, with bright golden sunshine, deep blue water, and clear skies. Together they set off the white-and-blue domed houses, creating a unified architectural style that looks like a scene from a fairy tale.
Must-see places on Santorini:
- The old village of Thira
- Red Beach
- Nea Kameni volcano
The old village of Thira
Red Beach
Mykonos
Mykonos is one of Greece’s most beautiful islands. It covers 85.5 km² and rises to 341 m at its highest point. Mykonos is nicknamed the “Island of the Winds” for the strong winds that often sweep across it.
According to legend, Mykonos takes its name from its first king, a son of Apollo. It is one of some 220 islands, large and small, in Greece’s Cyclades. The island has a population of about 12,500 yet welcomes more than 2 million visitors a year, a figure any destination would envy. Its whitewashed houses and striking blue doors, set against the turquoise waters of the Mediterranean, hold an enduring appeal for visitors. Narrow marble-paved lanes wind past charming European-style souvenir shops and open-air cafés with captivating views.
Mykonos town
Mykonos town
Despite its modest size, the island offers a full range of services, from well-known fashion brands to art exhibitions and cultural events. What sets Mykonos apart is not only its beautiful beaches but also its lively, seemingly endless nightlife, an experience few other islands in the region can match.
Crete
Crete is the largest and most populous of the Greek islands. It is the world’s 88th-largest island and the 5th-largest in the Mediterranean, with a current population of about 625,000. Crete lies about 160 km south of mainland Greece. Alongside Santorini and Mykonos, it is one of Greece’s most beautiful and fascinating islands. Its strategic location has made Crete a crossroads where peoples and civilizations have left lasting marks and a rich cultural heritage. The island welcomes nearly 5 million visitors a year, including close to 4 million from abroad, and its international airports and seaports give it the infrastructure to receive large numbers of visitors from around the world.
Ancient monuments and historic architecture can be found across the island. Beyond its idyllic white-sand beaches and crystal-clear water, Crete has earned the nickname “Venice of the East” for its beautiful harbor and charming waterfront restaurants. A long coastline is lined with countless beaches and stretches of white sand. Balos, Falassarna, and Elafonisi are three exceptionally beautiful beaches in the Chania region; Chania, a city on Crete’s northwest coast, is regarded as one of the most beautiful coastal cities in Europe.
Falassarna Beach, Crete, Greece
Balos Beach
Elafonisi Beach
Luxury resorts and hotels of every kind line the island’s coast, particularly around larger towns such as Chania and Rethymno, which are home to many well-appointed resorts and hotels.
Investing in resort property on the Greek islands for European residency
Growing tourism has also fueled years of strong growth in Greek real estate, especially in tourist areas such as the islands above. Although prices have not surged as they have on Santorini or Mykonos, Crete is considered to have significant long-term potential, thanks to a more diversified, long-established economy that has grown steadily over many years and does not depend entirely on tourism. Beyond its scenery and beaches, Crete offers more in the way of ancient architecture, historical and archaeological sites, and cuisine than other islands, making it a location worth considering for investment.
Beyond the income potential and long-term appreciation, a real estate investment from €250,000 (approximately US$280,000) can make investors and their families eligible for Greek residency under the Greece Golden Visa program, with a range of benefits:
- Access to healthcare, education, and other benefits in Greece.
- Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
- After 7 years of residence, you may be eligible to apply for Greek citizenship, subject to Greece’s naturalization requirements. Once naturalized, each family member, as an EU citizen, could live in any EU member state. The Greek passport offers visa-free access to 185 countries.
The investment and application process typically takes 6–8 months, and much of it can be handled from your home country.
On Crete, IMM Group presents Aphrodite II, a resort development set right by a beautiful stretch of coastline, with easy access to the famous old town of Chania and other attractions. It is the expansion phase of the Aphrodite resort, which has been in steady operation for more than 5 years, and is developed by Leptos, one of the leading and longest-established real estate groups in Greece. Investors may also consider projects in the capital, Athens, such as Avra Residence and V2 City.
Aphrodite II project
Avra Residence project
V2 City project
If you are interested in Greek residency by investment, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s likelihood of success. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.
IMM Group
- Tags:
- Greek real estate
- Greece Golden Visa
- European citizenship
- European residency
- Greek residence permit
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