Hydra gets €400,000 Exception Price Due to Low Population

As I wrote early in the month, the Greek Golden Visa has been overhauled in an attempt to address the housing crisis especially in the Attika region. After much debate in the Government, the final changes have been confirmed for future applicants. Personally, I don't think Hydra will really benefit as the already low full time population of the island means that the investment value has been discounted. Given that sellers have already been marketing their real estate for much higher than the threshold, it's not going to make a huge difference. However the new rules for application might cause a pause for thought. But, again in my opinion, until the runaway train that is AirBnbing is curbed, prices on Hydra will continue to rise because of the expectation of sellers, and buyers will still invest because holiday renting gives a much better return on investment than residential letting.

Investment Value:

Hydra €400,000

Aegina, Poros & Spetses, €800,000

Methana, Galatas, Ermioni, Kranidi and areas between, €400,000

Golden Visa Application Rules:

Full investment value must be spent on one property per application.

No short-term holiday letting allowed (50,000 fine if GGV applicants caught Airbnbing)

Minimum floor space must exceed 120 m2

So not much that will change for Hydra other than those properties that aren't bigger than 120m2 which will no longer qualify buyers looking to obtain the visa. And again, this still won't deter many because buyers of Hydra properties aren't really interested in the GGV primarily.

August is the deadline to complete any ongoing sales contracts and applications for the previous 250k threshold before the new limits start.

Please contact me for further information, regards, Kelsey