At a time when stock market investments are highly volatile, risky and offer little return, investors no longer know where to turn to make profits.
Some real estate markets offer attractive prices with net returns of around 10%/year and potential resale margins, but the investor must often commit to several years before being able to get back his funds and, as everyone knows, the longer one waits, the higher the risk of loss is.
At Milestone Invest we have the solution to allow our clients to realize substantial capital gains in a very short period of time by investing in real estate in Greece and particularly in Athens.
Indeed, we are specialized in real estate investment consultancy in Greece, have a long experience in real estate in Europe and have a particular know-how regarding properties to buy, renovate and resell.
Following the economic crisis of 2008 which strongly affected the Greek economy, the average price of real estate fell by almost 40% between 2008 and the end of 2017 almost everywhere in the country. Today real estate prices are still undervalued by around 28% on average compared to their pre-crisis value (source Bank of Greece: here).
Thanks to our knowledge of Athens and our local team, we know how to identify the areas of the city which are still very undervalued in terms of real estate prices but which are in full urban renewal and for which the demand is very strong.
We act on behalf and in the interest of our clients as follows:
– Our local real estate agents identify, at the request of our clients and according to their budget, undervalued properties for sale in residential areas of Athens undergoing urban renewal and where demand is very high.
– Our lawyers and notaries check the title deeds and the legal compliance of the sale.
– We assist our clients in obtaining the Greek tax identification number (compulsory for any real estate purchase in Greece), opening a bank account in Greece and finalizing the purchase by the client or by our team through a power of attorney.
– Our architects and civil engineers work on the new design of the property and propose renovation projects with the corresponding quotes. We offer work with quality materials and a high finish in order to resell the property faster and at a higher price.
– When the investor has chosen the design and accepted the estimate, we obtain the permit for the renovation work, follow up on the renovation site (with regular sending of photos and videos to the client if he is not on site ) until delivery of the turnkey property.
This whole process takes between 6 and 9 months depending on the size of the property and the renovation work to be carried out.
Purchase of a 71sqm property located in the Metaxourgeio district (Athens center).
– Purchase price of the property: €75,000
– Property purchase costs: €7,000
– Cost of renovating the property: €56,000 (€700/sqm)
– Total cost: €138,000
– Resale value of the property: €213,000 (€3,000/sqm)
– Time required for the resale of the property: 6 months approximately.
In summary, a total investment of €138,000 pays off €213,000 after less than a year, which represents a return of more than 50%/year.
Some investors prefer to furnish the property, keep it for some time to make short term rental and have a rental income.
Other non-EU investors can apply for a Greek Golden Visa if the amount of their investment is equal to or higher than 250 000 €.
Several options are therefore available with this type of investment.
Here are some pictures of previous projects:
For more information contact Milestone Invest here