Following a decade of economic crisis, the government implemented measures to recover the country’s economy. That brought gradual financial recovery and a positive impact on real estate. The best time to buy property is at the onset of the recovery phase when prices are more affordable but ready to increase. Property prices will rise over the next couple of years unless adverse events hinder market stability. So, now is the time to buy.
Property taxation is reduced by almost 30% for the next two years, and deductions may reach 50% for renovation and property investment. Also, payment of VAT (value-added tax) of 24% on property investments is postponed till the end of 2022. The best time to purchase a home at record low prices is the present.
Fouskas Construction, a company with 20 years’ experience in Renovating Homes in Greece, can help you make your old house new and increase its value for future development and profitable returns on investment.
There are many factors to examine, such as modern or classic, old constructions, depending on what you want, and where you want it. City areas and surrounding suburbs are developing, promising profitable returns.
The first and foremost is location. Proximity to the city center, transportation, schools, shops, modern facilities, and green spaces points to consider. Also, do not overlook parking availability, a problem all city-dwellers are facing.
Choose a property at a very affordable price, like an old apartment. When renovated and remodeled, it will pay you back. Fouskas Construction proposes extensive changes and renovations, which eventually increase the property’s low purchase value.
Most houses or commercial properties in old buildings require renovation. For this reason, their purchase price is low. If you are thinking of a long-term benefit opt for older buildings. After you renovate and remodel them, you can enjoy a steady income and profitable returns for years to come.
Source: https://news.gtp.gr/2022/07/20/real-estate-why-now-right-time-buy-renovate-your-home-greece/
