Residential Property Prices in The EU Countries Increased by 10% in 2021

The index presents data on four EU countries that offer a residence permit for the purchase of real estate. These are Greece, Cyprus, Malta and Portugal.

* Eurostat used data from the Bank of Greece in assessing the annual price index for Greek housing

Elena Ruda,

Chief Development Officer at Immigrant Invest

The Eurostat index is an average. Housing prices in different countries depend on the type of object and its location. Therefore, the cost of housing in some regions of the country may grow, despite the negative dynamics of the index.

The house price index in Cyprus has decreased. At the same time, apartments in modern residential complexes in Limassol on the first and second lines from the sea have risen in price by 10-15% in 2021 compared to the previous year.

Property sales in Cyprus began to rise in 2021. The Department of Lands and Surveys of Cyprus has registered 10,347 real estate purchase and sale contracts. This is 30% more than in 2020.

Geoaxis Company has compared prices for the apartments in Greece: their value increased by 10% in the third quarter of 2021 compared to the same period in 2019.

The real estate market in Portugal has changed in 2021: housing prices rose by 13,8%, objects began to be bought more often in small towns. The reason is that from January 2022 in Portugal there are new conditions for the purchase of real estate under the residence permit program for investment.

Statistical agency of Malta has reported that the demand for housing has increased by 37,8% in November 2021. About 93% of all objects were bought by individuals — citizens of the country and foreigners.

To obtain a residence permit or permanent residence for the purchase of real estate, you need to take part in the state investment program. Investors will need to pass due diligence, confirm the legality of income and compliance with the terms of the program.

Each country has its own requirements for the minimum value of real estate.

Permanent residence in Cyprus — investments from the amount of €300,000. An investor can buy one or two primary properties. He also pays VAT at a rate of 19%, but when buying a single home for his own residence, the rate is reduced to 5%.

Examples of properties in Cyprus

Cyprus, Limassol

€695,000+

Apartments in a residential complex near the sea

78 m²

2

1

Cyprus, Limassol

€419,000 — €519,000

Apartments in a unique closed residential eco-project

96 m² — 127 m²

2—3

2—3

Cyprus, Limassol

€1,060,000+

Apartment in a luxury residence with guaranteed return

110 m² — 111 m²

1

1

Residence in Greece — investments from the amount of €250,000. To become a Greek resident, an investor has the right to buy any object on the primary or secondary market. If parents or grandchildren are included in the application, the minimum amount will increase to €500,000.

Examples of properties in Greece

Greece, Athens

€376,000 — €447,000

Hotel apartments in the historical center of Athens

47 m² — 97 m²

1

1

Greece, Athens

€741,000 — €1,423,000

Apartments in a closed residential complex near the sea, Alimos, Athens

86 m² — 153 m²

1—3

2—3

Greece, Chania

€290,000 — €380,000

Apartments and villas in a quiet area by the sea in Crete

64 m² — 112 m²

2—3

2

Residence in Portugal — investments from the amount of €280,000. This amount is provided for the purchase of an object older than 30 years in a sparsely populated arearnof the country. To buy a newer residential or commercial property in other areas, the investor needs to select a property with a value of at least €500,000.

Examples of properties in Portugal

Portugal, Cascais

€645,000 — €675,000

Apartments in a 5-star resort complex managed by Sheraton

80 m² — 103 m²

1

1

Portugal, Albufeira

€1,400,000 — €4,500,000

Apartments and villas in a luxury resort managed by Marriott International

194 m² — 386 m²

3

3

Portugal, Lisbon

€860,000 — €2,500,000

Apartments in a hotel managed by Hyatt

88 m² — 251 m²

3

3

Permanent residence in Malta — investments from the amount of €300,000. To obtain a permanent residence permit, an investor buys a property worth:

• from €300,000 in the south of Malta or the island of Gozo;

• from €350,000 in other regions of the country.

A rental option is available in the amount of €10,000 or €12,000 per year, depending on the region. The property will need to be rented for five years.

Examples of properties in Malta

Malta, Kalkara

€300,000 — €1,900,000

Apartments in a large-scale residential project on the first coastline

71 m² — 310 m²

1—3

1—3

Malta, Sliema

€920,000 — €1,300,000

Apartments in a new residential high-rise project near the sea

176 m² — 211 m²

2—3

2

Malta, Valletta

€1,510,000 — €3,370,000

Modern apartments not far from sea in Valetta

123 m² — 281 m²

1—3

1—3

Immigrant Invest — a licensed agent who helps to obtain a residence permit in the European Union for investment. If you want to become a resident of Portugal, Greece, Cyprus, Malta or buy property in the European Union, feel free to contact our investment program experts for more information.