Greece Golden Visa – Timeshares
Greece Golden Visa Investment Guide - Timeshares in Greece
Table of Contents
Timeshares in Greece?
Timeshares offer an affordable option for tourists, with over 9 million families owning a share in vacation real estate. Purchasing a timeshare in Greece presents several advantages, including the opportunity to obtain a 5-year residence permit through participation in the Greece Golden Visa program. If you are a frequent traveler, have a large family, and prefer to spend your vacations in the same place, investing in a timeshare is a sensible choice.
How Timeshares Work
Spring and fall are two of the best seasons for timeshare owners in Greece. During these times, the weather is pleasant, and the historic sites are less crowded. Along the coast of mainland Greece and the Aegean Islands, you’ll find some of the most popular timeshare resorts.
Before you decide to purchase a timeshare in Greece, let’s explore how it works. A timeshare allows you to own a fraction of a property. For example, if you buy a month in a timeshare, you own a 1/12th portion of the real estate. As an owner, you and the other co-owners take turns using the property.
Typically, shared units are purchased with a minimum requirement of one stay per year. Depending on the arrangement, you may have the flexibility to choose when to use the property. Timeshares can be owned for various durations, ranging from 5 years to 50 years or even indefinitely, as long as you continue to pay the maintenance fees.
While some people view timeshares as investments, it’s important to note that they primarily offer repeatable vacation opportunities. Vacations themselves are not investments as they do not appreciate in value over time or generate income. It’s unlikely that you will make a profit by reselling your timeshare. However, if you plan to travel frequently, owning a timeshare in Greece can help you save money in the long run.
Two Types of Timeshares
Right-to-Use Timeshares are a more affordable option, as you are not purchasing a share in a property, but rather the right to lease it for a fixed amount of time each year. Developers very often offer multiple resorts instead of just one, allowing you to stay at different places and enjoy new experiences.
Becoming an Owner
On the other hand, Deeded Timeshares involve buying a stake in a resort. The length of your stay depends on the size of your share. If you’re considering a deeded timeshare in Greece, be prepared to invest a significant amount. Additionally, there will be a maintenance fee to cover. With deeded timeshares, you’ll be committed to the same property for at least 10 years. However, the advantage is that you have the option to rent out or resell your share.
When you invest in a timeshare in Greece, it represents a significant financial commitment. Alongside the initial payment, there are additional expenses such as taxes, maintenance, and insurance fees. Fortunately, EU laws offer a level of protection for buyers, including provisions for timeshare resale and exchange contracts. The amount of the initial payment does vary, ranging from €1,500 to €30,000, depending on factors such as the size of the unit and the location of the resort.
Things You Should Know Before Buying
- The seller is obligated to provide you with comprehensive written information regarding the terms of the agreement. You have the right to request these details in any official EU language.
- During the 14-day cooling-off period, you have the freedom to withdraw from the contract without having to provide a reason.
- Acquiring a pre-owned timeshare from a private seller is a more cost-effective option compared to entering into an agreement with a developer.
- If you were not furnished with complete information about the timeshare, the cooling-off period is extended to 3 months and 14 days.
- It is not required for you to make any payments during the cooling-off period.
- Are you interested in becoming a Greek resident through the Golden Visa program? Purchase a timeshare valued at €250,000 and maintain ownership for a minimum of 5 years.
- We highly recommend visiting the property in person or sending a trusted representative before finalizing the purchase.
Greece Visa Homes is a renowned investment advisory firm that offers personalized guidance to individuals seeking the Greece Golden Visa. Our team of experienced legal professionals in Greece is committed to ensuring a smooth and transparent process for acquiring real estate and investment funds.
Contact our knowledgeable team members for any inquiries or further assistance you may require. We are here to provide support and assistance every step of the way!
How To Rent Out Your Timeshare
If are unable to visit Greece, renting a deeded timeshare can be a practical option. Utilize specialized websites and forums to connect with individuals interested in your offer. It’s important to ensure that the rental offer covers maintenance fees. As a general guideline, multiply your maintenance fees by 1.5 or 2, depending on the seasonal demand. Reach out to booking websites and advertise the availability of your unit. Consider enlisting the services of a resort rental professional for the best possible outcome
Reselling Your Timeshare
If you have made the decision to sell your timeshare in Greece, it is important to remain patient as the process may take some time. Start by listing your timeshare on reputable online marketplaces that have positive reviews and transparent pricing. Additionally, consider reaching out to a professional who can assist you in finding a buyer and finalizing the sale. Keep in mind that, in accordance with EU laws, a hired professional should not charge you for their services until your timeshare is successfully sold.
Choosing the Best Resort For a Timeshare
Whether you crave the vibrant energy of bustling cities and exhilarating nightlife or seek tranquility and serenity, Greece has something for everyone. Consider acquiring a timeshare in Athens for an urban escape that never sleeps. Alternatively, indulge in the peaceful ambiance of a resort nestled near a picturesque fishermen’s village on one of the enchanting smaller islands. The choice is yours to make, as Greece offers a plethora of opportunities for vacationers seeking diverse experiences.
- Athens: Explore iconic sites such as the Parthenon, Acropolis, and Ancient Agora. Immerse yourself in museums, water parks, shopping malls, sporting events, bars, and nightclubs.
- Thessaloniki: Experience an eclectic blend of Byzantine, Roman, and Ancient Greek architecture. Discover museums, open-air markets, and unwind in Turkish hammam baths.
- Meteora: Marvel at medieval Christian monasteries or embark on an exhilarating day of rock climbing.
- Delphi: Journey to the Temple of Apollo and other sacred sites of ancient Greece.
- Golden Coast Holiday Club: a renowned timeshare resort, awaits on Marathon beach in Athens.
Embark on a captivating journey as you explore the ancient ruins of Corinth or immerse yourself in the wonders of the Corinth Canal on a guided tour. Mystras awaits with its enchanting hiking trails, offering breathtaking vistas. Make a pilgrimage to Olympia, the hallowed birthplace of the Olympic Games, and don’t miss the opportunity to delve into the treasures of the Archaeological Museum of Mycenae.
Nestled in the charming town of Ermioni in the Peloponnese region, discover the allure of Porto Hydra Hotel, a delightful timeshare resort.
If you’re looking to purchase an affordable timeshare in Greece, consider exploring the captivating islands. They offer a plethora of opportunities compared to the mainland.
- Crete, the largest Greek island, boasts numerous historic sites. Delve into the Cave of Zeus or marvel at the palace of the Minoan king Knossos. Notable timeshare resorts include The Village Holiday Club, a prestigious RCI Gold Crown resort, and the charming Leoniki Residence.
- Skiathos, a tiny island boasting over 50 world-class beaches, is a paradise for beach lovers. Indulge in the splendor of amazing water parks and outdoor cinemas. The exquisite Nostos Village timeshare resort awaits you there.
- Corfu, a lush and verdant island, entices nature enthusiasts. Its main attraction is the UNESCO World Heritage site of Corfu City. The sought-after Aeolos Beach Club timeshare resort appeals to prospective buyers.
- Kos, located just 5 miles from the Turkish border, offers a blend of green and Ottoman buildings. The Kos Imperial timeshare resort has garnered glowing reviews from satisfied guests over the years.
- Rhodes beckons tourists with its medieval Palace of the Grand Master and the Acropolis of Rhodes. Nature lovers flock to the island in August to witness the enchanting Valley of the Butterflies. For those interested in purchasing a timeshare, consider the Sun Beach Holiday Club, an esteemed RCI Gold Crown resort.
If you have the means, considering a timeshare investment in Greece can be a reasonable choice. Many resorts are situated on the beautiful islands, offering a variety of options. Prices for purchasing a 1-bedroom unit start from as low as €1,500. Alternatively, rentals are available starting from €600. It is always advisable to thoroughly review and visit the property before committing to a contract, ensuring your investment meets your expectations.
You can also read our detailed guide on where you should buy property in Greece.