Greece is known for its hospitality and sunny warm climate all year round, this is the place where you can enjoy a perfect vacation and have the time of your life! However, not many people know that it is also possible to build a profitable and a successful business here.
The government welcomes not only tourists, but also foreigners who wish to carry out entrepreneurial activity in the country. It is worth noting that it is possible to run a successful enterprise in any sphere and industry, and if you are looking to purchase an already existing business in Greece – the risks of working in a new country are minimal!
A business in Greece is an extremely profitable investment opportunity, since the legislation encourages and attracts foreign investments. Moreover, a successful business in Greece can be wine production, hotel and restaurant business, manufacturing, agricultural enterprise and many others.
What is the best industry to operate in, in Greece?
The first thing that you should consider, is, certainly your personal interest and preferences – regardless of the country where you will start a business, it is important to factor in the industry in which you have at least some experience and knowledge.
Secondly, it is important to carry out an industry research and learn about the competitors, for example the hotel business is one of the leading industries in Greece, but it continues to be leading and remains one of the most promising industries, since the number of tourists visiting Greece increases every year. That is why, when choosing a business that will bring a fast return on investment, it is worth considering of purchasing a hotel in Greece. Especially if there is an already existing hotel on offer – all the legal aspects are minimized, there is a customer base and a reputation in the market. Later, when running the business successfully, it is possible to gradually change the development strategy without wasting time and resources.
It is possible to benefit some such advantages when purchasing a restaurant business. Even small cafes and taverns, let alone restaurants, located in resort areas in Greece, are a source of income from the first day of purchase.
Agriculture, for example the cultivation of olives and grapes, can be an equally interesting option. It is possible to succeed in this industry by exporting fresh produce and goods abroad.
How much does a business in Greece cost?
When starting a business in the Greek market, it is important to clearly determine an amount, that you will be ready to initially invest. For example, if you are looking to purchase a large hotel in Greece, a resort or a mini-hotel, there are multiple options, available at different prices, ranging from 40 000 euros and up to several million euros. An average price of a restaurant business is at around 50-80 000 euros.
The main factors that determine the price are:
- Total surface area of the premises, condition;
- Location and infrastructure development within proximity to the property;
- Existing profits of the sold enterprise.
The income from a business in Greece is directly related to the factors that determine its cost. For example, a restaurant in Crete, with an area of 650 sq.m., can generate an annual revenue of around 450 000 euros, while it can be purchased at a price of 55-60 000 euros. Therefore, a return on investment is possible within a couple of months.
However, a purchase of a hotel or a resort will cost more, starting at around 700 000 euros. And the return on investment, accordingly, will take longer to be achieved, that being said, tourist real estate is a source of stable income for at least 20-30 years. After all, the demand for such services is growing every year and if exploited efficiently and effectively – a steady 20% of the initial capital, if factoring in all taxes and current operating costs.
In order to generate full profits from operating a business in Greece, it is important to study all the local business traditions and legal aspects of purchasing a business. Considering that each country has its specifics and in order to avoid complications, Grekodom offers professional assistance during all stages of a business purchase in Greece.