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Buying Greek property (and residency) is most popular among Chinese and Russian investors

Buying Greek property

Greece’s residency-for-investment program seems to be delivering results since it began in mid-2014. More specifically, in order for someone to acquire Greek residency, they would need to make an investment of 250,000 euros in real estate, whether it be a home, hotel or other type of property. That means the applicant’s entire family is eligible to apply for Greek residency (provided they are not an EU-resident).

According to statistics delivered by Enterprise Greece, 2,170 of these visas were granted since 2014  with the most applicants (80%) from five countries. China comprised almost half (945) with its investors seeing Greece as an ideal location due to its geographical position and its cheap real estate.

Second in line were the Russians with about 387 successful applicants. They see the southern suburbs of Athens as the perfect place to purchase a holiday house. The third largest group of buyers are Turks (191), whose investments in Greek property seem to have risen at the same time as their own country’s political instabilities began.

China comprised almost half (945) of applicants with its investors seeing Greece as ideal due to its geographical position and cheap real estate.

Artem Shitkov, an analyst for Russian real estate group Tranio said: “Greece’s residency-for-investment scheme is the best in Europe as it’s cheap at 250,000 euros. Property in Greece is cheap. Yields for short-term rentals are high, and the country’s growth potential is greater”.

Also on the list of the top- five countries for visa acquisition are Iraq and Lebanon, however investors from these countries seem to be more interested in escaping their own nation’s political and financial situations and being able to enter the Schengen zone freely, rather than actually investing in Greece’s market.

From numbers given by the Bank of Greece, the visa seems to be appealing for foreign investors as the real estate market recovers. When compared to the year before, the prices of houses dropped only 1% in Greece in 2017 and have since remained stable. Foreign investments have risen by 87% from 2016 to 2017 and continue to. Real estate prices are predicted to rise by 30% within the next three years in Greece.

From Neos Kosmos

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