Greece is the next frontier for Chinese and Russian buyers

Investors attracted to country’s cheap real estate and “golden visa” program

New York /
Dec.December 24, 2017 11:00 AM

Athens, Greece

The latest trend for Russian and Chinese buyers? Greece.

The country is one of the few nations in Europe with a real estate market that has not fully recovered from the economic crisis in 2008, and it may now be primed for a rebound, according to Bloomberg. Apartments in Athens that are more than five years old have seen prices drop by 45 percent between 2008 and June, and the country’s average price per square meter is equivalent to $3,369 — much cheaper than Portugal, Spain, Germany, Italy and Austria.

Chinese investors are especially attracted to Greece’s “golden visa” program, which gives property buyers a visa to the country and, with it, much of Europe. Chinese investors accounted for 43 percent of the 2,053 golden visas Greece issued between 2013 and October, and Russians came in second place with 18.6 percent.

The booming tourism industry is a draw as well, as it is fueling a strong demand for short-term rentals and giving investors a good opportunity for strong returns on their Greek properties.

George Kachmazov, a Russian realtor who has been buying property in Athens, gave Bloomberg a host of reasons why he was so interested in Greece.

“The country’s residence-for-investment scheme is the best in Europe as it’s cheap at 250,000 euros,” he said. “Property in Greece is cheap; yields for short-term rentals are high, and the country’s growth potential is greater.” [Bloomberg] — Eddie Small


Related Articles

arrow_forward_ios
(iStock)
China limits property loans to curb housing bubble
China limits property loans to curb housing bubble
Beike Zhaofang founder Zuo Hui (Getty; iStock)
Inside the world’s most valuable proptech company
Inside the world’s most valuable proptech company
WeWork CEO Sandeep Mathrani (Getty)
WeWork sells majority stake in China division
WeWork sells majority stake in China division
Newly uncovered trademarks show Trump’s Cuba real estate aspirations
Newly uncovered trademarks show Trump’s Cuba real estate aspirations
Newly uncovered trademarks show Trump’s Cuba real estate aspirations
Jackie Chan and the building (Credit: Andrew Chin/Getty Images, and NICOLAS ASFOURI/AFP via Getty Images)
Jackie Chan’s Beijing condos head to auction amid dispute between developers
Jackie Chan’s Beijing condos head to auction amid dispute between developers
In China, residential developers have used presales to power their construction, but that may not be enough in a Covid world. (Getty)
Presales powered resi development in China. Covid may change that
Presales powered resi development in China. Covid may change that
Hamid Moghadam (iStock)
Prologis CEO: Capital is not an issue, it’s finding properties
Prologis CEO: Capital is not an issue, it’s finding properties
Beijing
Falling rents in China a sign of economic uncertainty
Falling rents in China a sign of economic uncertainty
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...