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
China’s 2nd largest property developer is in big trouble
China’s 2nd largest property developer is in big trouble
China’s 2nd largest property developer is in big trouble
At 432 Park, a $30M condo is in default and its owner has vanished
At 432 Park, a $30M condo is in default and its owner has vanished
At 432 Park, a $30M condo is in default and its owner has vanished
Soho CEO Zhang Xin and Blackstone CEO Stephen Schwarzman (Wikimedia, Getty)
Blackstone bids to buy office developer Soho China for $3B
Blackstone bids to buy office developer Soho China for $3B
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
(iStock)
Chinese developers find buyers for bonds, despite some defaults and specter of further regulation
Chinese developers find buyers for bonds, despite some defaults and specter of further regulation
Wuhan saw 1 percent growth in new home housing prices from March to April. (Getty)
New home prices in China spike again, defying government
New home prices in China spike again, defying government
Hong Kong rent has toppled over in the past year. (Getty)
Rents declined on most Asia-Pacific retail strips last year
Rents declined on most Asia-Pacific retail strips last year
JLL CEO Christian Ulbrich. (Getty)
JLL explores sale of China property management wing
JLL explores sale of China property management wing
arrow_forward_ios

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

Loading...