Greece top choice for Chinese property investors
- Written by E.Tsiliopoulos
Greece has become one of the most lucrative markets for Chinese property investors, as the extremely low prices of land, coupled with one of Europe’s most generous “golden visa” schemes, which provides a renewable five-year residence permit in exchange for a 250,000 euro investment in real estate are not easy to pass up.
As Reuters’s Angeliki Koutantou reports, that’s enough to buy a three-bedroom apartment in the capital with a view to the Acropolis hill.
It is also enough to bring the first glimmers of recovery to the market since the Greek economy started to collapse after the debt crisis in 2009, although prices are still down by about 40 per cent from their peak.
As Kathimerini noted Of the 3,404 residence permits issued since 2013 when the Gold Visa Program began, nearly 1,700 went to Chinese, according to data from Enterprise Greece. The Chinese web site chief for the global real estate market said the demands for Greece doubled in the first quarter of 2018 and tripled in the second quarter.
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