Golden visa program creates Chinese colony in Athens
- Written by E.Tsiliopoulos
Inflows of foreign capital to Greece through the real estate market will breal all previous records in 2018. These inflows have contributed decisively to the recovery of the market after many years of crisis and suffering.
Indeed, the Chinese continue to outperform any other country in terms of buying interest in the real estate market in Greece.
According to figures in 2018, capital inflows from abroad for the real estate market may even triple breaking all records. All data reflects the rebound in the real estate market with a large increase in sales, but also property price increases by 3-5%.
The Chinese appear to be sweeping the Greek real estate market. Many of them take advantage of the Golden Visa status, since out of a total of 3,620 residence permits issued from the start of the program in mid-2013 to the end of November 2018, 1,945, or more than 53% of them, concerned Chinese investors. Russian buyers stayed second with 423 permits, followed by Turks with 384 permits.
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