More and more foreign investors are attracted by the Greek real estate market, and the trend is constantly growing. In 2017, Chinese buyers were the first in terms of inquiries and transactions, with 258 million € properties purchased. A lot of these buyers also applied for a golden visa (permanent residence permit), with an increase on demand that regards all no-EU foreigners.
For instance, according to a report of the Bank of Greece, by the beginning of 2018 real estate prices in the area of Athens were 44% lower compared to the level of 2008. This boosted the performance of the property market of the Greek capital, but the positive effects of the current price levels are noticeable also in the development of many different regions. As a matter of fact, many foreigners purchase properties on various islands: an example is Paros, a Cycladic jewel that can be quickly reached by plane, or by boat from Athens. In 2018, more than 32 million international visitors arrived in Greece: it is likely a lot of them fell in love with the country and decided to buy a house, since the demand from foreign investors keeps increasing.
The golden visa programme contributes to drive many non-EU citizens to Greece, as the country presents one of the most interesting, immigrant-friendly visa programmes in the world. Not only Chinese nationals are attracted, though: Russian, Turkish, and Middle East travellers are purchasing estates, especially in the Attica region and on the Cyclades islands. As Greece government introduces positive reforms, the economy recovers and attracts more FDI: properties are gradually appreciating so 2019 is likely to be another remarkable year for the Greek real estate market.
source: Greek Reporter